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Prodoggy17 karma

Well, Blockchain technology is new so there are many limitations and dangers to it, but so is the case with all the new tech which comes in.

A major limitation of the current implementation is how a user is expected to understand all the concepts associated to it, how to use it properly and the famous analogy of seed words, private keys. They got me scratching my head when I first began. I don't think it should be like this and see it as a major hurdle to adoption... especially in the current age where everything should (rightly) just work without expectations from users. From a tech / developer perspective, the coding feels quite weird, again because of the points outlined above.

The dangers of blockchain tech is mainly the way a smart contract is coded and executed. It has the capability of taking any middle man out and create a truly decentralized machine to machine economy but on the downside, a poorly written contract (or code) can never be changed so any bugs in it is disastrous. For the project as well as for the users as well, which unfortunately has happened more times than anyone acknowledges.

Prodoggy16 karma

No... not really, but looking at the sub. I think we all should be :)

Prodoggy9 karma

haha... you are not completely wrong. We do like to spread awareness of our project but this is just us answering questions to the best of our abilities. We realized that our team comes from various spectrum of fields, age, talent and experience so thought it would be good to share it.

Our focus for the AMA would be to answer all questions sincerely since that usually is the best way to spread knowledge and have people know what you do...

Prodoggy6 karma

Alright, So let me describe it like this:

  • Layer 1 is Ethereum... this is what all erc 20 tokens use to build their contracts, tokens and dApps on it.
  • Layer 2 are the protocols which we have built or are building. This includes Raindrop, Snowflake, Ice, Tide contracts, etc etc. They utilize layer 1 to achieve functionalities like Identity (Snowflake Protocol), Payments, Interests, Coupons, Lottery (Tide Protocol), File Management System (Ice Protocol), Authentication (Raindrop Protocol) etc etc
  • These functionalities in combination enables us to create cool dApps and Apps which become layer 3. Like how dApp Store uses ERC1484 (Identity Protocol of ours) and Snowflake (Payment and Resolvers).
  • Like dApp Store, the dApps which we build also utilizes these layer 2 protocols and their functionalities to create cool workflows. For example, the Ownership dApp built Javier Zafra (Hydro) which uses snowflake and identity. The Hydro Drive of ours which uses snowflake and ice. The Hydro Pay of ours which uses snowflake and tide and so on and so forth.
  • Layer 4 are people who are building on top of these... like hydrogen who might use some of the dApp smart contract (layer 3) along with some protocols (layer 2) and other Ethereum functionality. So example can be they build an app which uses layer 3, 2, 1 functionalities along with some added functionalities which they devise. That’s the entire layer architecture or ours.

Hope this helps.

Prodoggy5 karma

Also, this is from /u/milvus

Look at the blockchain like an address book in a growing town. Every house has a copy of the address book and every time a new house is built the address book in every house is updated.

If a crook tries to edit the address book, the crooks address book won't match up with details held by the other houses and they will be caught.

In order to change the address book the crook would have to break into every house and change every single address book at the exact same time.