Hi muneeb, cool to see you here. I like the idea of virtual blockchain machines from blockstack. How difficult it is to port projects being built on eth or Ark for example, to blockstack?
You don't have to store the data on the blockchain, you can store a pointer, to a storage solution like IPFS, and you have the control of what to show and to whom.
ICO's like with most new tech are going to be plagued with get rich quick schemes, and there's a lot of FUD going on, but the concept it's great. When you have a token, in a given platform, you align the incentives of the people using that. It encourages people that are part of the network to create value for it, since it also impacts positively on their money.
Take decentralized storage platforms for example, Storj, FileCoin, Swarm, IPFS. It's a software that you install in your computer, you asign how much disk space you are willing to contribute, and in return it pays you in that network token. People that wants to save their info on the platform, have to use the same token.
I've been part of the bitcoin economy since 2013 and i've seen a lot of shitty and awesome projects alike. Right now is the wild west, because since there is no legal framework, the regulation has to be as well self created by the ecosystem. So , I think in around a year or two, we'll start seeing a much better ecosystem, with more knowledge, and less scams. It just takes time.
We're working on a decentralized dispute resolution mechanism to address that. You could add it into your smart contract, which would call our contract that has voting pools that make decisions when a dispute arises.
What incentive will people have to vote for the fairer outcome in a dispute?
If people even know of the existence of a dispute, it's almost certainly because they have some personal stake in the outcome, and they will vote for the outcome that benefits them.
