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Total Economy: 0.27 USD
This is a neat idea - but the blockchain referred to is not BSV, and its token-based too. (I write about all sorts of blockchain technologies - but oddly, I only get trolled on Twitter when I write about BSV) https://www.zdnet.com/article/reddit-inspired-social-aggregation-platform-moves-to-the-blockchain/
bitsjayjay tipped:
0.27 USD
1 year ago
So you have thousands and thousands of “cryptocurrencies” and a whole bunch of ICO’s that are completely speculative and tokens too. The thing is... if there is going to be a token for this and a token for that... it has to scale. And at scale Bitcoin isn’t attempting to replace any state currency. But what it can do is be stable medium of exchange, as a token itself, for almost everything involving a trade of value. Basically any of these types of niche projects are redundant. They can be done with BSV.
TBH I used to be one of the guys excited about token based social networks. I liked the idea that the users can govern the network using tokens and the founders can just build the first version, and launch and walk away. But that was like 2018. Now that we know more about what this has turned into, we know all such tokens are considered security and we also know most of the token projects are illegal securities, I don't know how this idealistic model can ever work out. I haven't been following the ETH token space since then so I might be missing something, but I don't understand why people are still trying to do this.
eileenb replied:
there are a lot of these niche currencies and tokens - I write about them (and enterprise blockchain too) to provide a fair balance across protocols - and to focus on the tech. proof of work will demonstrate that many of these do not scale so will never be used in the enterprise. I'm waiting to see the first truly scalable project on BSV Terranova nodes - which will demonstrate on-chain scalability - and enterprises will flock to the protocol. It will be really interesting to watch