3 ms·
This is a common misconception. Web3 mostly exists off chain. Storing everything on the blockchain would not only take a lot of space (and thus be extremely exp
by hnbad 5y ago
This is a common misconception. Web3 mostly exists off chain. Storing everything on the blockchain would not only take a lot of space (and thus be extremely expensive) but also be horribly slow. Web3 apps generally use the blockchain more as an audit log. There's a reason most of the web3 apps crypto believers give as examples for web3 apps that actually work are trading apps.
FWIW I think most people base this of a misunderstanding of how NFTs work based on the claims around it: NFTs prove ownership of a hash. That hash is associated with a URL. That URL points to a JSON document. That JSON document points to the NFT art piece (i.e. the "JPEG"). If the service hosting the JSON document (or the service hosting the art piece) goes away, the hash becomes a simulacrum, an identifier with no identifiee. It still indicates ownership but only to those who already know that this is what it does. There can be JPEGs on the blockchain (and allegedly there is already CSAM on at least one of them) but due to the size constraints this isn't how things usually work.
This isn't even getting into multi-layer approaches which came about because while web3 is built on ETH, actually doing anything with the ETH chain is extremely rate limited and has extremely high transaction costs, so other chains have been built on top of it that as I understand it just bulk commit hashes of snapshots or something to it.
FWIW the "first you download the Internet" solution already exists and is called IPFS. There is also a solution called Freenet that focuses on anonymity and avoiding censorship. Predictably the biggest problem with downloading the Internet is that you unknowingly (or knowingly) start collecting illegal content like CSAM, which may be a serious crime depending on where you live.
- enisdenjo 5y agoSo, is blockchain therefore even needed? Why should you even "first you download the internet" (or even a subset of it)? I just want to watch some cat videos. Confirming data integrity and origin is already solved - thanks digital signatures and checksums.
- hnbad 5y agoIn case my bias wasn't clear enough: no, they're a solution looking for a problem and right now the biggest problems they're targeting seem to be a lack of grey market money laundering and pyramid schemes.
- exclipy 5y agoThe only thing blockchains add is a strict ordering. So someone can now sign a message A saying "I give this picture to X" and everyone will know that any future message B from that person saying "I give this picture to Y" is "invalid" because everyone agrees that message A happened before B. Anyone who downloads the whole blockchain can see this. Well, as long as everyone agrees to believe that blockchain.