No More Blockchains

The World Doesn’t Need More Blockchains

By hifi.crypto | HiFi Crypto | 6 May 2022

Read now to learn how blockchain is only one small piece of the innovation behind Bitcoin

When the idea for Bitcoin was made public on an obscure cryptography forum in 2008, a revolution in self-sovereign money was launched. And the subsequent go-live of the Bitcoin blockchain in early 2009 sent that revolution into overdrive. The world was reeling from the effects of the Great Recession, which was the culmination of decades’ worth of financial interference on the part of governments and banks. Humanity needed a decentralized monetary medium that could ensure financial self-sovereignty, and Bitcoin overwhelmingly fit the bill.

Bitcoin’s success has also unfortunately led to quite a number of copycat projects, as well as arguably questionable uses of its underlying technology. By this, I don’t mean to imply that everything in “Crypto” and “Blockchain” has no meaning or value. There are obviously tens of thousands of people around the globe, including many of you perhaps, who find value in one project or another. But neither do I believe that every bit of humanity’s existence needs to live on a blockchain or be decentralized.

Yuga Labs And The Terrible, Horrible, No Good, Very Bad Day

I believe the recent fiasco on the Ethereum blockchain caused by Yuga Labs’ “Otherdeed” NFT mint provides an interesting example. The team behind Yuga Labs has publicly stated that it believes their NFT mint was the largest mint in history:

Whether or not that’s true, there certainly was a significant amount of demand from the market for the “Otherdeed” NFTs. Blockchain sleuths are already estimating that nearly $200 million in transaction fees were spent on the Ethereum blockchain during the mint, either on the mint itself or on other transactions that users had the misfortune of choosing to carry out at the worst possible time. For most users, the Ethereum blockchain was, at least temporarily, too expensive to use.

The impact to everyday users is without a doubt unfortunate. However, Yuga Labs’ proposed solution gives me pause:

In true Crypto fashion, the proposal amounts to nothing more than creating another blockchain among thousands. While that solution would arguably eliminate competition for blockchain space from non-Yuga Labs digital assets, I’m not convinced that it’s the right solution, mainly because I’m not convinced by the level of decentralization Yuga Labs or the Ape DAO it created to govern its projects claim to have achieved. After all, Yuga Labs has the means to acquire a controlling stake in the Ape DAO relatively easily...

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I am an avid Bitcoin enthusiast. I publish the HiFi Crypto Letters, a twice weekly newsletter on Bitcoin, crypto and blockchain:

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