5 ms·

For those of us still trying to wrap our heads around the value you described here (btw I do like the level of simplification you've introduced), can you explai

For those of us still trying to wrap our heads around the value you described here (btw I do like the level of simplification you've introduced), can you explain how the coin would effectively be used in the cloud-storage protocol you suggested? I'm just not connecting the dots yet.

tashoecraft 9y ago
https://sia.tech/ https://sia.tech/
monadmancer 9y ago
Protocol operators running "full nodes" are paid in tokens for performing the service outlined in the protocol. The protocols are ultimately developer tools for user facing apps. Most of the user facing apps aren't mature enough to be notable, just like the internet wasn't all that exciting in the early 90s.
- krrrh 9y ago
  > just like the internet wasn't all that exciting in the early 90s. Anyone who believes this probably wasn’t alive then. Everything we take for granted is built on open and free (as in beer) protocols. The people who created and supported TCP/IP, HTTP, XMPP, etc. figured out ways to have successful careers without a micropayment scheme for basic participation.
  - monadmancer 9y ago
    That is true. And then we ended up with Facebook, Amazon and Google et al to handle the rest. I'll take micropayment schemes over centralized megacorps. At least for now. And personally, I remember a simultaneous mix of excitement and disappointment from the internet of the 90s.
throwawaycrypto 9y ago
The coin is how transactions are processed on the protocol and value exchanged. In the cloud storage example given, if I want to hire some storage I would need to have some storageCoin to pay for the storage. Because I'm not hiring the storage from a single centralised place I can't just pay the storage provider in dollars because there isn't one place to pay it. Instead the protocol can distribute the coins to the relevant hosts in the right proportions dynamically and instantly. This wouldn't be possible with something like Visa or invoicing. The second advantage is this allows you to pay exactly for what you use and for how long you use it by effectively streaming coin in exchange for storage. So I can pay for exactly how long I actually used the storage rather than paying in advance for a storage limit or certain amount of storage that then remains empty most of the time. I probably mangled that explanation but maybe it helps.
bobcostas55 9y ago
In bitcoin, miners receive coins in proportion to their computational power. A cloud storage protocol might work by paying out coins to miners in proportion to the storage they provide. Storage users get storage by paying coins to the "miners".

tashoecraft 9y ago

https://sia.tech/ https://sia.tech/

monadmancer 9y ago

Protocol operators running "full nodes" are paid in tokens for performing the service outlined in the protocol. The protocols are ultimately developer tools for user facing apps. Most of the user facing apps aren't mature enough to be notable, just like the internet wasn't all that exciting in the early 90s.

krrrh 9y ago
> just like the internet wasn't all that exciting in the early 90s. Anyone who believes this probably wasn’t alive then. Everything we take for granted is built on open and free (as in beer) protocols. The people who created and supported TCP/IP, HTTP, XMPP, etc. figured out ways to have successful careers without a micropayment scheme for basic participation.
- monadmancer 9y ago
  That is true. And then we ended up with Facebook, Amazon and Google et al to handle the rest. I'll take micropayment schemes over centralized megacorps. At least for now. And personally, I remember a simultaneous mix of excitement and disappointment from the internet of the 90s.

throwawaycrypto 9y ago

The coin is how transactions are processed on the protocol and value exchanged. In the cloud storage example given, if I want to hire some storage I would need to have some storageCoin to pay for the storage. Because I'm not hiring the storage from a single centralised place I can't just pay the storage provider in dollars because there isn't one place to pay it. Instead the protocol can distribute the coins to the relevant hosts in the right proportions dynamically and instantly. This wouldn't be possible with something like Visa or invoicing. The second advantage is this allows you to pay exactly for what you use and for how long you use it by effectively streaming coin in exchange for storage. So I can pay for exactly how long I actually used the storage rather than paying in advance for a storage limit or certain amount of storage that then remains empty most of the time. I probably mangled that explanation but maybe it helps.

bobcostas55 9y ago

In bitcoin, miners receive coins in proportion to their computational power. A cloud storage protocol might work by paying out coins to miners in proportion to the storage they provide. Storage users get storage by paying coins to the "miners".