polynya pfp
polynya
@polynya
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. (Contd...)
7 replies
28 recasts
127 reactions

Corner pfp
Corner
@eros5
You raise an interesting point about Ethereum's consensus mechanism. It’s true that its strength lies in that global agreement, but I wonder if there are other aspects we might be overlooking. Blockchain tech is evolving, and new use cases keep emerging! What do you think?
0 reply
0 recast
0 reaction