I just received a fairly decent understanding of this strange crypto term called "smart contracts". I'm old so forgive me if this is old hat to some. Sergey Nazarov, co-founder of Chainlink (LINK), gives a pretty decent run down of what a smart contract is, how the technology works, who benefits from the technology, scalability, and some of the issues with adoption. It also doesn't hurt that Kitco's Michelle Makori is giving the interview.

correct- this is the underlying value add from the Blockchain rather than most people think it is just about ramping up a crypto currency.

it's the blockchain that will revolutionize business

Diggity said:

---

I'm still waiting for these "smart contract" applications to materialize.

We've been hearing about all these amazing use cases for 5+ years now, and I haven't seen much actually happen.

Folks seem to have moved on from Web 3.0 to Ai in large droves.

---

Both require such large amounts of energy that it makes the costs drastically more than a standard solution at the moment. We will need an energy revolution to make either idea practical long term imo.

Definitely Not A Cop said:

---

Diggity said:

---

I'm still waiting for these "smart contract" applications to materialize.

We've been hearing about all these amazing use cases for 5+ years now, and I haven't seen much actually happen.

Folks seem to have moved on from Web 3.0 to Ai in large droves.

---

Both require such large amounts of energy that it makes the costs drastically more than a standard solution at the moment. We will need an energy revolution to make either idea practical long term imo.

---

I'm fine with nuclear. Let's go!

You ain't lying about the power consumption.

I operate an energy procurement and consulting business and work with cryptomining operators. I was shocked at the request from the first customer when they called a couple years ago.

"Uh, 200 megawatts.....I think you got a couple decimal points incorrect my friend". From my days working for a power plant company that hosted cogeneration facilities---200 MWs would be the load for an aluminum smelter, small refinery, chemical plant.

It turns out each mining computer uses about 3.25 - 3.5 kilowatts. That amount is double the peak usage of my house when both A/C units are running.

Definitely Not A Cop said:

---

Diggity said:

---

I'm still waiting for these "smart contract" applications to materialize.

We've been hearing about all these amazing use cases for 5+ years now, and I haven't seen much actually happen.

Folks seem to have moved on from Web 3.0 to Ai in large droves.

---

Both require such large amounts of energy that it makes the costs drastically more than a standard solution at the moment. We will need an energy revolution to make either idea practical long term imo.

---

Not true. Cardano uses proof of stake so it is quite energy efficient, in fact it uses less than 7 gigawatts a year.