Verifiability is the most important edge of crypto. Bitcoin and Ethereum gave us verifiable money and finance. The next step related to verifiability is different from 2 previous steps. The thing with Bitcoin and Ethereum innovations is that both of these types of verifiability exist within the crypto environment, more precisely, on-chain environment. After people truly explored the power of on-chain verifiability, there was a time when people tried to build everything on-chain. Games, messengers, utilities, music, news, every type of classic application was put (or almost put) on-chain. During that mania, few people said: "Why does it have to be on the blockchain?". A lot of people from TradFi and IT sectors started building the same stuff they were building in their industries, but on the blockchain. Most of them didn’t work out, more accurately, almost none of them worked out. That question became a meme. The main answer to this question was: "it doesn’t have to be on the blockchain". I believe both the question and the answer were wrong. 1. First reason: people didn’t understand the core value proposition of crypto. The core idea was just to put something onchain, not thinking about benefits that onchain deployment brings. Therefore, the core value proposition at that time is that something on-chain is already better than something not on-chain, solely because it’s built on decentralized infrastructure. • The core advantage is clear — application is using decentralized architecture. • The core disadvantages are also clear — expensive and slow computations compared to centralized architecture. So that’s it, right? No. The main value that apps gain from being on the blockchain is not decentralized infrastructure itself, but verifiability that this decentralized infrastructure brings. Building the whole application logic on-chain is painful and irrational, because of multiple reasons: • You’re limited to specific software that only works within certain VM (virtual machine) ...