1672
Web3 is here and it's glorious
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 20 Aug 2023
1672 points (97.1% liked)
Memes
44147 readers
2795 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
If Federation/Decentralization could be combined with decentralized crypto currency payments through something like Monero in a way that is not a scam, it would actually be great. We need some kind of monetization model for the Federated Web, and crypto currencies are actually great for that purpose but so far all implementations of this haven't really worked or were just a scam.
Why are Miners a problem? You need people who mine the crypto and then sell it to you, cryptos with a pre-mined supply are garbage. The problem is not with the miners, cryptos like BTC or ETH that can be mined with ASICs are the root of the problem. The only crypto currency I consider legitimate is Monero (XMR) because its RandomX algorithm makes it resistant to ASICs and GPUs. It is meant to be mined with a CPU, and only CPU-mining is efficient and economically viable. (Although in the Monero community, we don't mine Monero for the money, we do it to support the decentralized system) XMR has the core idea that 1 CPU = 1 vote on the blockchain. Everyone has a device with a CPU, thus everyone can mine. ASIC-powered mining farms in China (which are often the ASIC factories themselves) don't have an advantage over regular users, as it should be.
ETH moved to proof of stake, no more POW mining needed.