The DeFi bubble has burst and it’s not guaranteed that it’s coming back any time soon. What will the next big hype be in crypto and could it be SAFE?
Not sure, but Safe Network won’t have compute capability at beta I think and don’t know when that might come to pass … without it, smart contracts not possible on SN I think … so my guess is no it won’t be for a while.
I’m out of touch, do you have any links? Thanks.
The balloon did not burst. It’s just the beginning. UniSwap distributed 150$ million for free a month ago, and in 2 weeks Hex will distribute $ 2 billion. It’s just the beginning for DeFi…
Defi just bores me. I’m not bothering to chase it.
However, when SAFENetwork does do distributed compute, smart contracts will just be a foot note feature. Distributed compute could do that and so much more, with high efficiency.
Only vaguely on topic here but nonetheless: what kind of problems can distributed computing solve or help with? Or what kind of services/whatever could it offer?
I’m into neural network chess engines for example, follow their competitions and such, so I can imagine using distributed computing to train a NN chess engine might lead to it being crazy powerful and showing us humans some beautiful chess stuff. Which I’d be very excited to see, but I wonder what kind of other stuff it could be applied to? Wild ideas welcomed here to give a better sense of the problem space
Transport is one of the industries with the most people. With the advent of autonomous cars it will be completely transformed. If a safe network manages to catch this industry we will see quite amazing things …
This kinda makes sense to me because it would probably require paying a gas like fee for the computation but as is nodes do some amount of computation just not as a service but out of necessity for the network to function. As I understand it anyways. But what is to keep us from smart contracts out of higher level conditions between data types that the network would serve us as per normal behavior?
I’m not sure if it’s even possible, if it were, it would be innately inefficient. Additionally, attempts to use the system in this way would almost certainly trigger ‘anti-gaming-the-system’ traps that would make such even more inefficient.
This is a bit old but would still apply. Blockchain Vs Safe Network.(Smart Contracts)
I do understand your preference for a lower level smart contract powered by a distributed compute network resource and that would be more secure and formal imo and should be pursued.
Interesting. I vaguely get the outline of what he is saying there. There could be a lot of advantages to doing that and maybe not so inefficient as I had thought. I’d need to have a more concrete example to get my head around it though.
I’m out of touch, do you have any links? Thanks.
I work 2 jobs so not much chance to get caught up myself. Just listen to some podcasts/Youtubers from 2018 who are still going. Looks like crypto likes to reinvent itself with old ideas often recycled. I imagine SAFE might have a chance to ride the hype train one day.
I wouldn’t rule out DeFi just yet. My guess is that the Safe network will be much better than for example Ethereum for DeFi. But I haven’t looked into it in detail. I found this video where even BIS (the central bank of central banks) is discussing DeFi!
This post from @MaxSan yesterday is right up that alleyway: SAFE needs fo support Smart Contracts - #39 by MaxSan
I don’t think it’s ruled out at all, just steps with ?? in between. IMO, SN will get there.
Anything that needs trust-less automated decision-making.
Just throwing some ideas I recently heard out there that are pretty new to me that could be enabled by smart contracting on Safe that has a token standard.
We could create
- NFT’s of art, music, etc that is backed by funds/wallet (money backed NFT’s)
- A portfolio token (a basket of other Safe alts or wrapped tokens in different allocations tradable as one token)
- A NFT portfolio token (similar ideas as above but the token contains a collection of NFT’s)
The possibilities are seemingly endless and I’m already imagining up some rough UI in my head of how these would look. Some more useful or promising than others but I thought I would share these. Tell me what you think of these or what other ideas you imagine up.
NFTs are just the flavour of the month. I remember when they were big in 2017/18. They’ll be good to have a of course, much like DeFi. But all these terms are just temporary fragments of a larger hype train. I think SAFE will become its own fragment, or a whole hype train of its own.
@Joe_C I tend to agree in the current environment. Though on Safe where the entire network could enforce the legitimacy and also facilitate the storage, transfer, etc of an NFT, they become much more real and valuable.
Currently NFT’s are proven to be owned on competing blockchains and then point to where the actual file is stored which often ends up just being a traditional storage solution and vulnerable to loss, link rot, potentially leaving the NFT useless and of zero value.
The ideas provided above though are beyond just NFT’s. To be able to have a portfolio coin is a pretty neat concept in its own. So try to keep an open mind.
A lot of this stuff is useful but the crypto crowd tends to over hype and look so far in to the future beyond what is actually possible and value it as such with what limited assets exist which translates to high speculative bubble pricing.
NFTs on safe network should be pretty easy to define in an app, without any changes to what will be available in the test net. Let’s hope someone has some time to play with it.
Basically a modification to the NRS system where the record points to the object on Safe and the owner is the person who owns the object and when sold, simply change ownership