It is a database with a new property: data and rules for manipulating data can be fixed. Yes inefficient in iops but who cares - it allows a whole new class of activity.
We just find the claims dubious and the side effects horrible.
Also, like, prove that it's useful. We're still waiting.
Immutable ledgers with permanently recorded and inalterable activity make many issues with not only fiat currency desirable, but the applications into other areas are, quite honestly, limited only by the imagination of those who develop the technology further.
I don’t think this is a failure of imagination as much as a sober awareness of the many problems with blockchain. I will say that some alt coins have much better privacy properties so hey, there could be more to all this in a few years.
Could you offer some examples? I keep seeing this as some kind of new frontier of functionality and yet not a single answer to anyone asking for useful applications built on blockchains that aren't currency.
A lot of this is just new, though. So explaining like this can only go so far and ultimately it must be experienced, like the original web in the 90s.
That's a reasonable way to describe programmable blockchain - availability for these attestations.
The criticisms of blockchain now will age just as well as criticism of the web. "Why do I need Amazon if I can just use the neighborhood bookstore?" sums up most criticisms here.
But of course, another article about Web3 and the anti-web 3 crowd continues to comment on it as if web3 is a nightmare come true.
Here we go again. [0]