Degraded Blockchains
The minute you connect your blockchain to an app frontend you now have a degraded blockchain, one that cannot even in principle guarantee immutability, trustlessness, and decentralization – at least not for assets that the app's customers actually care about.
I get a lot of pitches for crypto-backed startups in my inbox these days, and virtually all of them suffer from fundamental problems. I've never been able to perfectly articulate the basis for my skepticism until just now. The problem is "degraded blockchains." I really wanted to believe in blockchain, but it's only disappointed me so far Let's back up and look at the promises of blockchain technology. I remember the day the Bitcoin whitepaper was first published – I read it cover to cover and was filled with excitement at the promises, only to be disappointed ever since. Blockchains are suppo
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