A public blockchain is primarily a network protocol that needs an economic model to function. In order for the network as a whole to be well-tuned, information technology experts and economists must be involved in the process. In the adoption process, it is people from these two disciplines that inform the most about cryptocurrencies. Few people are both excellent economists and proficient programmers. To make matters worse, cryptocurrencies are also interesting from the perspective of law, sociology, political science, and for other disciplines. Blockchain is a relatively complex and difficult-to-grasp phenomenon. An understanding of facts from many disciplines is required to form a comprehensive picture. In this article, we will discuss how the perspectives of IT experts and economists differ.
TLDR:
- Economists can be wrong when they talk about PoS. IT experts can be wrong when they talk about the store of value.
- Many statements are opinions, wishful thinking, or prophecy rather than a guarantee.
- Never trust arguments from the past that confirm someone’s bias.
- The reality is that many questions are not answered even by experts in their fields. Time is the best arbiter.
- Blockchain technology is failing economically because of the drop in value during the financial crisis, but that does not necessarily mean it is failing technologically.
- Economists may argue that smart contract platforms are not generally useful. IT experts and other economists will argue that Defi is very useful and is our future. Time will best answer this battle of opinions.
- People tend to listen to economists more than IT experts.
- Blockchain technology was not created so that one side wins and the other loses.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: Is Cardano for IT gurus and Bitcoin for economists? | Cardano Explorer