LSJI07 on Nostr: BTC is awesome. That said it is not the place to test radical new ideas. Hence the ...
BTC is awesome. That said it is not the place to test radical new ideas.
Hence the existence of true altcoins. A well made altcoin would be issued and started in the same way as BTC and no have premine etc etc to properly test the idea. Most altcoins fail this test immediately but be aware that the idea that they made FOSS benefits all potentially. See Ethereum. It started poorly imo with premine etc etc but the ideas of smart contracts controlling value and the idea of tokenisation was proven to be viable on Ethereum.
That said ethereum has issues with tokenisation or digitization of assets simply because the model used doesn't allow good ownership in users personal addresses. I'm specifically referring to Ethereum using the account based model for addresses rather than the UTXO model. That plus the Ethereum networks start and recent move to PoS makes me feel very uncomfortable issuing digital assets there.
Plus the idea of tokenisation needs an issuer for proper provenance. BTC has miners issuing the new coins at regular interval but and issuer needs liking to a unique name or address for verification in future. The only system I have seen doing this is Ravencoin. I would happily do it on Bitcoin but the Bitcoin network rules are strict and most nodes don't give a crap about opcodes that assets use to issue and manage their unique utxos datasets. Bitcoin doesn't care about assets travelling on its network. They are easily lost etc and hence coloured coins and mastercoin etc had issues. The first attempts to make digital assets were on Bitcoin, but the rules were not flexible enough to do effectively.
Even the latest attempt using ordinals is a social construct to assign a sat a position in a wallet and use that sat to hold extra meta data about an NFT etc. That is great but there is no provenance unless the issuer tells everyone somewhere each and every sat that they have inscribed an ordinal on that is definately theirs. Time consuming to say the least to verify an ordinal was issued by a specific issuer.
That difficulty in changing BTC is what makes it great and holds it back and is the reason why so many altcoins exist. Sadly the majority of altcoins are money grabs and people are getting scammed left right and centre.
Hence the existence of true altcoins. A well made altcoin would be issued and started in the same way as BTC and no have premine etc etc to properly test the idea. Most altcoins fail this test immediately but be aware that the idea that they made FOSS benefits all potentially. See Ethereum. It started poorly imo with premine etc etc but the ideas of smart contracts controlling value and the idea of tokenisation was proven to be viable on Ethereum.
That said ethereum has issues with tokenisation or digitization of assets simply because the model used doesn't allow good ownership in users personal addresses. I'm specifically referring to Ethereum using the account based model for addresses rather than the UTXO model. That plus the Ethereum networks start and recent move to PoS makes me feel very uncomfortable issuing digital assets there.
Plus the idea of tokenisation needs an issuer for proper provenance. BTC has miners issuing the new coins at regular interval but and issuer needs liking to a unique name or address for verification in future. The only system I have seen doing this is Ravencoin. I would happily do it on Bitcoin but the Bitcoin network rules are strict and most nodes don't give a crap about opcodes that assets use to issue and manage their unique utxos datasets. Bitcoin doesn't care about assets travelling on its network. They are easily lost etc and hence coloured coins and mastercoin etc had issues. The first attempts to make digital assets were on Bitcoin, but the rules were not flexible enough to do effectively.
Even the latest attempt using ordinals is a social construct to assign a sat a position in a wallet and use that sat to hold extra meta data about an NFT etc. That is great but there is no provenance unless the issuer tells everyone somewhere each and every sat that they have inscribed an ordinal on that is definately theirs. Time consuming to say the least to verify an ordinal was issued by a specific issuer.
That difficulty in changing BTC is what makes it great and holds it back and is the reason why so many altcoins exist. Sadly the majority of altcoins are money grabs and people are getting scammed left right and centre.