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by shawn
2876 days ago
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There's just one small problem: Blockchains are massive, slow, and it takes new users hours or days to join an old blockchain. Once those miiiinor problems are solved, I'll agree. It makes sense as a store of value. But a realtime database that requires rapid, possibly millisecond-accurate entries? It just hasn't happened yet. Not on a scale that works in practice, anyway. Example: I tried to use Namecoin a couple days ago. I got bored and quit after a few hours of "Synchronizing network". It seems to have consumed several GB. I just wanted to register a .bit domain. I didn't even get to "How do I acquire namecoin?" because (a) there is no clear "go here and pay this dude" service, and (b) you have to have GBs of free space just to try it. Such experiences are typical of blockchain, and this seems to murder consumer adoption. |
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The main reason for decentralization is to prevent collusion. But the risk of collusion decreases very quickly even with relatively limited amounts of decentralization. E.g. a consortium of even 10 independent banks would be much less likely to steal your money than Wells Fargo alone. So while there will always be some use cases where power users will want to validate the entire chain, in practice I think we can get 99% of the benefits of decentralization with even a handful of nodes. Bitcoin wouldn't be trustworthy under this model since anyone can jump in and mine, but it's possible to create networks that are trustworthy in this way.
In terms of scalability, the three main contenders right now to be the next generation general purpose blockchain are Hashgraph, DFINITY, and RChain, with a couple dozen other dark horse contenders as well (protocol labs, eos, tezos, etc.) We don't know if any of them actually work yet, in the same way we didn't know whether or not Bitcoin was actually secure in 2010. But there is a bunch of stuff that will be launching in the next couple years and then slowly battle tested over the next decade while we figure out what really works.
Most consumer apps are still going to be driven just by Postgres or whatever, with data only validated on the chain when it actually needs to be. E.g. if you're buying a house, it's probably fine to take Zillow's word on the transaction history if you're just casually browsing, but then if you're getting serious about buying you can always hit the button to go directly to the chain explorer or whatever.