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A very good explanation of why Blockchain is useless for anything else other than storing speculative tokens. A public, permission-less and trust-less ledger of
by yashg 4y ago
A very good explanation of why Blockchain is useless for anything else other than storing speculative tokens. A public, permission-less and trust-less ledger of transaction that uses proof-of-work as a consensus mechanism to add new transactions to the ledger is expensive and slow by design. It's a feature not a bug. That makes it unsuitable for any real world use case at scale. In order to make it fast and cheap - a private, permissioned, trustful blockchain kind of defeats the purpose and thus pointless.
- kordlessagain 4y agoBlockchains can encapsulate identity and payment in a single transaction. If someone were to tie these to HTTP requests (the 402 response, for example) then they would have micropayments for Web requests (API requests). People always focus on the speculative trading of the assets, but the real killer use case is stuff making calls to other stuff to do more stuff. AI models paid for with micro transactions is going to be a thing. It's just going to take time to get there.
- yashg 4y agoI am sorry, I didn't understand anything of that. You are jumping from HTTP requests to AI models to micro transactions. Real world is much more than API calls.