For big picture "why", I've heard many ideological reasons: - Anti-corruption: transparency, accountability, irreversibility - Political #1: companies being owned by "the people" - Political #2: censorship resistance - FOSS: software should be open, modifiable, free
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In particular, I think many Ethereum-based protocols in the long run can beat centralized businesses by winning the race to the bottom in terms of profit margins for individual transactions.
@gems competes with mechanical turk by not skimming money off of each unit of work.Show this thread -
Applying the technical perks can make compelling business use cases. For
@BloomToken, crypto + IPFS make identity+financial history persistent and verifiable no matter what business you work with. Lower costs per business + seeing past checks increases confidence for everyone.Show this thread -
Operationally, I think it is important to have an incentivized business building out the protocol and making core decisions especially for the first few years. It is hard to gain enough context about an early stage company to decide what is best in the long term for adoption.
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For
@BloomToken in the near term, we ask the community for input on decisions and spend hours a day (between different team members) discussing decisions. A strong core team needs to be making key operational and protocol decisions for the first few years though.Show this thread -
Ideally, there is a strong core team that is working towards getting the protocol to a state where it is valuable and usable, even if the central company dies. This requires long term vision and a full time effort. Well intentioned outsiders will miss important context.
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With that said, the protocol being built should be improvable without the core company. With
@BloomToken, we want to create an economic incentive to improve the Bloom score (the credit score within our lending infrastructure). We'll drive improvements until it hits critical mass.Show this thread -
In terms of what matters software wise when implementing a decentralized protocol, I try to answer this question: could someone else recreate our app (in terms of what the user sees on the website) even if we shut down our servers?
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This doesn't meant that it should be easy to recreate. For example, only the minimum amount of logic and data should be tracked in your smart contracts. IPFS should hold the data that you want to guarantee wont change.
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For example, our user invite system for
@BloomToken tries to be easy to use while also fundamentally using the smart contract. For the user, they just put in their friend's email and submit an Ethereum tx. Behind the scenes, a one time shared secret is used in the contractShow this thread -
For our voting system, anyone can vote but we filter for Bloom users off chain. Votes are weighted by amount of BLT, but that weighting happens off chain. Determining the current weighted vote totals per block requires a lot of syncing work. You can recreate it though.
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End of conversation
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