At this point, web3 is becoming strongly associated with high-profile scams, many of them likely criminal. It's also associated with people who won't stop talking about how the blockchain will make your teeth whiter, or something equally unlikely.
Blockchains are just decentralized Merkle trees. Merkle trees are a cool trick (look at git!). But the cost of decentralizing them, Bitcoin-style, has been massive carbon emissions. And the gain from decentralizing them? It's usually pretty tiny. I mean, I guess zero-trust decentralization makes it impossible to recover your coins if they're stolen or lost by an exchange, but that doesn't exactly seem like a huge advantage. /s
In most of the financial blockchain pitches I've heard, you could replace proof-of-work via a time-stamping service run by a trusted clearing house. Just have someone like DTC https://en.wikipedia.org/wiki/Depository_Trust_Company keep track of the HEAD of git repository, and you'd be 95% of the way there. They already handle 100s of trillions of dollars of transactions a year with much less risk and drama than the average crypto exchange.
Blockchains are just decentralized Merkle trees. Merkle trees are a cool trick (look at git!). But the cost of decentralizing them, Bitcoin-style, has been massive carbon emissions. And the gain from decentralizing them? It's usually pretty tiny. I mean, I guess zero-trust decentralization makes it impossible to recover your coins if they're stolen or lost by an exchange, but that doesn't exactly seem like a huge advantage. /s
In most of the financial blockchain pitches I've heard, you could replace proof-of-work via a time-stamping service run by a trusted clearing house. Just have someone like DTC https://en.wikipedia.org/wiki/Depository_Trust_Company keep track of the HEAD of git repository, and you'd be 95% of the way there. They already handle 100s of trillions of dollars of transactions a year with much less risk and drama than the average crypto exchange.