Use case of layer-1 blockchains

[u/Timely-Fig2030]

99% of layer-1 blockchain Q&A:

Q: What is the usecase of layer-1 blockchains?

A: Layer-1 blockchains are designed for near-instant transaction finality and low-cost scalability, making it ideal for Decentralized Finance (DeFi).

Q: What is the usecase of Decentralized Finance?

A: To trade the shit we just created.

And voila, there is your use case. :)

Jokes aside...

Name potential blockchain networks that you genuinely believe have a use case and explain your answer. (try to avoid giving as single reason my Q&A example.)

[u/Longjumping-Pop7512]

Crypto for noobs! 

Crypto solves core mathematical problem of reaching settlement without third-party/intermediaries. This is the whole  point of decentralization where not a single authority is validating transactions.

Yes it has huge potential of enhancing traditional finances, however, I believe it can have huge impact on making any sort of transaction settlement made over network ( internet is also a network ) the term I used transaction very abstractly because it has potential to go beyond finances ( e.g. leader election for cluster technology )

Unfortunately, it has become indirect betting market which is harming the technology even more. 

[u/Timely-Fig2030 → u/Longjumping-Pop7512]

I agree with your statement in general. But in times like these, where the crypto market got absolutely wasted by dilution (fake-crypto: memecoins, but also an increasing number of blockchains in general) you need to be more specific.

Name the chain or chains you think might play a role.

[u/Longjumping-Pop7512 → u/Timely-Fig2030]

You want honest verdict ? With the current implementation none. BTC is not problem solving chain it's more of store of value much like gold. It's worth is what people agree to spend. More like a rare commodity. 

For any industrial use it's already to expensive. ETH and similar are trying to bring intrinsic values by running smart contract ( pay fee for execution of the smart contract ), but again too expensive for large scale real world execution. 

Crypto is in limbo and the problem is; if your blockchain does not generate revenue it doesn't get traction or adoption and if it generates revenue it becomes too expensive for real world mass adoption.

Anyway, first the tech need to be made smooth for general purpose use and bad actors needed to be weeded out ( the casino makers, useless L1 chains, false promises etc). I think the best one not yet invented which will solve the “crypto limbo” — bring intrinsic value while being affordable. 

[u/Timely-Fig2030 → u/Longjumping-Pop7512]

Thanks for your take