An Opposing View to the Article "It's Not Still the Early Days" by Molly White

orginal article can be read here

About Explaining Why In Tech Things Move Quickly ⏳

"All that to say, a lot has changed in the technology world in the past six to twelve years. One only needs to look at Moore’s law to see how this is intrinsically built into the technology world, as once-impossible ideas are rapidly made possible by exponentially more processing power. Yet, we are led to believe that while technology has made significant leaps over the past decade, blockchain technologies have instead been stumbling?"

Moore's law predicts that the number of transistors in an integrated circuit will double every two years, thus suggesting a corresponding increase in computation capacity. This, in theory, facilitates the development of increasingly complex software. However, as is widely acknowledged, Moore's law has reached its limits. Robert Colwell, director of the Microsystems Technology Office at the Defense Advanced Research Projects Agency, asserted that while the industry will strive to downscale transistors, the benefits will be negligible.

Thus, we can concur that while technology advances at a rapid pace, it is not without its constraints. I argue that blockchain faces similar challenges, such as implementing zero-knowledge proofs and ensuring robust security – these are hurdles faced by any software. Yet, the resilience of blockchain cannot be denied.

About Applications and Efficiency ⚙️

"How long do we need to wait before someone comes up with an actual application of blockchain technologies that isn’t a transparent attempt to retroactively justify a technology that is inefficient in every sense of the word?"

The article appears to dismiss the significance of immutable data as a practical application of blockchain technology and criticizes its efficiency. Let's define efficiency as the ability to perform an action in such a manner that either conserves resources or produces more output from the same input.

A key application of blockchain is indeed the creation of an immutable and resilient ledger. By reforming the financial system to enable wider participation and ensure that assets are never lost, blockchain addresses the inefficiencies of the current system, which leaves billions of people unbanked worldwide, including 4.5% (6m) in the US alone. How many individuals could be brought into the economy through this simple change? Please refer to this article and here for more details on unbanked numbers.

"How much pollution must we justify pumping into our atmosphere while we wait to get out of the “early days” of proof-of-work blockchains? How many people must be scammed for all they’re worth while technologists talk about just beginning to think about building safeguards into their platforms?"

One might ask, how much pollution is justified by our continued reliance on air travel for leisure? Let's pose a different question - how much energy is expended maintaining a centralized ledger that takes hours, days, or even weeks to settle transactions? When comparing this to the energy used by a proof-of-work solution, which is more wasteful? Furthermore, proof-of-work is not the only method of achieving consensus, and alternatives can offer up to a 99.95% reduction in energy use.

About Scams and the End of Everything 💸

How many people must fall victim to government systems with a flawed financial setup that primarily benefits the banks and the elite? (The purchasing power of an US individual is 27x lower today) How many people must be tricked by phone scams daily to understand that not all is as it seems or as institutions represent themselves to be? It's worth noting that telephones have been around for more than a hundred years.

Conclusion 🏁

The author asserts that this emerging technology is stagnant and incapable of substantial progress, except at the expense of unsuspecting victims. This stance, however, starkly contradicts the compelling evidence of the powerful and transformative capabilities already demonstrated by blockchain technology.

Despite facing its share of challenges, such as environmental considerations and susceptibility to scams, blockchain has shown continuous resilience. The way forward is not to dismiss the technology summarily but to recognize its potential and refine it for the collective good. Blockchain represents an integral part of our technological progress. Its relative youth notwithstanding, it has already proven itself a powerful tool, capable of fostering change, breaking down barriers, and paving the way for a more inclusive global economy