1 min read

Personal responsibility (yuck)

Continuing the discussion with Jonathan Stark, he asked (shared with permission, edited for brevity):

Sure, the blockchain part is probably secure, but what about the other parties between my friends and I? Like, how do I know there aren't any bugs in my wallet software? ... Or in a given smart contract? Don't I have to trust that all those developers are non-malicious and highly capable?

It's true. You can trust the blockchain network and use all the base functionality of the protocol and trust the results. But that doesn't mean you can trust every dApp you come across.

It is possible for developers to build apps that scam you out of your Koin. You need to be personally careful and responsible. You need to make sure you know what you're doing before giving an app access to your wallet.

However, this problem isn't unique to blockchains. You have to be careful on the internet to avoid misinformation, scams, etc. On the internet, some protections are built into your browser, your credit card, etc. But these weren't always there, they were built by someone.

In the real world, if someone steals your cash, it's gone. You can get insurance for that and take proper precautions (like only carrying a small amount of cash around).

Precautions and insurance can all be built on blockchain to make the decentralized web significantly more accessible for the average user. Mass adoption won't happen until these protections are built.

However, they won't be built unless the base blockchain environment is accessible for developers and businesses. Koinos is accessible to dApp creators thanks to universal language support and fee-less smart contracts.

Back on Monday,


P.S. Merry Christmas! Sorry for not sending an email yesterday, there was a family emergency which required my attention. I'll be taking the next couple days off for the Christmas holiday. Next email on Monday.