shrhd
@arp64p
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Though well-written and inspirational, I believe this post fundamentally misunderstands Ethereum and blockchains.
Ethereum's distinctive property is objective, strict global consensus, and absolutely nothing else. It's great for usecases that require strict global consensus, but it's impossible for everything else, because Ethereum cannot parse any subjectivity or rough consensus at all.
As such, while money, contracts, governance, identity, law are presented as examples, Ethereum can only parse very, very limited forms of the above, where it's objective. In some cases, like governance or law, it's almost entirely subjective with negligible scope for Ethereum to help.
99.99% of economics, institutions and the like are deeply human and subjective, which Ethereum or blockchains in general cannot interpret at all. Indeed, we've seen many a times how forcing subjectivity into objective code has led to many disastrous outcomes in crypto.
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Update: After monitoring NOAA data, it is an extremely high likelihood that a G4-G5 geomagnetic storm event is expected to occur over the next 24-36 hours. This has a high risk of power outages in some regions, and memory/data corruption, especially on non-server grade hardware. Due to many node operators running on commodity hardware, the risk for data corruption is far higher than normal, and equal risk of prover ring entry message failure. To protect both the success of the network launch, prover key merging, and to ensure users do not risk key material or token loss, we are rescheduling the launch to begin 36 hours from the original date, to 2024/10/12 11am UTC, after the geomagnetic storm has dissipated. We strongly advise that users take backups of their .config directory immediately if they are not regularly doing so. 3 replies
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