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by Nextgrid
1332 days ago
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What would be a "good project" though? The way I see it, smart contracts have no power on the real world and thus always require a centralized entity to sync real-world state with blockchain state. Not only is it not always possible (what if the blockchain states that a certain house belongs to X, but Y is currently living in it - do you have the legal authority and/or a team of goons to forcibly kick out the current occupier?), but it throws away most of the advantages of using a blockchain if a centralized entity is ultimately responsible for applying (or not applying) the blockchain's wishes. At that point, why not just run a database, thus no longer being a "crypto" project. There are legitimate businesses that can be done all on-chain but I find the space to be very tiny. There's only so much people can do entirely on-chain (as most business, not to mention people, live in the real world). Even something like sports betting would require an oracle to feed real-world sports results into the blockchain for the betting smart contract to do its work, at which point the oracle can just run the betting site directly (and publish data augmented by Merkle trees if transparency is desired). |
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Crypto by this point is a type of platform so to speak. Actions are verifiable; and of course you need to interact with the real world. However; this doesn’t mean you have to say fuck it; just trust fully.
If we can limit the parts we need to trust; idea of auditing / verifying etc. also becomes easier. I no longer need to trust what the bank will do to let me have a transaction for example; even though I may need to trust them to verify my ID. Off the top of my head, “Are they being racist about giving me a loan?” becomes as simple as “can I get onboarded without prejudice (obviously need auditing) and is their system to allow me to get a loan look at my race (verifiable based on code.).”
I know it is popular to hate on this at the moment however as far as democratising finance and access to it goes crypto is a marvellous tool. Both sides just need to realise that the correct answer is a combination of two worlds, not either or.