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Blockchains charge a monetary fee to the users proportional to the computational burden the nodes must verify. Thus, on this monolithic stack, the computation cost is quite high. Developers have been forced to write their code around such constraints, not being able to express the true potential of on-chain applications.
Thoughts on on-chain gaming
By moving identities on-chain, we could upend archaic financial processes and provide equitable access to capital, re-architect how talent is matched with projects, and provide entirely new paradigms for recognizing and compensating labor online.
Scott Kominers • Decentralized Identity: Your Reputation Travels With You - a16z crypto
blockchain
Louis • 2 cards
Currently, all existing blockchain protocols have the property that every computer in the network must process every transaction—a property that provides extreme degrees of fault tolerance and security, but at the cost of ensuring that the network's processing power is effectively bounded by the processing power of a single node.
William Mougayar • The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology
Blockchain data is open and free: Financial applications built on blockchains all have a shared backend which is open for anyone to monitor. If someone takes out a loan on the blockchain, anyone can verify that the loan happened, at least in theory. The data is not trivial to get, but it is available.
Dune Analytics • The revolution will not be reported quarterly
Another issue to address in peer-to-peer, pseudonymous systems was Sybil attacks. Just as coins can be replicated in a digital world, so can identities. This is a problem in a network of equal peers because an attacker could create a large number of pseudonymous identities to gain a disproportionately large influence.