Blockchain tide out

Siddhartha Pai wrote

The carnage we’ve seen in the market over the last few weeks has been as depressing as a bad hangover that just won’t go away. Meanwhile, crashes in blockchain-based cryptocurrencies have been much more brutal. As of November 2021, the market value of cryptocurrency was about $ 3 trillion, according to The Economist. It dropped to 2 2 trillion in mid-April, and as I write this it dropped another 40% to about 2 1.2 trillion. The market has also witnessed the shocking deception and complete collapse of cryptocurrency-based ‘virtual banks’ such as Beanstalk and stable currencies such as TerraUSD / Luna.

Governments do not like alternative currencies because they interfere with their own fiat currency and, more importantly, macroeconomic policy in their own country. In addition, it allows fraudulent activities on a large scale without any recourse to the law. Critics of cryptocurrency have long argued that it is useless — unless you are a money launderer or fraudster — and predict its ultimate death. The current crash will deepen their faith.

Separately, I wrote an invitation to this place a few weeks ago stating that I was optimistic about Web3, the promise of a decentralized web that would blockchain’s use of non-cryptocurrency. Blockchain as a technology is interesting when its use outside of cryptocurrency can be successfully instant. Loosely, Web1 was fixed and decentralized, Web2 (today) became centralized and created platforms like Facebook and Google, and Web3 is a return to the decentralized nature of Web1, retaining all the advantages of Web2.

I further mention here that opponents are saying that all that Web3 is going to do is take control of the Internet from today’s behemoths like Facebook and Google to another set. (Or, in fact, to the same behemoths who will simply re-brand and re-position or pivot themselves in the center of gravity).

I’m playing with Web3 to get a better handle on what it looks like. I have created a Web3 domain and am considering what to do next with it
So far, I have no cryptocurrency, nor have I created any non-fungible tokens. I’m so far away because the varied versions of 2007 vintage technology are moving so fast, and the hype is so high that my risk choices still won’t allow me to take an active part. (And yes, however, blockchain technology is 15 years old but it is now beginning to catch everyone’s attention when used outside of the cryptocurrency world).

I now realize that I may have been too stupid and that the critics may be right. First, it takes a generational mindset to allow all aspects of one’s life to be transferred to the digital world. My generation of kids seems to be much more willing to live with it than I am; I just have a vicious fear of roller coaster rides হোক whether in real-world amusement parks or financial markets.

Also, doing something on Web3 is incredibly confusing. If you want to do something and not be someone who can write your own code or drag and drop from the code library to run a bunch of sub-routines, just click ‘OK’ at some prompts you don’t understand, causing seeding Take control of a centralized mediator who can help you do whatever you want. The convenience of doing things quickly appeals to our nature as human beings and we ourselves are not patient enough to do everything. And if the service is ‘free’, we have more reason to click that button.

Web 2 aggregators are no different than how they accessed all of our personal data — we just clicked ‘OK’ এখনওand still do যখন when to deal with the data, or face a long legal agreement with the cookies we allow. On our phones and PCs. Let us not forget that the centralization of Web2 began as a result of our foolish transfer of this information.

If we think about how Web2 has been turbo-charged, a key principle becomes clear. Ordinary people (at least my generation) don’t want to run their own server 24 × 7 and probably never will. The whole premise of Decentralized Web1 was that everyone would be both a consumer and a data publisher, we would have our own website, mail server and much more, all connected via a network only. In the end it didn’t happen.

We’ve turned to aggregators who have made things easier থেকে from Hotmail to Yahoo to Google. What’s more, with the move to the cloud in recent years, even large companies that were accustomed to running their own IT infrastructure have happily handed over control to outside companies such as Amazon Web Services, Google Cloud and Microsoft Azure.

With Web3, it’s very difficult — or almost impossible লেখা to write code on your phone that will interact with an underlying blockchain. According to Wired, almost all Web3 apps rely on one of two companies, Alchemy and Infura, to do it. The same goes for digital wallets in which users store crypto resources Almost every Web3 product relies on an intermediary to tell you what’s going on in the blockchain It is more than an oxymoron that users must rely on one or two (centralized) intermediaries to transact in a system that presumably undermines the centralized trust in institutions such as banks.
Be prepared — but watch from the sidelines for now.

Co-founder, Siyana Capital; The author, “Techproof Me, The Art of Mastering Ever-Changing Technology

By invitation

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