Something has been bothering me about the crypto space lately. I see often statements like, "Yeah cool, but will they use the token for that?"

It just shows that people forget to ask the simplest question.


Why should they?

Whats the point?
With most crypto projects, the token use cases are so amorphous that the "Why" is almost nonexistent, outside of, it makes a few people a lot of money. You inevitably get to a point where the answer is, "for payments!"

But payments for what?
Reprogramming the financial sector is great, I will not negate that. The efficiency increases, the transparency and accountability that can come into play create massive unforseen impacts at scale, if solutions ever scale to the level to accomplish that.

But there can be more.
Smart contracts are a start to showing what "more" looks like. They enable programming of distinct services. Their potential is nowhere near being realized, because the barriers to their growth are almost insurmountable. Currently, they're mostly still focused on financial uses.
But to feed smart contracts to do more outside of financial use cases, and enable true peer to peer services to scale, they need so many inputs that existing smart contract frameworks don't allow for. You can force them to some extent, but then there's sacrifice.
The sacrifice is either the contracts become too expensive due to fees. The networks that support them becoming to congested. The data feeding them being untrusted and manipulated. Or they have to be done in a private/ permissioned network. None of which fulfill their potential.
Projects have to zoom out. Look at it from a more granular and holistic perspective, and figure out innovative mechanisms to better the current capabilities to accomplish what's really possible. And it all comes down to data in the end.
If the data is granular, secure from the source, easily accessible, shareable and verifiable, and starts to have standardized structures for easy integrations, then the solutions become endless.
Real peer to peer services using secure decentralized systems become possible. Real reduction of third parties to an absolute minimum. Real trust becomes enabled for peer to peer interactions. Real utility for everyone, even in developing nations.
Get the data right. Get the structures right. Build the necessary components to enable verifiability in any scenario. Build smart contracts that are usable outside of financial use cases or in niche scenarios. And the token has a reason for being there.
It becomes more than an investment. Had real demand because there are things it can actually be used for. Allows for real solutions that solve real problems to flourish. And doesn't create more barriers and enrich only the few.
This is what crypto is supposed to do. The vision of what it could actually accomplish if we focus on the big picture. And its the road to real adoption. Its what gets corporates actually excited to build on a protocol. And not just there for small projects to dip their toes in.
Sorry for the rant, but if someone is asking will the token be used, then tell them to look at the bigger picture. Because when this is done right, entirely new industries are formed, business evolve, and the ability for an individual to truly change their lives becomes real.

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More from @Mat_Yarger

24 Dec 20
25/ / I, and others working at the Foundation have sacrificed magnitudes more in value, than the losses you have suffered. I took a big pay cut, and a big benefit cut, like many others.
26/ And I did it because I wanted to do something more, and work on something that could truly make an impact on every single person if it could be done right, accomplish its vision, and do it at scale.
27/ We’re a small foundation, and we’ve worked tirelessly for years to make the absolutely monumental progress we have in the technology. We’ve rid it of inefficiencies. We’ve solved the problems we set out to. And now we’re building the last pieces we need to bring it to reality
Read 34 tweets
24 Dec 20
1/ Hey @coiner_lol I can see you’re passionate about the protocol, and you see that it has potential, but have suffered losses through the token performance. I understand that, and I know how losses are never something someone looks forward to.
2/ You have a few things right. The key among them being the need for simplicity. The crypto/blockchain/DLT space is highly complex and difficult to bring non-technical people into due to the level of depth and breadth that some of the work entails.
3/ For most, making that simple and telling the “So What?”, can be just as hard as building the tech. We at the IOTA Foundation have not done well at this traditionally.
Read 24 tweets
30 May 19
1/ For clarity, MANA will not be assigned or transferred by users. It is NOT a token. It can NOT be traded. And it should NOT be considered an implementation of DPoS, but an evolution as @hus_qy says(TaPoS). MANA is a metadata ability linked directly to VALUE transactions. #IOTA
2/ In a technical sense, it will be more like a protocol wrapper or header once implemented with the purpose of saying that a fund transfer is reputable because the node sending the funds is within its threshold.
3/ Then verifying that it's within that threshold by tying the underlying MANA to the value transaction and associating that MANA with the decentralized identifier(Node ID) tied to the node. This process is fully asynchronous and autonomous between nodes.
Read 10 tweets

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