Solarpunk

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Solarpunk and web3 (slrpnk.net)

submitted 8 months ago by [email protected] to c/[email protected]

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Note: I might just be uneducated on the subject.

When I read about web3 with blockchains, smart contracts and dapps, all sounds very promising. But once you look for any real world applications it is just some obscure things that kind of only exist to support the decentralized system. I guess that makes sense, but are there any actual real world uses for that? Like day-to-day things that make a persons life easier, not harder?

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[–] [email protected] 0 points 8 months ago (2 children)

While I do agree that web3 id 99% crypto bro marketing, the fact that it requires a lot of energy is due to the kind of validation algorithm used, and this is not true for all cryptos.

Bitcoin for example use Proof Of Work, which by design requires a lot of energy, but some blockchains use Proof Of Stake validation, which requires a minimal amount of power to work

[–] [email protected] 6 points 8 months ago* (last edited 8 months ago) (1 children)

Doesn't that just formalise "rich people get paid to be rich" leading to inequality

Proof of stake means the more you put into the stake the more likely you are to take the transaction fees, which is a positive feedback loop that concentrates the wealth towards whoever started with the most.

[–] [email protected] 1 points 8 months ago

I know that most of the protocols have implemented some systems to avoid having one person controlling everything, but I don't know much about them

[–] [email protected] 3 points 8 months ago* (last edited 8 months ago)

Proof of Stake aka whoever has the most money controls the entire system. Amazing!!