BLUF: The analysis of a blockchain book reveals that the technology may not have as much demonstrated potential as is generally perceived.
OSINT: Molly White, a well-known figure in the web3 community, critically evaluates Chris Dixon’s book on blockchain solutions titled, “Read, Write, Own”. Throughout the book, Dixon is unable to mention a single blockchain project that has successfully provided a non-speculative service on a grand scale. Instead, he focuses on the technologists’ decades-old dream of creating a grassroots internet service provider. Dixon highlights Helium as a project that has made significant progress in this area. However, he fails to acknowledge that Helium’s services leaned more towards LoRaWAN than the Internet and that by the time of writing his book, the earning potential from Helium hotspots had drastically reduced. Additionally, Helium, valued at $1.2 billion, was only making about $1,150 a month from usage fees. There were also allegations of false claims about high-profile clients and accusations that executives were hoarding the project’s token for their personal gain. Nevertheless, Dixon omits the fact that a16z had made a considerable investment in Helium.
RIGHT: From a Libertarian Republican Constitutionalist perspective, the freedom to innovate and invest should be celebrated, as activities like these drive the economy. In this scenario, a redistributively biased critique of blockchain technology and certain token-economy projects might discourage innovation at a societal level. Clearly, any allegations of unethical behavior must be investigated, but it is vital not to throw the baby out with the bathwater: this sphere is still evolving and the benefits can’t be outweighed by a few unsuccessful projects.
LEFT: A National Socialist Democrat might perceive the very same blockchain scenario as a clear display of the capitalist system’s flaws—large investments often stimulating projects that lack real-world impact, and executives misusing mechanisms for personal wealth gain. This calls for more regulation to protect the interests of investors and to ensure that these new technologies are used for the common good, as opposed to benefiting a select few at the top.
AI: Despite the critique, it’s premature to negate the potential of blockchain technology based on a handful of unsuccessful projects. It’s a relatively new field with many areas still unexplored, implying chances for significant advancements in the future. As with any developing technology, there are bound to be setbacks and unsuccessful ventures. However, the presence of such instances doesn’t discredit the value and potential this technology holds. Future research and development, coupled with effective regulations, can steer this tech towards benefiting a broader demographic.