So, I've been thinking about SBTs for a bit.
While I can definitely see potential to it, I think the explanations and marketing behind SBTs personifies a bigger problem with crypto. Developers default to trying to recreate TradFi ecosystems on the blockchain rather than seeking to understand and embrace blockchain as a new paradigm.
Consider DeFi. A lot of attention has been focused on trying to get DeFi to support undercollateralized loans. I view this as treason to the ecosystem; all loans are overcollateralized in all ecosystems. An undercollateralized loan in TradFi is actually overcollateralized, but it's collateralized by the person taking out the loan. Furthermore, if you consider FDIC insurance, the deposit is actually insured with the central bank's capacity to print money, devaluing the entire currency. This isn't really behavior we should seek to emulate on a blockchain.
This is one of the key reasons I'm on the fence about SBTs. Simply moving online identities onto a blockchain is a marginal quality improvement. It adds security, but otherwise doesn't improve the interaction by adding options.
What does an online interaction allow which a real life interaction can't have (or struggles to have, anyways)? Anonymization and pseudoanonymization. Recreating TradSoc interactions on the internet is definitely a niche worth exploring, but the blue ocean explorable space is in anonymizing the internet without allowing it to degenerate into chaos. Which is typically what happens when you anonymize people.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments