I own crypto because I believe in idea of decentralised money, but I acknowledge that current solutions are just all bad in one way or another. If fiat disappeared tomorrow and everyone would be forced to use crypto daily, it would be a shitshow.
There is no central entity, so it is decentralized in the original definition. I gave Canton as the example because it could be immediately substituted for Swift. It’s permissioned access by design, because banks don’t want to risk their monopoly position.
For speed and cheapest, go for solana.
For reliability go for Ethereum. For reliability, speed and cheapness choose an L2 on Ethereum.
For illegal stuff use monero.
There are trade offs between them, but I wouldn’t call them flaws. Blockchain as a technology definitely “works”.
If you have trillemas all over it IS flawed in one way or another. End users won’t get through the complexity of multi-choice where every one has downsides. How do you even drive the adoption if every store would accept only their crypto of choice?
I own crypto because I believe in idea of decentralised money, but I acknowledge that current solutions are just all bad in one way or another. If fiat disappeared tomorrow and everyone would be forced to use crypto daily, it would be a shitshow.
From an end UI perspective, certainly.
But if SWIFT was suddenly replaced by a blockchain technology then the world wouldn’t even blink.
You kidding? How many transactions per second bitcoin blockchain can do?
Lightning can, in theory, do one million transactions per second. But Bitcoin networks aren’t really a drop in replacement for Swift.
Banks like J.P. Morgan prefer chains like Canton that are privacy enabled and have no upper limit on transaction.
First time hearing about Canton. Is it properly decentralised?
You’ve not heard of it because it is banking focused. It’s the newer option made to compete with Quorum and Corda.
It is decentralized, but it is not open write access. It a public permissioned network of private ledgers.
You and I could validate that the network is cryptographicly consistent, but we don’t have decentralized permission to interact.
So, not decentralised in it’s original sense, if a pack of people decide which operations are allowed. Decentralised as in “not a single bank”.
See, this is what I mean when I say they all have flaws.
There is no central entity, so it is decentralized in the original definition. I gave Canton as the example because it could be immediately substituted for Swift. It’s permissioned access by design, because banks don’t want to risk their monopoly position.
For speed and cheapest, go for solana.
For reliability go for Ethereum. For reliability, speed and cheapness choose an L2 on Ethereum.
For illegal stuff use monero.
There are trade offs between them, but I wouldn’t call them flaws. Blockchain as a technology definitely “works”.
If you have trillemas all over it IS flawed in one way or another. End users won’t get through the complexity of multi-choice where every one has downsides. How do you even drive the adoption if every store would accept only their crypto of choice?