this post was submitted on 09 Jan 2024
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Isn't crypto just a ledger database?
It is a very inefficient database that in return has a potentially unlimited distribution. Importantly however, unlike normal distributed databases it does not gain any performance benefit from its distribution, only redundancy. There are implementations for "normal" databases of course that also only focus on redundancy, but in that case the database itself is already orders of magnitude faster than any distributed ledger like crypto currencies are.
Since such a system would ultimately need a single or a finite number of known access points anyways (API access for the vendor software systems) any benefit from being freely distributable is immediately lost. Likewise, the fact that the data is "shared ownership" has no meaning in the actual world as legally such a concept is not recognized, and we'd just be looking at companies willingly openly sharing their data, which they could already do by simply providing public interfaces.
In other words, just having a regular database is - as always - far more efficient and suffers 0 downsides in the particular use case. And it's incredibly difficult to find any use case for crypto ledgers that have any benefits at all, nevermind actually meaningful ones.