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Author Topic: Meaningful way to use blockchain technology  (Read 23 times)
adamcro (OP)
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September 02, 2021, 03:55:24 PM
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I worked with Ethereum before to create a cryptocurrency. Now Facebook is launching its Diem blockchain and I'm really interested in it.
I would like to get more insights from more experienced developers here. What can be done with blockchain that cannot be done with other technology? What would be the meaningful way to use Diem blockchain?

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September 02, 2021, 04:05:09 PM
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First of all this topic shouldn't really be here, it should be on the Altcoins board.

Anyway, I remember Facebook trying and failing to launch a cryptocurrency in the past (Libra). So companies that want to make their own blockchains don't really want anything to do with the associated concept, cryptocurrencies, so they're stuck with using Hyperledger Fabric and a handful of other "cryptocurrencyless blockchains", where the crypto is replaced with usually-meaningless tokens.

Blockchains work best when they are used for their original purpose: For recording money transactions.

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September 02, 2021, 04:09:22 PM
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I worked with Ethereum before to create a cryptocurrency. Now Facebook is launching its Diem blockchain and I'm really interested in it.
I would like to get more insights from more experienced developers here. What can be done with blockchain that cannot be done with other technology? What would be the meaningful way to use Diem blockchain?
In short: the reason blockchain was created, was for Bitcoin. That's the meaningful way to use blockchain technology. A blockchain without Bitcoin makes no sense and doesn't work. For everything else, use normal databases.

In long: look it up, there will literally be thousands of articles, discussions etc. on it, but it comes down to what I wrote above. For example, why would I mine if there was no financial incentive? This means any software from a software vendor, that bases some kind of storage on a worthless token on their own blockchain, will be super insecure since nobody will mine it. They will only have own miners, so it'll be as centralized as a database run by them. Just an example.

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