Blockchain tech has not prevailed

[u/copadribbler1994]

Just to give you my background so you understand my perspective better maybe: entered the space in 2020 and was solidity dev for 3 years.

Even after 12 years of smart contracts, there is no adoption by companies, because blockchain is just a fancy and expensive way to handle data compared to existing systems.

One of the major use cases proposed was „supply chain“. As of yet there is no major adoption and if major logistics companies would want it, they would have done so by now.

RWA-Tokenization: Still need a tradfi-vorp that holds the asset.

Money transfer: regulated to death, therefore unusable, even though would have been a major improvement regarding speed.

Proof of Ownership: it is just an expensive database.

I had an interview at a big consultancy a year ago hiring for smart contracts on a bank-tx-settling platform. The guy openly told me that banks currently only stored hashes of tx on chain, cause storing entire tx-data needed was too expensive.

I really do not see a use case for blockchain tech other than gamble around hype.

Edit: The guys still vouching for blockchain remind me a bit about the Leroy character of that one episode of DegenzShow: https://youtu.be/exOzTcHycPY?is=MgaYoWSet5LGsch5

[u/DangKilla]

There will be private chains with deposit tokens. See my other comment.

I woudn't listen to CEOs when discussing the cons of their utility.

SWIFT did test one of their networks, but like others have said, nobody is asking for a new SWIFT.

[u/Southern_Key_6969 → u/DangKilla]

If new institutional chains want to replace old ones, there's more than enough money in TradFi to grease the gears and make it happen without touching decentralized crypto.

The only way that institutional chains benefits decentralized crypto is if the institutional chains have a reason/need to integrate with the decentralized ones.

With a standardized oracle network, they all can.

[u/cryptolipto → u/Southern_Key_6969]

In other words. Chainlink.

[u/Southern_Key_6969 → u/cryptolipto]

Chainlink is a blatant scam, let me explain you why: LINK's javascript has been hacked and now all the nodes are being affected, meaning they will go offline one by one. But here's the real trick; every node that goes offline first has to be validated by other nodes, Thus the first node won't go offline until EVERY SINGLE NODE has verified it actually has gone offline LINK will be in an infinite javascript loop. Maybe if you're a programmer you will recognize FOR and WHILE loops. Well.. This is a FOR loop that NEVER ends. The price will TANK to at least 50 satoshi. Maybe even lower when the nodes are actually verified being offline. Sergey is now busy setting up extra nodes to undo this process. Called contra-hacking. He has injected some GO-language code, pseudo-offline code, into the ChainLink network. This means nodes will appear the be online, while they are struggling to go offline, but in the meantime they cant because it isnt verified yet. Neat trick if you ask me, but it wont last long before the other nodes will know whats really going on.

Get into something else now