Who is working on the fundamentals?

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Who is working on the fundamentals?
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Are things being developed in the right order?  It seems like projects I am reading about have fundamental questions that need to be answered first.  For example, we can buy and sell real estate using smart contracts, but how do we represent property?

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You might want to look into chainlink and other smart contract interoperabilty projects like it that are trying to create Web 3.0. You’d also likely want to check out the oracle problem (the retrieval of data about real world events which is always based on 3rd parties and this can be corrupted in many ways). Because yes Blockchains and DLT’s in general create a parallel (and arguably more reliable way) to create digital agreements called smart contracts. Real estate needs a lot of digital infrastructure (land registry, governmental/legal frameworks, marketplaces, ownership certification, digital identities may not have to be linked and to not even talk about the people who are actually willing to stake their property on such experimental networks and the list goes on) to work properly but there are some promising projects working on clever implementations but surely you are most welcome to come up with something yourself!

In any case the representation of an asset is relatively trivial, this is based on issuing a value token on a ledger of sorts the linkage of digital to physical is not so trivial helas.

@Ken Morgan

Money driven projects can have large time horizons because of their distributed way of seeking funds, minimizing the risk to individual investors. You probably have heard of ICO’s IEO’s and other fancy new ways generating seed capital. Investors in the blockchain space are quite generous and have many angles which are alot more focused on potential instead of profit. Even so the fact that its quite trivial to make exchangeable tokens most projects get funding and have years and years to pay developer teams to research and play around and do cool stuff and generally speaking their investors have these extremely liquid tokens in exchange.

Also I dont think that working in different directions is the right way to look at it. There are many ways of programming workable solutions that, as Saarah mentioned, could be implemented modularly, using what public solutions are already created. Moreover the fact that the nature of the problem might be the same does not mean that there is just one answer. Just like there is no one website on the internet there wont ever be just one chain to rule them all, there wont ever be just one identity chain or one real estate chain. There will be many that will be able to communicate harmoniously enabled through standards as you mentioned yourself.

@Ken Morgan

Money driven projects can have large time horizons because of their distributed way of seeking funds, minimizing the risk to individual investors. You probably have heard of ICO’s IEO’s and other fancy new ways generating seed capital. Investors in the blockchain space are quite generous and have many angles which are alot more focused on potential instead of profit. Even so the fact that its quite trivial to make exchangeable tokens most projects get funding and have years and years to pay developer teams to research and play around and do cool stuff and generally speaking their investors have these extremely liquid tokens in exchange.

Also I dont think that working in different directions is the right way to look at it. There are many ways of programming workable solutions that, as Saarah mentioned, could be implemented modularly, using what public solutions are already created. Moreover the fact that the nature of the problem might be the same does not mean that there is just one answer. Just like there is no one website on the internet there wont ever be just one chain to rule them all, there wont ever be just one identity chain or one real estate chain. There will be many that will be able to communicate harmoniously enabled through standards as you mentioned yourself.

@Ken Morgan

Most businesses are. Wherever there are problems, there is a definite space to capitalize on it by developing a solution. Then innovations happen and so do commercialization of those innovations. Though, what do you think is a more efficient method of tackling this? You mentioned framework, how do you think that can be drafted and what areas should it focus on?

I personally don’t think you should restrict a technology in its nascent stages. You make mistakes to grow and learn, although I am interested on your perspective in this.

@Saarah

I definitely don’t want to restrict innovation or research. After a technology has been proven, and shown to be trustworthy and secure, like bitcoin has done with blockchain, I feel the next step is to put it in the hands of the people in simplest and most basic way possible. This should be done in parallel with continuing research, but as soon as reasonably possible. As I said earlier, I feel the first step is an identification/know your client type blockchain. All this would do is provide a storage and verification of a persons identity. Nearly every meaningful transaction requires verification of identity, so this is a good first step. This would be the foundation of all dapps that require verification of identity, but could be extended to the real world. Imagine applying for a bank loan, and instead of 2 forms of ID and a recent bill, you just provide your private key using a hot or cold wallet, or a barcode, etc, similar to singing a transaction on bitcoin. Verifiers would pay the fees for convenience, and reduced overhead.

This project should be undertaken by a working group/forum of blockchain community members. This is one of the things that would not probably not yield a profit, but is in the best interest of the community.

@Saarah

It makes sense. I’m sure, right now, things are driven by money. I.e. in order to get research money, investors have to be shown a direct benefit. My fear is that everyone working in different directions is inefficient, and will result in more work later to standardize things.

@Ken Morgan

The crux of programming requires you to take a problem and break it into smaller sub-problems and then try to solve it. Bigger problems no matter how intimidating at first can always be broken down into simpler subsets that are easier to tackle. Same goes with blockchain applications. The two scenarios you mentioned (Blockchain-based ID management and Real estate management) once both solved are step into the future with complete paperless, transparent and decentralized record management. However, you can’t solve everything in one go. So, currently developers are picking up pieces and solving them in a way that can be put together for the bigger picture. Consider real-estate example, you can solve for tying real assets with tokens on the blockchain. For now, you could use government issued ID numbers to identify uniqueness of individuals until a blockchain-based solution for identity records of individuals is adopted by the Government itself or suggested by another entity. I wouldn’t really call it the wild-west but rather developers working on breakthrough solutions and then giving space for more developers to jump in and work in inter-operability of those solutions. I hope that makes sense.

@Saarah

What I’m thinking, and let’s use real estate since that is a good example, is that we first need to have the property representation part nailed down and actually working. When shown how secure, and public this information would be, governments could be encouraged to move all of their thousands of tons of paper real estate documents to the real estate blockchain. Once this is at least started, then dapps would only have to deal with interfacing with the blockchain, not trying to decide how the blockchain should look. The risk might be the creation of many real estate blockchains that are different, and require specific dapps. To me, even a real estate blockchain seems like a leap. To me, the first blockchain should be the ID chain to record peoples identity. I say this because the real estate blockchain, well all blockchains, will need to associate an identity of ownership to the real estate. If the ID is built first, then the ID can be tied to the real estate blockchain as it is built. I’m thinking “framework” for a decentralized web. I’m not saying that everybody’s information has to be front loaded, but I see in the future a disjointed web experience if the fundamentals/framework is not fixed now. I explained some of this to my 17 yo son, and he said, “oh, so it’s like the wild wild west on the web.” All I could say was, yes.

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