Wednesday, July 14, 2021

Thank you!

First I want to say thank you for creating the group. It's perfectly on point during this time of Elon Shibu Moon Crap garbage. I read an article this morning promoting....I'm not making this up...uselesscryptocoin.com...the only selling point being that its "hyper hyper deflationary". Wow.

I'm not going to shill my project here, but I do want to highlight a number of real world use cases for crypto in general and detail what technical components are needed. Most coins simply lack the foundation needed to bridge their value to the real world. Below are some of the things that I think coins need in order to have real world impact, at least in a novel way.

1 - Own mainnet. Tokens like ERC20, BEP20 are "stuck" on their parent chains and cannot be programmed to implement specific solutions.

2 - Virtual machine. Coins that lack a real VM have no ability to be programmed on chain. BTC, DOGE, etc. simply cannot bridge real world data into their ecosystems. Sorry to the bitcoin maximalists, but no, BTC doesnt have a real VM. Other than lock coins you can't do anything else useful with it. It must be (time limited) Turing complete. The VM must also support Oracle data.

3 - Support for native NFTs (optional, but highly useful). NFTs allow business users to create on chain assets that can have an impact in outside systems without transacting money (e.g. coins).

4 - Support for VM aware NFT (extra bonus points). If the virtual machine can directly interact with NFT assets, it opens up a whole new world of interoperability.

Some coins that are getting close (none of which I own or otherwise promote): Conflux, Decred, Algorand, Ergo. Of course my coin also has all of these on the roadmap. I have spent alot of time thinking about what technical components are necessary and then designing those things in a specific way to enable commercial entities to use the chain.

So, what are some real world use cases we've dreamed up? For one, anything peer to peer where there is currently an intermediary.

Peer to peer ride hail service - consumer needing a ride can connect with drivers offering rides with no intermediary

Peer to peer condo timeshare - consumers wanting to rent a timeshare can connect with owners with no intermediary

Peer to peer NFT marketplace for music and art - artists can sell their music or artwork to consumers with no intermediary

Active NFTs in the form of event venue tickets - indie bands can promote and sell tickets to shows with no intermediary - tickets can be programmed to be single use (e.g. burned when redeemed)

Supply chain integration - vendors and suppliers can exchange purchase orders, invoices and remittances with NFT aware plugins to major ERP systems like quickbooks, removing manual processes

Basically anything that is "gig economy" peer to peer with a current middleman can be turned into a free and open autonomous marketplace as long as you have the right technical tools.


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