1 min read

Blockchain sucks...

...but it doesn't have to. It says a lot that blockchain has been around for over 10 years and only ~0.5% of the world is using it.

Blockchain started with bitcoin--as digital money. The majority of people don't understand technology or money. It sounds risky. It's difficult to understand. The people promoting it don't seem trustworthy. It might just be a big ponzi scheme. Whatever your feelings are or whatever people are saying, if you don't understand something, why would you invest in it?

But blockchain isn't just money. Blockchain is a shared database. You don't own it, but you are free to access it. You can't change it unless you follow the rules.

Sure, there's financial stuff tied up with that, but I'm more interested in the utility this idea provides. The money side is the same as money in the real world. If you add value, you can be rewarded with money. Whether you trade in your cash or build an application or help secure the network, you can earn Koin.

Blockchain sucks because it's not obvious what you can do with "a shared database". Also, every use case that's potentially valuable to the other 99.5% of humanity is described with jargon (NFT, DAO, etc.)

To fix this problem, we need simpler ideas and simpler explanations.

More tomorrow,


P.S. We also need a more usable system. Even if you understand Ethereum conceptually, you have to dig deeper just to do simple things.