The Web3 space tends to be tribal, with community members defending their blockchain as the "best" blockchain. I have a controversial take: There is no "best" blockchain, but there are best blockchains. Most people tend to focus on layer 1 (L1) solutions that claim to be the fastest or that support the largest number of transactions per second.
Yet, we’re ultimately faced with a set of tradeoffs in our design approaches that can make a blockchain better or worse for a particular use case, but not better or worse on an absolute scale. Transaction throughput is only one of a set of critical attributes that also include security, decentralization, censorship resistance, programmability, interoperability, etc. In this L1 design space, there is no correct set of these choices, rather different attributes and use cases for which you can optimize.
Blockchains should be able to focus on their distinctive strengths and rely on other chains for things at which they don’t excel. Rather than a chain claiming to be the best solution for everything, what we really need is a way to easily access and utilize a variety of chains (and their unique strengths) to support the needs of an application and its users. A key trend in the coming years will be the combination of different specialized chains into native multi-chain applications that are more scalable, more efficient and create unified user experiences.
A varied toolset offers more solutions
Most people would probably love to own a Lamborghini, delighting in the thrilling speed. However, if that same person was driving through the tight alleyways of Rome, their car of choice might be a Fiat, something small and safe to navigate the narrow corridors. Then again, if they’re helping their best friend move, a pickup truck would probably be the best option, something that excels at storage capacity and hauling.
There is no objectively best car because the context of what the car will be used for matters. High-performance, superfast engines have their place, but so do the more utilitarian solutions.
The Web3 ecosystem is like a garage full of cars; there are a lot of choices, but we drive the vehicles that best suit our specific purpose at the time. If we allow a blockchain to focus on its unique strength and being truly great at a specific function, we can look to other chains for things that specific chain isn’t good at.
Imagine a chain that is optimized for storing and managing user identities, a chain that has full Ethereum Virtual Machine (EVM) support for arbitrary smart contract logic and a chain that is optimized for storing data. All three of these chains are each good at a particular set of use cases, but not all of the use cases.
As a developer building an application, it is very limiting to choose only one of these chains to deploy to. A much better option is to use all three chains, each for what they are best at. The application could leverage specialized identity, smart contract and storage functionality, combining these three elements into a single, stronger application.
Stokely-Van Camp, the beverage company with the original rights to market and produce Gatorade, may be exploring releasing virtual sports drinks in the metaverse.
According to records submitted to the United States Patent and Trademark Office, or USPTO, on Wednesday, Stokely-Van Camp filed two applications for the word Gatorade and the sports drink’s “G”-shaped orange, black and white logo to be used in connection with “virtual beverage products” and nonfungible tokens, or NFTs. The filings suggest Gatorade may be preparing to introduce its branded products to the metaverse.
Stokely-Van Camp added that the Gatorade name and logo could be used in digital media artwork, text, audio and video. According to the USPTO status, the U.S. government agency could take roughly six months to examine the applications.
Now owned by multinational food corporation PepsiCo, Gatorade is a major sports drink consumed by people in more than 80 countries around the world. The company reportedly sold roughly $2.6 billion worth of products in U.S.-based convenience stores in 2021 and controlled 46% of the worldwide sports drink market.
Should Gatorade move into the metaverse, it may join a number of major food and drink brands exploring virtual offerings, including Coca-Cola, McDonald’s and Anheuser-Busch. Sports footwear and apparel manufacturer Nike also filed applications with the USPTO in November 2021 for its name, logo and slogan "for use online and in online virtual worlds."
Two committees of the Hawaii State Legislature — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — unanimously approved the launch of a specialized task force to explore the use and regulation of the crypto ecosystem.
In a letter addressed to the President of the Hawaii State Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz Baker wrote in support of creating a “Blockchain and Cryptocurrency Task Force” that was first proposed in bill SB2695.
SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to establish a task force within the Department of Budget and Finance to review and compile country-wide data on crypto and blockchain. The task force would submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption in both the private and public sectors.
Citing the vast potential for both the use and regulation of blockchain technology and cryptocurrency, the letter read:
“This measure establishes a task force to create a master plan to explore the use and regulation of blockchain and cryptocurrency.”
Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.
The task force will consist of 11 members including representatives of a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association, who shall be appointed by the governor.
On Wednesday, Brazil’s Senate passed its first crypto-related bill in a plenary session, calling for the creation of a regulatory framework.
As Cointelegraph recently reported, the bill awaits approval by the Chamber of Deputies before it can be signed into law by President Jair Bolsonaro. Speaking on the development, Senate President Rodrigo Pacheco said:
“I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.”
The bill is expected to be passed into law by the end of 2022.
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