You're right that most of it is over-inflated hype. But to say the technology is useless is a stretch.
You're right that most of it is over-inflated hype. But to say the technology is useless is a stretch.
I love decentralisation as much as the next guy but it's not a feature. Apart from the obvious authority-circumvention (both positive and negative), what killer features do these systems have?
All the interesting projects I've seen for ethereum rely on Intel SGX to bring ground truth about the real world onto the chain.
About relying on Intel SGX. Yes, blockchain oracle to be trusted needs to be run in some kind of protected environment. So what? It doesn't imply that technology is useless. I would say, we have a synergy of different security technologies to get really impressive results.
However, you're right that most of these projects fail to deliver any value. Many projects are riding the hype-train, and many more are outright scams. However, the example I named is none of those.
Edit: I should add that a big problem of centralized markets is that nobody wants to put all of their eggs in one basket. Take Second Life for example: In SL, your digital avatar and assets are siloed into that world. You cannot transfer them to the next great virtual world. This is conceptually similar to the standardization debates. Anyone can make their own protocol, but if there are profit motives behind one, the industry will be reluctant to adopt. Standardization takes a lot of time, trust, and debate. And for good reason!
With decentralized marketplaces, standards are not quite as important. An implementation can be as fluid as an app, and the cost of replacing one interface/implementation with another is much lower than the cost of standardization. The internal workings of the marketplace itself can be altered with a democratic vote.
This is all theoretical, we have yet to see these ideas produce real returns. But the killer feature is that people have more incentives to invest their resources toward adopting the platform, and that itself is a tangible value, as long as the adoption of the platform itself creates value in other ways.
1. subject to individual will or judgment without restriction; contingent solely upon one's discretion.
The rules are for one thing and one thing only: To maximize the price per share of the company. This correlates with privacy and security, but only because the market has eliminated the players that do not provide security and privacy for users. But even then, there is plenty of evidence that your data is not secure or private, in the hands of tech giants. The definition of security is itself subjective and contextual.
What the market does not eliminate (yet), are companies that abuse their power once they have it. Google dropped "Don't Be Evil" and backed it up with actions that aren't quite so benevolent. Although other services such as DuckDuckGo have launched, to try to compete, the market ultimately did not change. If this were to happen in a decentralized blockchain service, the back-end would be fully transparent. Therefore, the end users could have easily chosen another engine which is built upon that same back-end, rather than a fully watered down version that tries to reinvent the billion-dollar wheel on a sub-million-dollar budget.