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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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Technology
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It’s nice-to-have if shit really did hit the fan economically and hyper inflation took over. Glad the hype is over though.
I'm not actually interested in the value of the tokens, I only own a few tens of dollars' worth myself. I'm interested in the application-related aspects of it.
For example, something applicable to the Fediverse that comes to mind is the Ethereum Name System. That's a blockchain-based mechanism that allows for DNS-like "domain names" to be claimed by users. Something like it could serve as a way of registering a username for the Fediverse and then having it be completely portable between instances without the need to rely on any centralized authentication provider. Since they do cost a small amount of actual money to register they'd make for a good spam prevention method - a regular user only needs to register a name every once in a rare while, but a spammer needs to register a new one each time their existing name gets blocked. It'd get expensive real fast for a spammer.
Unfortunately this adds some complication to the registration process that the Fediverse really can't afford right now. And worse, it has the dreaded "NFT" label hanging around its neck because technically a username registration is indeed an NFT if you want to categorize it like that. So I can only sigh and watch a perfectly useful technology go unused due to the bad name it's been given.
Oh well. Someday the usefulness will overcome the perception.
Have you heard of hashcash, it’s POW precursor to bitcoin. It stops spam, was originally developed for email but could be incorporated into Lemmy eventually on sign up. Principal is similar to what you suggest.
@Senseibu @FaceDeer POW was one of the biggest issues with crypto in general. Let's not kill a tree everytime someone wants to sign up
@shipp Ethereum switched to Proof-of-Stake consensus nine months ago, it no longer burns a significant amount of energy to operate. I'm primarily interested in Ethereum because it's got smart contracts, allowing a huge variety of applications that older, simpler cryptocurrencies like Bitcoin can't handle.
It’s a small foot print for a real user and expensive for bots who are generating enmasse. It worked on Windows 98 PCs so isn’t really an issue like you describe.
@Senseibu PoW should just be straight up illegal everywhere. It's a plague on the planet.
Except it’s been around for decades and put to good use but you’ve only heard of it from crypto and are referring to crypto.
@Senseibu so has crime lol, doesn't mean it's good. There's also a reason it hasn't caught on. If you ignore the whole killing the planet thing, it's very inaccessible.
Hasn’t caught on pfft dude why are you even replying when you clearly know nothing about the tech except for it’s bad for the planet we haven’t even got into how it could be powered with renewables (when its applied within a crypto currency that is)
Good day to you sir
PoW is indeed an interesting solution to protect against DDoS in some situation, like how Tor Onion Services does it.
Not all applications of PoW are bad.