1/ Most problems with today’s blockchain protocols come from the issue least discussed and least questioned: the imperative to extract value from it. Removing this imperative opens up possibilities to scaling and interoperability that are entirely unlike anything we have seen
2/ think of this: the platform currency is a splinter in the body of the dApp’s economy, something you must have and transact in addition to the dApp’s token(s)
3/ the protocol’s policies (for example with respect to how transaction fees are accounted) are dictated by the commons, not a specific dApp
4/ example: Me: in my dApp I want to allow some identified users to run a limited number of free transactions. Protocol: tough shit!
5/ example: Me: in my dApp I want to mine my own currency. Protocol: sorry the role of miner is already taken!
6/ example: Me: in my dApp I want some large transactions to be delayed and verified in case of breach. Protocol: sure, but this takes multiple layers of code and will never work smoothly
7/ The solution is to build code, not money at protocol level. Let dApps program their economies from the ground up.
8/ But guess what? If I don’t get at least a billion overpriced tokens in my own pocket and the power to crash my own market at any time, I’m not interested.
9/ when will we realize that this approach is, basically, insane? “Fat protocols” is bad, but not for the reasons expressed by opponents. Protocol should simply NOT have a currency, period.
