RATE Group | What Scams? Ethereum’s Vision for Apps Is Only Growing Bolder
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What Scams? Ethereum’s Vision for Apps Is Only Growing Bolder

25 Jul What Scams? Ethereum’s Vision for Apps Is Only Growing Bolder

Posted at 04:30h in Ethereum News by

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Borderless, permissionless and free from coercion.

That’s the dream underlying web 3.0, in which unstoppable, decentralized applications (dapps) combine with web 2.0 technology, eventually corroding the power structures that traditional infrastructures encode. But that vision hasn’t come as fast as some expected or hoped, and moreover, some ethereum applications seem to even be working against that rosy vision for the future.

Outpacing CryptoKitties in cumulative volume, dapps like FOMO3D and POWH3D are leading the polls right now with high-risk gambling games that, as detailed by CoinDesk, are essentially Ponzi schemes in structure.

Larry Cermak, an analyst, described the situation on Sunday as “depressing.”

“Legitimate use cases like [decentralized exchanges] and prediction markets are not gaining any traction while scams and useless games are thriving,” Cermak tweeted.

And still what proved to be ethereum’s “killer use case” across the past two years (culminating a total of…

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