Doesn't work. Blockchain is, and always will be, a fundamentally useless technology for just about every situation. We have had transactional ledgers for years. What do you think Git is, conceptually? Beyond blockchain buzzword nonsense, crytocurrencies are also dramatically useless for practical usage. In their current implementation, they're nothing but assets to bid on. You'd be better of transacting your business in Venezuelan Bolivars than Bitcoin. Furthermore, "Tether cryptocurrencies" are nothing but assets held in trust to ensure conversion between it and the legal tender it is exchangeable for; if they're not backed by anything, then they're worthless because they have nothing to support their value, and thus cannot be a tethered store of value if that value can fluctuate.
In regards to Web 3.0 stuff in particular, similar proposals have been made in the past for distributed filehosting wherein people would dedicate a portion of their storage and be compensated for their hosting. I don't think I should have to mention this, but this is an awful idea for many reasons: 1. data integrity; if the data you're storing is not properly encrypted, what's stopping someone from unscrupulously accessing your personal files, or anything else that is sensitive, such as user data or credit card information? Nothing. 2. Distributed hosting akin to bittorrent makes no guarantees in regards to the speed of downloading or uploading, nor does it ensure the data will be stored forever, which leads to 3. If, for whatever reason, all of the hosts for a particular set of files goes offline, what happens to the files? In all likelihood, they're gone forever just as the many torrents over the years have died, but in this case you're potentially facing the loss of your entire business front, personal website, or personal storage. Finally, this leads to 4. If the only guarantee against the instability of distributed networking is centralization, what is the point of having a distributed network in the first place? There are lofty ambitions in saying, "anyone could host files for others and be paid in crypto to keep hosting them," but the reality is that this will quickly be monopolized by large players if it is to succeed in any measure.
I might be missing some of their other points, but one stuck out to me. They mentioned the possibility of having a single profile not bound by any platform. This is an admirable goal, but again, when facing reality there is
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