Is there any significant real world use case of Blockchain? Apart from being a investment instrument that randomly goes up and down.
I think it may have some very very niche use cases, but not like what crypto marketing kids keep shouting. Trying to shove it everywhere.
It's been so long but still we haven't seen any real public product built with it, that does some real problem. Apart from all the scams.
I stil think it is a solution searching for a problem.
P.S.- I have written smart contract and other tech for NFT companies that made a ton of money during last bull run, so I know the ecosystem a bit.
Okay. So Web3 is next gen of Internet. Blockchain, AI, VR are all part of it.
To answer your question, Web3 will revolutionalise how we use Internet.
Blockchain has a lot of use cases especially in banking and cybersecurity but very very early stages. Cannot put a finger just as yet
Web 3 is not an investment instrument, I think you're confusing Web 3 with crypto
Web 3 is the idea of a new type of Internet which is based on the principles of decentralisation, self governance, tamper proof and trustless
DLT or decentralised distributed ledger is a type of process for revising transactions in a decentralised manner
Blockchain is a type of DLT
Crypto is a token that is used for blockchain transactions
In essence, DLTs are a new base layer tech. The idea is to make things faster and better without the end user realising if they're using a Web 2 or a Web 3 based app. Digiyatra, Digilocker, and several government initiatives are being carried out on the chain now
Because of crypto transferable nature, it is also used as a investment instrument because demand and supply affects its price
I think you're doing the rookie mistake of confusing all of them together
What an insightful explanation.
Thanks! I'm still learning myself 😊😊
Yes there is. And no one will like it. It's CBDC (Central Banking Digital Currency for the newbies).
Since CBDC is traceable to every unit, it is great for governments for tracking businesses, incomes and black money. It's therefore there is a push for using CBDC in countries like China(authoritarian) and India(tend authoritarian) and huge opposition to the concept like US (mah freedom). Whether you like it or not, it is a real product, endorsed by real governments.
It's also useful in instant transactions because unlike in India, many countries like the US don't have simple bank transfer systems
CBDC is central, you don't need blockchain for that.
Some small startups in India are working to digitise land record using web3 tech, looks promising.
How can it be done with Govt support? The idea of immutability was that Govt opens the land transactions to a block chain. Only Govt offices can update it and everyone can keep a copy, any transaction is clearly traceable without the option for a fire incident to destroy records.
But hey if the govt need to took care of business, they would be out of business
1 team had a Pilot project with some state govt. Certain elements of Govt for a change are open and have hinted willingness to improve.
Agree It's tricky uphill battle, but even if govt decides to get nationalised solution it's still a positive end for the technology.
A good example is Helium. It is a RF based distributed mesh network. You can add yourself as a node in the network and get paid in its crypto when someone routes data via your node.
Imagine you buy power to power your RF node from a community of solar power generators who have their own crypto and accept payment in their own crypto.
Are you able to pay from your crypto to their via a defined protocol. Now scale this to 1 million different community service providers from delivery agents to restaurants to farmers each with their own crypto.
Assume some of them go bust, it affects only the businessman who did business with them. Not others.
Now imagine (actually happens everytime) , too big to fail business fails, does it affect everyone. Does the central bank need to print whole lot of money to keep the credit system going? Does it going to affect unrelated entities to deflate their cash?
Now do you see why Govts want to ban crypto outright.
Unfortunately, while this is the original idea of crypto, it has become a speculative tool currently.
When you think of AI, you can easily think of so many wonderful ideas which makes business sense. Have been in "web3" for few years, I am yet to find an idea which makes business sense (excluding Exchanges). What are your thoughts? I am ...
Around 2020 there were lots of Web3 based startups that raised funding but now they are rarely in mainstream news. What happened?
I might probably regret this especially since I’ve seen a lot of backlash on this platform for crypto.
But honestly, this has been a rewarding stint. And note that I didn’t say “crypto” as I don’t always advice people to invest in cr...
