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I think a problem with web3 is that the only mechanism it really has is "monetary transfers", and that's just not an appropriate primitive to build most things
by danpalmer 4y ago
I think a problem with web3 is that the only mechanism it really has is "monetary transfers", and that's just not an appropriate primitive to build most things out of, as much as its proponents would like it to be.
- helen___keller 4y agoI don’t agree actually. The only mechanism web3 has is “entries in a ledger”, on which you can build arbitrary data stores. The choice to tie each ledger entry to a pyramid scheme is entirely made by the founders and investors of the projects, for obvious reasons. IMO the real theoretical problem with a functioning web3 is the “a” in “entries in a ledger”. One ledger cannot power a high throughput application. This is a fatal flaw to a web3 project succeeding on non-financialized merits. There’s some research into protocols for inter-ledger transfers that could enable scalability, but that’s always (so far) for the sake of wrapping and moving around pyramid coins between ecosystems.