Blockchain / crypto was started as a decentralized thing, than gambling happened.
And now it transforms to 'whatever people thought it would be' to 'normal big companies we all know and use are leverging it now in a way to be able to say "But we also do blockchain and crypto" completly destroying the originally idea of it.
But i don't mind. Make the ecosystem even more complicated and complex so that even less people care and use it.
Crypto/Blockchain/NFT was the biggest 'transfer money from a lot of people to a few people' scam for a while now.
I’m missing the joke about what’s funny or ironic about large companies using it
Can you explain it more? Its still permissionless when the production environment is deployed on the public blockchain so how does that “completely destroy the original idea of it”, which was permissionless
Visa can permissionlessly deploy a permissioned asset backed by off chain collateral that you dont have to interact with at all
a network concept thats used Visa’s capabilities as a goal post for nearly 2 decades now has Visa using it
You still need the centralized classical PoS system to make sure that these assets are actually lawfully owned by the right people.
Also for plenty of big companies, a decentralized system is dimetral to their standing. I 'trust' visa.
"For example, a bank could automate processes like administering complex lines of credit using smart contracts and use fiat-backed tokens to release payments when payment terms are met." this even reads like a weird joke. Imagine some expert being needed by a smart contract to evaluate if a flat has the estimated value. The expert needs to verify themselve against a system to even be able to add this trusted expertise onto the blockchain. This requires an additional trust anker because again blockchain doesn't add any trust at all and than nothing is left of the original blockchain besides a standardized way of publishing some information decentral.
You could have done this 20 years ago with public/private keys, certificate authority and ah yeah i think you know how our ca system works right? :P
Edit: "There is a growing ecosystem where tokenized real-world assets are being issued across multiple permissioned and public blockchain networks. " thats even a better joke. Cross blockchain transactions are not a solved problem. Peple lost billions due to this... Apparently who ever does this project in Visa has 0 idea what they are doing. Dead on birth
To make people perhaps want to "want" it
https://www.edps.europa.eu/press-publications/publications/t...
https://www.federalreserve.gov/central-bank-digital-currency...
What's interesting tho, is Brazil (Lula's administration), let Visa acquire their crypto fintech Pismo last year
https://investor.visa.com/news/news-details/2023/Visa-to-Acq...
What used to take days may now only take minutes.
Unless this is just another avenue for speculative trading…
Say I'm Walmart and I want to adopt blockchain to hold distributors accountable or whatever usecase. Why does that have to be tied to some coin / why does it have to be public?
aka... I'm sure Walmart has (many) instances of things like free-open-source software like Postgres, Redis, etc.
Why not "blockchaind"? Big companies host their own infrastructure (or use it hosted by AWS). Why do we have to buy into this proof of work, proof of stake, public, tied to NFTs and memecoins crypto-currency for blockchain?
A transaction is processed in 2-3 seconds on modern L1 blockchains
