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At least rolling their own crypto might give the project their own hosting. But if their crypto is Solana, it does not count.
by eimrine 1y ago
At least rolling their own crypto might give the project their own hosting. But if their crypto is Solana, it does not count.
- beeflet 1y agoThe new trend of starting a "token" on top of some PoS cryptocurrency greatly saddens me. Back in the old days, you would have to actually start your own cryptocurrency (like Dogecoin) every time you wanted to sell some worthless token. Not only did this result in more technical diversity of cryptocurrencies, but if you got enough people together you could do a 51% attack and take malicious projects off the network. Nowadays, this would never work. Even if they couldn't hitch a ride on another cryptocurrency, they would just use PoS and with a premine it's basically classical consensus.
- immibis 1y agoSpecial-purpose tokens are perfectly fine, and in fact, are what you should do whenever you want to represent something specific. You can make a token that represents an article request, or a bond, or a share of an investment fund, or anything else, and then someone can trade a certain number of them. Also, the market can figure out how much one of them is worth. It might even be more stable than the base token, as in the case of DAI (an decentralized stablecoin on the Ethereum chain).
- eimrine 1y agoI think that just another Dogecoin with premine will inevitably face the 51% attack, but a really fare cryptocurency with a big goal will attract not only attackers but a fare people. I remember how many serious people were making some bald statements to crack ETC and somehow there were more honest H/s than attacker's ones.