I understand “depending on use case”. I’ve been working with a couple blockchains (developing on it, educating people about it) for a few years now. I still can’t coherently explain the advantages of blockchain to technically savvy people even in established use cases. There are actually many many accomplished engineers I’ve met who have spent time learning about blockchain but still dismiss its practical use cases. For example:
Tokenization - this is a well established use case of blockchain. But the counter argument goes: why can’t you build a centralized backend like how Reddit keeps track of Karma pts? Very few people complain about Reddit karma system and it’s used to screen users, prioritize posts, and many things on a social media platform. If you want to track these points and allow exchanges across different platforms (putting aside whether platforms or users even would like this to happen), there are already ways to implement idempotency with some structure of API requests so these changes can be reflected across platforms to minimize double spend problems. Putting these functionalities on a blockchain only makes the economics more volatile (for example, ASAs require min balance and price of Algo experiences fluctuations).
I understand the “cool factor” of being able to do this peer-to-peer but as recent government crackdowns have shown, authorities are still able to minimize the impact of crypto and blockchain by regulating the on-ramps into blockchain. Also it’ll turn off a lot of people if I have to tell someone blockchain is about resisting the government.
Can someone smarter than me walk me through how you would address these concerns/criticisms?