Attention tokens: is Brave doing enough?

I don’t know about Brave, but I have studied blockchain technologies some time ago. I am not into cryptocurrencies (damn, I could have been a multi-millionaire right now :wink:).

What I found was that blockchain is still way too immature to be used on larger scale, in real systems. That many (most) projects and cryptocurrencies are either based on unethical principles (scams, greed, misinformation, etc.), or based on best intentions, but unviable.

Discussions around all of this are very heated and confusing. I found the best discussions to occur on (the well-moderated) Hacker News. The general consensus seems to be that blockchain is probably suitable for a very small set of use cases, and 95% or more of all blockchain projects are not viable, and would be better off using other, more stable, existing technologies. Note that most of the ideas/tech that constitute blockchain are not new all.

The most innovative part is the trustless consensus mechanism. But even this has a score of problems, such as inefficient proof-of-work mechanism, centralization (of miners), and breaks down for transactions involving non-digital goods (needs fallback to existing mechanisms, such as trusted 3rd-parties).

On cryptocurrencies only the following: There is much money to be gained by speculating on them, and hoarding coins. This is because all crypto’s are deflationary in nature, not inflationary. This encourages saving your coins, not spending them, which is a problem for wide adoption. Bitcoin - the mother of all crypto’s - has a huge centralization problem, which should make you hesitant to use it.

Now many blockchain ideas are truly great, and make me salivating (like OpenBazaar). But until all the Hype and FUD subsides I’ll be watching from the sidelines. Great blockchain technologies may still exist in, say, 4 or 5 years.

This is just my point of view, and I don’t want to spend time discussing further, in fear of ‘religious conflict’ and because there is so much to do for CHT and my own startup at the time. :slight_smile:

All I can say is: be very careful and well-informed - perform your due-dilligence - before you commit yourself to anything blockchain!

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