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I don't know if it is web3 or not, but there are a lot of interesting things you can do when you have the whole consensus record permission less digital scarcit
by betwixthewires 4y ago
I don't know if it is web3 or not, but there are a lot of interesting things you can do when you have the whole consensus record permission less digital scarcity thing that blockchain architectures provide.
Theres a project called Golem that I was interested in some years ago that allows you to buy and sell hash power in a permissionless way. Right now there are data centers and big providers, it's basically impossible for a little guy to get in on that market. But a system that allows anyone to contribute to a pool of compute and anyone to buy compute like a commodity is an interesting thing. And there's no gatekeeper or middleman, compute providers and purchasers are matched up algorithmically.
There's something called "liquidity pools" that enable trade to occur without order books. This is a major, major fintech advancement.
Another one is triple entry bookkeeping, which is impossible without these systems.
Just the fact that the byzantine general's problem has a workaround (not entirely a solution) that's shown practical use for a decade is enough for me to call this a fantastic technological achievement.
I'm sure there are more that I can't think of. I don't use the term web3 because 99% of shit marketed under that banner are scams, and the term itself is misleading, and the line around the meaning of the term is amorphous. But this whole cryptocurrency world has brought some really interesting things.