Crypto: the good, the bad and the ugly
tags: Blockchain,Smart contracts,Web3 source: “Crypto: The Good, the Bad and the Ugly.” Accessed January 7, 2022. https://seldo.com/posts/crypto-the-good-the-bad-and-the-ugly. The good: Smart contracts allows anybody to execute arbitrary code in the network. And use money to avoid abuse, as every action in the smart contract cost money(computing resource). Finaacial engineering: new money. Entertainment: NFT, a big dream(culture) for everybody who loves crypto. True cloud computing: Smart contracts again. Web3 The bad: Environmental impact: the grievously wateful nature of PoW. But it’s changing. Interactions at boundaries: private(isolate) network. DAOs have a major boundary problem: not a legally binding contract, without goverment support. Governace GAS fee limit scale Incentives for participation: how money come in to this system? Web3: is a currency a practical model for general computing? The ugly: NFTs, ICOS.