The usefulness of blockchain can be viewed from two angles: one is BTC, and the other is the blockchain represented by Ethereum.

The purpose of BTC is to replace gold as currency, but BTC is not good enough because it cannot support global transactions. Therefore, it is flawed in the three dimensions of currency (store of value, medium of exchange, unit of account) and cannot serve as a medium of exchange. The unit of account is not a big issue; you just aren't used to the BTC standard yet.

In fact, gold is similar; it cannot serve as a medium of exchange. The Bretton Woods system treated the US dollar as a gold exchange certificate to facilitate the medium of exchange, but because you cannot guarantee that gold and the dollar won't be inflated, you cannot avoid the recurrence of the 1973 event.

From this perspective, Bitcoin has an advantage as a base layer because it can be made verifiable on-chain, such as wbtc.

However, compared to gold, Bitcoin's resistance to attacks is several orders of magnitude worse. Currently, my estimate is that Bitcoin cannot withstand attacks from countries at the level of China and the United States. Many maxis do not agree with this judgment, but that's okay.

Returning to Ethereum, it should be quite clear now that its scope is finance; let's not bring up anything else. In other words, Ethereum is targeting Wall Street on-chain.

The benefit of going on-chain is lower costs, but there are many specific regulations and business requirements in the real world that the current blockchain cannot meet, which involves a process of mutual adaptation.

For example, what are the benefits of asset tokenization?

The biggest benefit is probably global accessibility, which still has practical significance.

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