Blockchain

For some reason I don’t understand many people started to think that “Web3 is the future”, “blockchain is going to solve all your problems”, “blockchain is going to give us privacy…”

But what is blockchain?

A blockchain is a (an append only) glorified Linked list, in which, to insert something, you have to pay rent to some “miner”.

But it’s decentralizated!

No, it is not, everyone has the same blockchain, if someone decides that you are an idiot, the fact that you’re an idiot will be replicated on all the nodes, which is no different from going banning you from a Minecraft server. What is decentralizated is the idiocy of cryptobros.

Also, it is not decentralizated: This website shows the stats for cryptocurrency decentralization.

But is going to give us privacy!

  1. Get my bitcoin address (bc1q59t6z2lqdve7tfu3nc56dkh9djvpzpxllwyek6)
  2. Paste it in https://blockstream.info (Bitcoin’s blockchain explorer)
  3. There you have every transaction I have ever made, how much money i have and shit.

There is no way to delete something from a blockchain, once it was recorded, it is going to be there until the last node on earth powers itself off.

But you can’t censor anything on a blockchain!

Even is that was true, I2P, Freenet, and many other project, can accomplish the same without blockchains and shit.

But we can have personal websites with the .eth thing!

Neocities exist, and you can do exactly the same thing (and, again, in a sane way, with I2P)

But information can be stored eternally in the blockchain

We already had bittorrent, a protocol in which, to participate, you don’t have to fetch the entire blockchain.

Conclusion

I don’t expect any cryptobro to understand half of this article.

Further reading