balajis
@balajis.eth
There’s a useful intermediate between “open protocol” and “closed API”. That intermediate is “open source, open state, open execution, private keys”. That’s a smart contract where you *do* retain the admin keys, but all state and execution are on-chain. Different than typical API with opaque server.
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jesse.base.eth 🔵
@jessepollak
100% agreed. expect we will see many companies adopt this model because it will by default have interoperability with the onchain economy. likely 10x efficiency gains achievable through rebuilding existing tech systems onchain with same permissioning model.
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moreReese
@morereese
Hats Protocol is helping to facilitate this https://www.hatsprotocol.xyz
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notdevin
@notdevin.eth
A power up to this api pattern is when services realize it’s better to assume the client will bring the data vs storing it for them
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Alessandro
@azeni
@perl
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bigbully🙃
@big-bully.eth
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danirayan.eth
@number
Good stuff, but on-chain execution is expensive. Who is paying for it? And why? It distills down to energy. Every call is someone boiling a tea cup.
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gabe
@gabe
Key management is still largely unsolved. Need a UX that will work for the 90%
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mark
@bissell
James Madison said “If men were angels, no government would be necessary.” If all centralized tech companies were angels, no blockchains would be necessary. But they *do* close access to APIs, rug 3rd party developers, keep state/execution closed, etc. Therefore we’ll only get these features within a new system
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