Authors point about trustless commitments, ignoring the semantic arguments posed in the comments, is important.
Not mentioned but I would argue as equally or of greater importance is interoperability. If you lose trust in the commitment you've made, you can move your capital/identity/etc. To the new thing relatively seamlessly. This is the DeFi experience already built that's so amazing to interact with relative to traditional banking and capital markets. If you apply that same functionality to other markets, such as social media or healthcare (using zero knowledge rollups to protect private data), I think that's inevitably an a-ha moment.
It's like the Amazon API mandate - https://nordicapis.com/the-bezos-api-mandate-amazons-manifes... - if you build with interoperability at the core, the knock-on effects can be exponential. It's a game changer. The consumer is no longer captive to walled gardens.
Drop play money into a low fee blockchain, stick to a stablecoin, and mess around with some of the DeFi apps. I think it's easy to become a believer if you do that and compare to your normal banking experience.
The important part is the network itself. Bank of America is free to build on top of the network but by doing so it enters into competition with the rest of the network.
You don't need them for a bank account so if you don't like their services then you can take your funds elsewhere. In my opinion this is a critical piece of what is missing in our current society. These corporations and government agencies have become too entrenched and too big to fail. We need to inject competition back into the system.
Not mentioned but I would argue as equally or of greater importance is interoperability. If you lose trust in the commitment you've made, you can move your capital/identity/etc. To the new thing relatively seamlessly. This is the DeFi experience already built that's so amazing to interact with relative to traditional banking and capital markets. If you apply that same functionality to other markets, such as social media or healthcare (using zero knowledge rollups to protect private data), I think that's inevitably an a-ha moment.
It's like the Amazon API mandate - https://nordicapis.com/the-bezos-api-mandate-amazons-manifes... - if you build with interoperability at the core, the knock-on effects can be exponential. It's a game changer. The consumer is no longer captive to walled gardens.
Drop play money into a low fee blockchain, stick to a stablecoin, and mess around with some of the DeFi apps. I think it's easy to become a believer if you do that and compare to your normal banking experience.