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?
No, web3 is pure crypto bro marketing. And is very anti solarpunk. It uses a lot of energy to keep blockchains running, and a lot of the underlying logic about trust and contracts are capitalist ideology.
Please put the difference between Proof Of Work and Proof of Stake in your uninformed comment.
Or if you are informed, then take the heavy one eyed take out of your comment. Thanks!
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
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.
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