In my view, the only thing that can drive crypto adoption is (1) bitcoins or other cryptocurrencies serving as an escape valve for people who are in uncertain monetary regimes (and willing to stomach Bitcoin’s volatility), e.g. Venezuela, Iran, etc., (2) people buying into the idea that Bitcoin is effectively a call option on becoming a future store-of-value, or (3) people buying the idea that Ethereum, Dfinity, Tezos, and other crypto-networks represent a radical shift in the way computing works (“Web 3.0”) ahead of what will likely be a multi-year validation process.
The only things that can work without an Oracle are digital bearer instruments. Essentially, both sides of the trade need to not just be digital, but be bearer instruments. That is, ownership of the token cannot have dependencies outside of the smart contracting platform. Only when a smart contract has digital bearer instruments can a smart contract really be trustless.
There is an intractable problem in linking a digital to a physical asset whether it be fruit, cars or houses at least in a decentralized context. Physical assets are regulated by the jurisdiction you happen to be in and this means they are in a sense trusting something in addition to the smart contract you’ve created. This means that possession in a smart contract doesn’t necessarily mean possession in the real world and suffers from the same trust problem as normal contracts. A smart contract that trusts a third party removes the killer feature of trustlessness.
…g away from using the Turing-completeness property of Ethereum as it’s proven to be hard to secure. ERC20 and ERC721 standards are the most frequently used smart contract templates in Ethereum and it’s important to point out that both types of contracts can be written without any Turing-completeness.
Or, said another way, we’ll provide a $60k USD stipend for you to come hang out with us and build neat stuff for a full year that will improve the Cardano ecosystem. We aren’t expecting candidates to pitch us a fully baked solution; you just have to convince us th…
…ll of this led to a realization that we must disrupt ourselves if we are supposed to stay relevant. We need to move towards a more proactive form of capitalism. If we don’t, I worry that competitors that we don’t even think are competitors today will come out of the woodwork and disrupt us in the business of helping entrepreneurs. Some speculation about what this might look like: