It argues web3 is about permissionless data. The problem with that is we already have permissionless data -- you can put almost any kind of data you want on a server and encourage people honor it. What they actually want is shared data, governed by rules that hard for anyone to change, and use that as scaffolding to build systems around consequential data. That's kind of interesting, but what happens when the rules conflict with reality. E.g., when the blockchain says you own the land but the law says someone else does? Now you could agree to make a blockchain database is the authority on something, even contractually, which would help it harmonize with laws to a decent degree. But that would be an individual decision and doesn't preclude scams, fraud, people acting in bad faith, etc.
Ultimately blockchains about data of any consequence will have to comport with applicable laws and regulations, just like everything else. The lack of flexibility likewise makes blockchain pretty useless for softer things, like social networks. (It's kind of silly to even bring up social networks in this context, but the post brings up Facebook.)
https://continuations.com/post/671863718643105792/web3crypto...
Still, it's unconvincing to me.
It argues web3 is about permissionless data. The problem with that is we already have permissionless data -- you can put almost any kind of data you want on a server and encourage people honor it. What they actually want is shared data, governed by rules that hard for anyone to change, and use that as scaffolding to build systems around consequential data. That's kind of interesting, but what happens when the rules conflict with reality. E.g., when the blockchain says you own the land but the law says someone else does? Now you could agree to make a blockchain database is the authority on something, even contractually, which would help it harmonize with laws to a decent degree. But that would be an individual decision and doesn't preclude scams, fraud, people acting in bad faith, etc.
Ultimately blockchains about data of any consequence will have to comport with applicable laws and regulations, just like everything else. The lack of flexibility likewise makes blockchain pretty useless for softer things, like social networks. (It's kind of silly to even bring up social networks in this context, but the post brings up Facebook.)