This to me demonstrates a feeble understanding of the trade offs on smart contracts. Do you need to run it on a UTXO or Account based protocol? Storage demands? Pruning? Cost model? Latency/throughput? -- all features which require different protocols with varying strengths. https://twitter.com/MustStopMurad/status/1002274763656564737 …
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Which is a very basic set of smart contracts. Just look at the difference between Poon's Plasma and Lightning to see how a platform designed for smart contracts makes a difference in what you can do. Bitcoin is great at what it sets out to do. Not the best for smart contracts.
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As an investor, I am looking for what captures value. SoV TAM is orders of magnitude bigger than Smart Contracts’ TAM. ETH has EOS, DFINITY, TEZOS, Cardano, NEO, RChain, Kadena, Zilliqa and many others coming after it. BTC has almost no competition. (maybe Privacy coins)
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1/This is fair. SoV assets have a TAM that can be historically referenced, and I also understand your personal criterion for evaluating SoV in this space. Except I see a lot of these protocols you mentioned as being Layer 1 protocols on top of incredibly vast networks.
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2/This TAM value is a bit harder to conceptualize historically. If I could own a governance stake in TCP/IP, what is the size of this market and how much are these native protocol tokens that incentivize the networks worth?
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3/Also, if their worth and utility is substantial and scarce in nature, perhaps they also tap into SoV utility.
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But they, of course, are not scarce as we know. It is relatively easy to create a new blockchain with more TPS, more features and "free" transactions. So, the blockchain aims to be SoV, the token will be valued at the marginal cost to provide the service
End of conversation
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