Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are.
https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here:
https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.
Thank you so much for your detailed response. I'm going to go through all of these links and learn as much as I can. Can't even tell you how much I appreciate this.
I'm glad to be of help if I can! :) It was quite a weight learning all of this at first but I really enjoy it now that I have a bit more of understanding the tech. Also please send me that technical FUD you found when you get a chance, I'd like to read it and learn anything new that may be in there :)
Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are. https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here: https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.
Thank you so much for your detailed response. I'm going to go through all of these links and learn as much as I can. Can't even tell you how much I appreciate this.
I'm glad to be of help if I can! :) It was quite a weight learning all of this at first but I really enjoy it now that I have a bit more of understanding the tech. Also please send me that technical FUD you found when you get a chance, I'd like to read it and learn anything new that may be in there :)
Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are. https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here: https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.
Thank you so much for your detailed response. I'm going to go through all of these links and learn as much as I can. Can't even tell you how much I appreciate this.
I'm glad to be of help if I can! :) It was quite a weight learning all of this at first but I really enjoy it now that I have a bit more of understanding the tech. Also please send me that technical FUD you found when you get a chance, I'd like to read it and learn anything :)
Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are. https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here: https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.
Thank you so much for your detailed response. I'm going to go through all of these links and learn as much as I can. Can't even tell you how much I appreciate this.
I'm glad to be of help if I can! :) It was quite a weight learning all of this at first but I really enjoy it now that I have a bit more of understanding the tech.
Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are. https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here: https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.