To some users and developers, the chain/contract is easier, less expensive, and simpler to trust and build upon than the equivalent legal and traditional financial structures on a global scale.
It is already disrupting the internet as we know it… NFTs, DAOs, trustless contracts, peer-to-peer payments w/o reliance on a central payment processors — these are all new concepts that the web hasn’t seen operating at a global scale, accessible with little more than a thin layer of JS and a browser extension.
Perhaps this disruption won’t last, or won’t succeed in replacing traditional systems, but obviously in 2021 it has succeeded in capturing a lot of interest & discussion (and a lot of $ value, too).
Hey Matt, I'm making my way through understanding this space and am struggling with the morality of it all, so I have a question for you: would you say that the trustless peer-to-peer world is a better future than today?
I'm asking given the realities of decentralized networks: it's currently slower, more expensive and harder to do transactions using peer to peer systems (and it's a bit tough to imagine it'll ever be as fast/simple/reliable as a centralized one because of the requirement to have consensus of nodes). And also given the realities of ETH contracts: they are agreements written in code (certainly mostly by people who don't have any background or formal education in writing laws or agreements, in comparison with lawyers)
Seems like we have very different interpretations and standards for “disruption”.
I don’t consider “everyone is talking about it” disruption. I want to see real world implementation that goes beyond “virtual asset value goes to the moon” to be convinced.
As I said in an earlier comment: It’s been almost 13 years since the first block has been mined on the Bitcoin blockchain and the positive impact on society/economy is pretty disappointing.
Pretty much every time this comes up, I point to Hicetnunc, as I feel despite its small size and shaky organization, it is indicative of the kind of disruptions that may occur, and also how it may prove beneficial to many creators.
Considering NFT/Web3 only really entered public discourse in 2021, and programmable smart contracts are still nascent, I wouldn’t be so quick to write it all off.
