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Possible Ethereum use case. (alien.top)

submitted 11 months ago by Instantbeef@alien.top to c/ethereum@blockchained.world

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What’s lovely about Ethereum or the idea of crypto is that it will be around for a really long time.

I just watched a video of a women cleaning off a strangers tombstone. She went over the persons story and his life. He was born during the 1850s and died in the 1920s. It was a really nice video.

I think we all want to be able to be remembered by our future generations and for what we all did during our lives. It serves as a noble reminder for those of us know looking at the humble lives our ancestors lived. Yes obituaries are preserved online but they are preserved on servers and by companies that could be long gone in just a few decades. They might cease to exists.

What do you think about preserving your legacy and your place in history by publicly putting it on the black chain?

I don’t think this will be the use case that brings people to crypto but I think it’s something that will be used once they are here after they see the value of it.

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[–] Matt-ayo@alien.top 1 points 11 months ago

Many protocols take the easy route and just say storage will get cheaper as more data is placed on-chain.

The problem is that this isn't a market pricing mechanism - it's developers forecasting prices and hard-coding variables based on those estimations. Not only does this put huge economic power and continuous reliance on developers, but it will never be as accurate as the free market.

When you start guessing prices instead of letting the market decide, you get problems on either side of the error. Over-price and users are paying nodes extra for no extra utility, under-price and nodes will not provide utility at all (unless centrally subsidized, like Infura is now).

The only way to get consistently low fees is the let the market price storage. Now when storage prices go down the cost for using the blockchain will immediately follow. Actually, it's much better than that...

Because nodes are rewarded for storing data more efficiently, they actually earn profits they can use to research and develop even more efficient forms of storage - so they will be enhancing that trend instead of merely relying on it.

You don't get any of this when you don't pay nodes the market rate for storage and just hope that adoption will happen more slowly than storage technology happens to become cheaper.