McDonalds sells shitty burgers, Facebook sells your information to Russia and Tiktok sells your soul to the devil. But what do blockchains sell?
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We’ll keep it fairly simple today:
(1) what is blockspace
(2) a path forward
Read the full article here:
Blockspace is space on a blockchain where you can run code & store data.
The main difference with traditional computing: hardware owners are no longer in control - the software is in charge of the hardware.
This means that you can now write code that makes strong commitments about how it's going to behave in the future.
This opens up te space for a new wave of entrepreneurs and developers who are building new classes of applications.
Blockchains are both computers and social networks.
From the computing POV, their security and performance is important.
On the other hand, blockchains need to have healthy communities focused on building in order to thrive.
Blockchains are the first way you can have "state" data on the internet that is owned by a community as opposed to a corporation.
This is extremely important to make switching costs as low as possible for users. @cdixon talks about this here:
Blockspace is a new, emerging, critical computing resource alongside traditional computing resources like bandwidth, storage, compute, etc.
If the web3 vision plays out, this could be the most important new computing resource of the 2020s.
Fabric of blockchains
As more and more L1 blockchains are developed, there is going to be a need for blockchains to interoperate and send assets/ messages back and forth.
Bridges are extremely important for this - the goal is to be able to seamlessly move between L1's
Blockchains can be expected to follow a pattern similar to previous computing waves:
As more applications are built, there is greater demand for infrastructure. As the infrastructure gets better, that unlocks new applications.
With the market in a recession (?), it is the perfect timing to focus on what is really important and leave behind all speculation.
Time to build.
Time to improve user experience, fix the problems we have and figure out what the next wave of killer apps are that are going to drive this wave of computing forward.
To wrap it all up, there is a simple framework to think about public blockchains and tokens: they sell blockspace.
Last year, Ethereum sold over 10 billion worth of blockspace.
To purchase blockspace, users pay with the native token of the blockchain. On Ethereum, users pay for blockspace using Ether.
Within the Ethereum blockchain, this native token serves as a digital commodity.This post is based on this twitter thread.