• comrade_madoff@lemmygrad.ml
    link
    fedilink
    arrow-up
    1
    ·
    edit-2
    2 years ago

    Okay, so VeChain as I understand it is mostly just a distributed ledger with a currency attached to it. Honestly I think dlt’s and blockchain are interesting tech, they aren’t inherent to cryptocurrency and could be applied to other functions though like new digital medical records for instance. Why is there a currency even attached to vechain other than to commodify it? It could just be a digital ledger.

    XRP literally even says they function basically as SWIFT but ripple the company, it’s not XRP is the one that does it, XRP is just their vbucks they use as the middle man. It’s basically ETH but the ripple protocol manages the servers that host DLTs rather than trusted stake holders, the service is only fast because of the fees one company makes on transactions. It’s basically visa, but with crypto access. The only reason this service exists is as a function of cryptocurrency… like I mentioned.

    Amp and Flexa only exist if you’re trying to buy things with multiple currencies all at once. You understand what my problem is right?

    All of these services only exist to justify cryptocurrency’s existence. WHY DOES CRYPTOCURRENCY NEED TO EXIST IN THE FIRST PLACE?!

    XRP just fills the gap of SWIFT because SWIFT doesn’t recognize the validity of cryptocurrency, there is no reason that implementation could not be added, ripple just didn’t need international consent.

    VeChain’s function could be replicated without a financial aspect as the asset of vechain isn’t even the coin, it’s a ledger. It doesn’t require currency, the currency just exists to make an excuse for the creators of vechain to host the service rather than have it be self hosted. The crypto-currency part just seems like a way to commodify it into a rent service when it could just be a free protocol. Like ssh. I just don’t see the financial aspects of cryptocurrency being valuable.