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The point is that the application owner does not become a central authority of authenticity though, the blockchain does. The application owner is just one of ma
by cbovis 5y ago
The point is that the application owner does not become a central authority of authenticity though, the blockchain does. The application owner is just one of many acknowledging authenticity.
Many different applications can build on top of this open authenticity verification. This decentralised layer for authenticity verification is much more powerful than a single application builder can achieve with their own database. The concept itself is very powerful for interoperability but some of the valuations of assets currently feel ludicrous.
- teruakohatu 5y ago> central authority of authenticity But authenticity of what exactly? If everyone agrees that, for example, a particular distributed ledger provides authenticity of some class of artwork, that is fine. But soon the real world happens eg. a court in one country orders the art to be seized and handed over to a third party , but they don't have the ability to force the NFT to be transferred because the former-owner is in a different country. Would the art world suddenly pretend that the artwork is not real because the current owner does not have the NFT? We are back to square one.