Hmm, but where would we put the data that we know will be safe and trusted?
We need a shared database we can all use. One that keeps a record of the changes of its state over time, and anyone can verify it and host a node!
Ah but it might get spammed. We could add a small fee for each write action. But if someone gets too many of the tokens could they alter the history by rewriting it? we need some kind of consensus mechanism, we could reward participation but make it expensive to lie? Make cooperation the winning move in the game. How do we give the tokens value? maybe some kind of natural scarcity to their issuance, or a fee burning mechanism. As more people use the database the value of the tokens will go up too as they are needed for writing to it, which in turn makes it more expensive to attack and safer storage.
It's amazing! You could use it for so many things! But what if honest participation becomes expensive? What if speculators find some way to make money off of this and the whole system's purpose is hijacked away from its original purpose?
All of these technologies come with such incredible promise. None of them solve the original intended purpose.
A blockchain wouldn't solve the chain of trust problem, of how do you know that a given public key actually belongs to Joe Biden. The problem that blockchains solve, of distributed consensus, is a different problem.
