Re:SBF Is Headed to Prison but FTX Will Haunt the Crypto Com...
by kodapoda on Sunday November 05, 2023 @01:41AM
(#38148613)
The time-stamping use case you describe is basically non-existent. Even light media like images are not stored on-chain 99.99% of the time. Time-stamping a URL to an audio track that is hosted on a server you own is not in itself a prove of the existence of this copyrighted material.
I have seen interesting on-chain visual experiments (generative animation fully stored on-chain) but that trend seems to have faded under the pressure of the NFT monetization spike+burst.
Re:SBF Is Headed to Prison but FTX Will Haunt the Crypto Com...
by oasisaimlessly on Sunday November 05, 2023 @01:24PM
(#38153961)
You don't have to store the data on-chain. Simply storing a cryptographically-secure hash of the data is sufficient to attest its existence.
Re:SBF Is Headed to Prison but FTX Will Haunt the Crypto Com...
by EMM_386 on Sunday November 05, 2023 @01:21PM
(#38153911)
Interesting how that was exactly my thought process. I asked the original question, read that response, and then moved almost immediately to ask "own what?". I really wanted to know, as those details are important.
Decided against it, read your response, and saw "begs the question". Yes, it does.
I hope that "NFT"s are not something used as an example in an answer.
I know, you could do writes with Web 1, so it's imperfect, but since that imperfection carries on to Web 3, I kinda like it. In its "wrongness" it kinda suggests it's not that simple.
Web 3 might be "own" - but the -value- of what you own is questionable. There might be things of value in there, but if there is it's well hidden by the crap. "Web with blockchain" doesn't seem like a useful improvement over "Web without block chain" [1].
So I like your summary. It begs the question "own what?" Which in turn kinda answers the Web 3 question in a nutshell.
[1] apart from criminal activity, clearly the killer-app for crypto, the block-chain is useful for time-stamping things. It can be used to prove that say a piece of music existed at a specific point in time. Which could be useful in copyright questions. Granted, this is an astonishingly niche case though.