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> that is being leveraged more and more. That is what I’m asking, being leveraged to do what exactly. Abstract doesn’t work for me, I’m asking for real world

by yumraj 5y ago

> that is being leveraged more and more. That is what I’m asking, being leveraged to do what exactly. Abstract doesn’t work for me, I’m asking for real world use case. > globally decentralized compute infrastructure that executes programs What is the benefit of this? Who needs this, and where does this add value over not-this? Where does this provide a superior solution over a solution based on not-this? That is my question above, that is yet to be answered. Think a pitch deck: What is it, What is the Problem, What is the solution, How is the technology solving the problem, Why now, Competition and so on ... I'd love to see the pitch deck of Etherium, or any blockchain technology really..

sjtindell 5y ago
You can think of these programs like event-based lambdas that are immutable, publicly visible, and you don’t have to pay for the compute or storage (the user pays via fees per usage). For money, they are solving the problem of user accounts being integrated top to bottom. For example, on a blockchain I can perform a Flash Loan. I can instantly take out and pay back a loan of a sum I would usually never have access to with zero collateral down. I can have zero dollars in my bank account but instantly borrow $1,000,000 (literally), spend that $1,000,000, and pay it back with interest, keeping any profit. The transaction does not get executed unless it is automatically verified that the lender has the funds, and the resulting sum after the transaction is complete will be enough to pay back the interest on the loan. Then the virtual machine executes it. It is instant, and requires no collateral because it is paid back as part of the transaction. They are also solving problems for financial exchanges. Most exchanges are centralized and opaque. A small group makes the rules, and they make rules that favor some firms over others (special order types, data feeds). A decentralized exchange like Uniswapv2 is completely visible and has no requirement for maintenance by a single group. And in the end, the entire exchange is just another smart-contract. The potential for integration with the other programs running on the chain is huge. These are two of the strongest use cases I've seen come out of cryptocurrencies. Consensus without centralized authority, immutable lambda execution paid for directly by the user, transparency, deep integration (wallets, other contracts). These things combine to produce value. This is less something you have a pitch deck for and more like an open standard. Rather than a chain of firms each with their own APIs, managing their own infrastructure, the function served by a whole company is replaced by a series of lambdas anyone can see in their entirety. This is so fundamentally different to how we think about tech companies today that I think our culture is still processing it.

by yumraj 5y ago

sjtindell 5y ago

You can think of these programs like event-based lambdas that are immutable, publicly visible, and you don’t have to pay for the compute or storage (the user pays via fees per usage). For money, they are solving the problem of user accounts being integrated top to bottom. For example, on a blockchain I can perform a Flash Loan. I can instantly take out and pay back a loan of a sum I would usually never have access to with zero collateral down. I can have zero dollars in my bank account but instantly borrow $1,000,000 (literally), spend that $1,000,000, and pay it back with interest, keeping any profit. The transaction does not get executed unless it is automatically verified that the lender has the funds, and the resulting sum after the transaction is complete will be enough to pay back the interest on the loan. Then the virtual machine executes it. It is instant, and requires no collateral because it is paid back as part of the transaction. They are also solving problems for financial exchanges. Most exchanges are centralized and opaque. A small group makes the rules, and they make rules that favor some firms over others (special order types, data feeds). A decentralized exchange like Uniswapv2 is completely visible and has no requirement for maintenance by a single group. And in the end, the entire exchange is just another smart-contract. The potential for integration with the other programs running on the chain is huge. These are two of the strongest use cases I've seen come out of cryptocurrencies. Consensus without centralized authority, immutable lambda execution paid for directly by the user, transparency, deep integration (wallets, other contracts). These things combine to produce value. This is less something you have a pitch deck for and more like an open standard. Rather than a chain of firms each with their own APIs, managing their own infrastructure, the function served by a whole company is replaced by a series of lambdas anyone can see in their entirety. This is so fundamentally different to how we think about tech companies today that I think our culture is still processing it.