Real Life Solutions for Crypto, Where are they?
When I first started hearing about Crypto the idea of being able to create peer to peer financial solutions was one of the concepts that made it interesting.
I didn't come to crypto to have a fantastic blog as I've stated... I'm not a writer. I didn't come to play SteemMonsters, now Splinterlands. I came for what I still believe is the future of solving real-world issues using crypto. Although I think crypto blogging and games are awesome. I want more!
Here is a real-life situation I have that I wish I could solve with Crypto and Blockchain.
I am selling an RV and I want to hold the contract myself. I will accept the risk of default or damage for the opportunity of earned Interest.
So here is what I want to do...
I want to go to an app and enter the details of a private loan.
Loan Amount: $33,500
Interest Rate: 10%
Number of years: 3
Monthly Installment Payment to be calculated by the app
Amortization Schedule: To Be Displayed by App
I would love to be able to have the buyer submit payments via crypto.
The app would update balances and display the current status of the loan at any time for both parties.
A contract could be initiated by either party in the form of an "offer" but does not become valid until both parties sign it. (digitally)
Both parties are protected by recording the time and date of payments and outstanding balance in the blockchain. If either party owned a spreadsheet or non-blockchain version of the app it would not be trustless.
So, that is what I am thinking about today, what was interesting to me about crypto has nothing to do with games and blogs, it has to do with providing tools to Humans who are living their life while trading and doing business with other humans.
Just wondering: isn't it only trustless until the buyer defaults? Because then, I doubt you will get recourse without a trusted third party.
Anyway, except for a fairly small group of dedicated people, for now, decentralised and trustless blockchains are mostly an absolutely brilliant solution looking for a perceived problem.
Now hit me.
This seems like a waste if it built on the traditional fiat system. For one it not trustless in the first place. Spreadsheets are used by finance as you can view the history of changes. You can pseudo verify. Nonblockchain version? you mean by cloud? A registered company as you're using fiat that deals with private loans would serve much better. You can view changes and/or trust the fiat license they have.
There might be a small use for a blockchain version of this maybe more laxer rules but as this a minor case their is less incentive to be made. And what would the dev gain from this a cut of the tx? How would they enforce this via smartcontract if it using cash/bank accounts? A max a fee to register to must be made but then people being people don't want that fee. A donation fund could be made but those won't provide security long term.
Another thing is the oracle feed? How you can decentralized something that requires trust? You can distribute the info to diff people than the privacy goes bye bye.
Also time stamping is also another issue that goes hand and hand oracle.
As a manual input must be done. A blockchain won't be this helpful. You could do an opentimestamp and use a centralized database at the same time. The power,ease of a centralized database with the verification and secrutiy of proof of the blockchain(bitcoin?). This might what your are looking for. Not a full blockchain but a service that uses a blockchain. I believe it was once used/made but no one ever used it...
It a sad thing. You think one thing good use for blockchain then you look deeper into it. Maybe it the fiat is affecting how you do it? Maybe it the scaling? Maybe the code? Maybe it just dumb? Maybe it...?
Another full blockchain thing you could do is:
Stablecoins maybe you using TUSD which you deposit your fiat and then using a private smart contract code(being worked on not done yet)and then using a dpos/staked oracle to verify and store time. It won't be nice and might seem like a waste of resources but this "full" blockhain could be done.
(Sorry for the long comment)
But, but I want muh drugs on drugwars! ;-)
I agree some real world use-cases would set us aside on the blockchain scene.
i'm thinking maybe the hordes of 100s of millions of masses around the world may make libra viable, but it will be messy
future, very hard to predict is
Zuckerberg will build this.
Challenge seems to be keeping transactions private (peer-to-peer). Rest of the world has no business of knowing each transaction by two parties.
That's the best point so far.
I believe Ethereum does just that. However someone seriously needs to build a UI that people can understand an use. Until that happens your every day person wont be using cryptocurrency any time soon.
This is why it is said that cryptocurrency is still in it's very early stages.
Ethereum is working with rather large companies that create software etc for these exact cases which is why I have high hopes for it in the coming years. POS early 2020 is just another reason I am bullish on it.
Another idea I love.
As a text based blockchain, STEEM would of course be a natural fit.
A potential downside is that you’ll some costs in servicing and potential costs in exchange, depending on how you set it up.
I really need to learn how to code these kinds of things
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I think you're lying! You are just here because you want a blue Lamborghini!