pull down to refresh
0 sats \ 14 replies \ @grayruby 6 Oct 2024 \ parent \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
What does The Graph even do. Never heard of it so I I can't assess whether is it successful or ethical. Eth L2s are all centralized. So if we are just building centralized databases why do we need a blockchain?
BAT was a neat idea but better accomplished with sats over lightning so completely unnecessary.
The Graph is an indexing protocol for organizing and accessing data from blockchains and storage networks. They did do some $$ raising which I don't think anyone should be surprised with. Coinbase actually has given away a ton of theirs through their Earn Program over the last few years. I would definitely check them out as they have an area that is not clearly addressed and have perfectly executed addressing it. When it got to expensive for smaller holders like myself that is when they moved to Arbitrum One from Eth lowering the transaction costs.
BAT when it was developed and even since then I think need an already closed distribution token cap. That is what makes it work as the Brave Team does the public buyback of tokens it then redistributes. I am not sure how you would change that idea for sats even though I like the idea just because BAT needs that closed loop that I don't feel sats allows.
L2's do have an issue with centralization for sure. I side with the 3 stage idea and I think only a couple of them will ever make it to stage 3. For instance Base will ALWAYS be a stage 0 in my mind because of US laws that wont allow Coinbase to fully release it. Given laws could change to allow it but I am not sure I see that happening. OP I think has the best change to end up decentralized followed by Arbitrum others like Polygon I think are long shots to pulling it off if they ever try to.
More or less I think we will be dealing with a spectrum of L2's and decentralization that seems to be the same thing with AI and why I see a ton of similarities in the two spaces.
reply
If 99.9% of blockchains are completely useless then it seems the Graph isn't really necessary either.
I think some tradeoffs of centralization on L2s is reasonable. Lightning is not fully decentralized but I think it is highly unethical that they all market themselves as decentralized when they aren't even close. Again, the incentives of crypto are so broken that it almost precludes anyone from making an honest product. You also have to factor that ethereum as a protocol is not really decentralized either so you are building centralized on top of centralized and it makes me wonder why any of it is necessary.
reply
Indexing is critical to the blockchains and blockchains are here to stay. Companies use them, governments are using them so blockchains are here to stay. No one else is in the indexing space. Hence The Graph's importance. Goes beyond DeFi as well with applications across the board including in the AI space.
reply
Yeah I will take the under on that. Agree to disagree.
How long have you been in the space?
reply
2016 or 17... After one of my brain surgeries when I was recovering lol it was what I used to kill time recovering
reply
Odd because most people who have been around that long have given up on the crypto, muliticoin, multichain, web 3 narrative and either become bitcoin only or leave the space all together. Late 2016 for me as well and I believed all that crap until 2019/2020 as well.
reply
I think I would have been much more of a BTC purists if it wasn’t for my job and interacting with these various organizations and chains. One that left a huge impact on me was FileCoin. Granted others have started doing what they have and they have fallen by the wayside more but they trailblazed the decentralized file system and had people in Russia and other countries using it to funnel info outside.
It was used and still is used to document war crimes with the Bucha Massacre in Ukraine being initially put on the Filecoin Blockchain.
I also have a different view the a lot of people when it comes to others. Ethereum for example I see more as a computer not necessarily a blockchain even with how the Smart Contracts work. A lot of people don’t see it that way but from what I see I feel like that describes it much better.
AI is something I see moving to blockchain for various applications. Part of that is because of my work in the AI space on the hill and the people I work with on the right and left and what they say.
reply
If Ethereum is not a blockchain then it doesn't require a token. That would make eth equity. Are you working for Gensler now. Haha.