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21 sats \ 2 replies \ @teemupleb 7 Sep 2024 \ parent \ on: The Lighthouse - Why Modern Web3 is Not a Threat to Bitcoin bitcoin
I believe you can create the necessary monetary incentives for e.g. a decentralized file storage network with BTC the asset.
You probably don’t have to do it on the main chain because with higher fees it might not be cost-effective for the use case.
But with hashed time locked contracts, fraud proofs, ZK proofs etc. on 2nd or 3rd layers.
No more over-engineered altcoin protocols with dubious token incentives and crypto VCs pumping and dumping.
Yeah maybe, but if so Bitcoin better hurry up, if not Areave actually will get the first mover advantage!
I'm not saying that Arweave is more secure than Bitcoin, nor do I think the Bitcoin ecosystem are not up to finally getting something done about secure, permanent storage.
What I am implying is that there is such a real need out there for completely unbannable data on the web that Arweave will absorb this, and somehow make it almost regardless because it will be pushed to do so.
This might be via forks of course. Who knows, maybe the tech that is already built will end up merging with Bitcoin... This could happen because the users of both kinda have the same enemy and long term goal :-)
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I doubt the first mover advantage matters too much when the users end up holding their heavy shitcoin bags!
You’re right in that shitcoin protocols serve as testnets for trying to build projects with similar goals on Bitcoin.
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