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From YouTube: Blockchain 101 "Onramp: Start Here! Deconstructing the Blockchain Ecosystem" | San Francisco, CA
Description
This is the first event in our Blockchain Onramp education series.
The ecosystem around the blockchain technology is enormously complex. You might have the most familiarity with trading Bitcoin. Or buying ICOs. Or building DApps. Or perhaps even creating a chain from scratch. All of these are valid -- but very different -- points within this system.
When we're looking ahead at how the technology can be used effectively in the future, the first step is to understand what actually makes up this ecosystem today and where you fit within it.
In this event, we'll take you from the highest level to the practical by examining what makes up the blockchain ecosystem and, ultimately, where the biggest opportunities for product, design and development lie.
**About the Blockchain Onramp Series**
Blockchain Onramp is a series of events covering the full spectrum of knowledge necessary to operate effectively within the blockchain ecosystem as a designer, developer or product person. After participating in these events, you should be able to take your functional expertise in any of these areas and apply them to blockchain projects.
We are doing this to provide a key -- and currently missing -- plain-English onramp for people of all functional experience who are interested in building real businesses on this new technology.
The format of each event may differ slightly but they will be a combination of expert talks and discussions with industry practitioners.
The rough Blockchain Onramp Series roadmap is:
+ Product Series: Ecosystem, DApps and Strategy
+ Design Series: Onboarding UX, Best Practices
+ Development Series: Developer stack, Building on TestNets, Security, Best Practices
+ Startup Series: Marketing, Business Models, and Fundraising
Follow the latest from NEAR Protocol on,
Medium: https://medium.com/nearprotocol
Twitter: https://twitter.com/nearprotocol
GitHub: https://github.com/nearprotocol
LinkedIn: https://www.linkedin.com/company/near-protocol/
Telegram: https://t.me/cryptonear
Discord: https://discord.gg/gBtUFKR
A
A
So
this
is
deconstructing
the
blockchain
ecosystem,
so
for
everyone
who's
gotten
into
it,
I,
don't
know
how
deep
you
guys
are
at
this
point,
but
it's
always
a
bit
of
a
trial
trying
to
find
your
way
into
this
ecosystem.
I
remember
distinctly
what
it
was
like
for
me
doing
my
research
and
it
was
like
it
was
like
a
tire
fire
where
you're
sort
of
descending
through
the
oily
layers
of
smoke
and
misinformation,
to
try
and
find
where's
the
signal
among
the
noise
and
and
how
do
you?
How
do
you
figure
out
what
what
matters?
A
What's
what's
real?
What's
not-
and
you
know
from
all
that,
like
you
have
to
sort
of
descend
through
the
smoke
and
then
you
have
to
figure
out
who
do
you
listen
to,
and
then
from
that
you
have
to
start
building
a
picture
of
what
this
ecosystem
is
and
then
you
can
start
figuring
out.
What
are
the
problems
that
you're
supposed
to
solve?
So
what
I'm
hoping
to
do
here
is
shorten
that
path
a
little
bit
for
you.
A
So
one
of
the
analogies
that
a
lot
of
people
use
is
the
sort
of
the
five
stages
of
grief
is
a
pretty
good
one
for
getting
into
the
space.
You
kind
of
see
you
kind
of
start
with
the
abject
denial.
Then
you
get
really
angry
that
everybody
else
is.
Is
you
know
doing
this,
and
and
and
why
does
this
even
exist-
I've
been
through
every
single
one
of
these
over
the
last
couple
of
years?
Then
there
was
definitely
the
bargaining
phase
which
is
like
you
know.
A
A
A
You
can
find
those
pretty
much
anywhere
so
today
is
much
more
about
what
goes
on
around
the
technology
and
they
also
say
that
you
typically
age
in
dog
years
in
the
space
because
of
how
fast
the
information
comes,
but
it's
also
a
lot
of
fun.
So
just
quick
bit
about
me,
I,
had
operations
at
near
near
is
a
mobile
first
scalable
blockchain.
So
it's
uses
sharding,
that's
layer,
1,
charting
solution.
You
may
have
an
idea
of
what
that
means.
You
may
not,
but
we
we
have
a
team
of
the
essentially
Russian
rocket
scientists
out
there.
A
Building
this
they've
built,
charted
databases
before,
and
you
know
it's.
This
is
a
problem
that
I
deeply
care
about.
I'm
very
interested.
My
background
is
sort
of
straddles
as
weird
weird
blend
of
of
Wall
Street
and
then
online
education
in
the
software
space,
and
it's
funny
how
this
kind
of
draws
from
actually
absolutely
every
single
piece
of
this,
but
so
what
I
want
to
cover
today
is
basically
five
things
just
kind
of
take
a
quick
walk
through
what
the
future
might
look
like
in
some
of
the
macro
trends
that
that
define
it.
A
Take
a
look
back
in
time
at
some
of
the
historical
narratives,
more
focusing
on
the
narrative,
then
on
the
history,
because
the
narrative
tends
to
drive
us
far
more
than
the
actual
fact
underneath
it
finally
or
then
moving
into
the
use
cases
talk
about
where
we
are
in
adoption
and
then
naturally
from
that.
What
are
the
problems
that
we're
facing
and
then,
ultimately,
what
does
that
mean
for
how
you
can
actually
begin
to
step
into
this?
A
So
kicking
things
off
with
vision
to
to
giant
super
trends
that
I
think
are
well
worth
paying
attention
to
are
the
fact
that
everything
is
becoming
data
I
think
what
you
guys
are
probably
all
well
aware
of.
The
idea
of
software
is
eating.
The
world,
but
this
keeps
going
and
it's
more
than
just
software
eating
the
world.
A
It's
everything
is
becoming
data
and
we
are
digitizing
and
data
data
tizen
just
about
everything
and
on
the
flip
side,
the
people
who
control
the
data
or
the
entities
that
control
that
data
are
getting
more
and
more
and
more
power
in
in
the
global
system.
So
one
of
the
things
that's
becoming
data
is
money.
A
And
then
then
we
stopped
even
bothering
to
actually
issue
money
at
all
and
and
we
put
money
in
the
cloud
and
so
now
we
just
trust
that
money
going
between
accounts
is
out
there
somewhere
and
it
really
all
it
is-
is
ones
and
zeroes,
and
we
have
to
trust
that
that
exists.
Assets
are
also
becoming
data
right.
So
once
upon
a
time,
if
you
could
defend
it,
you
own
it,
then
we
moved
into
physical
titling.
A
We
we
began
Agrotech,
aggregating,
digitized
goods,
so
so
you
know
things
like
Real
Estate's
you
you're
able
to
pool
these
all
together.
Securitize
them
sell
them
off
and
now
today,
we're
actually,
instead
of
the
aggregation
of
digital
goods,
we're
actually
moving
back
into
the
disaggregation,
specifically
chopping
things
up
into
tokens.
But
again
everything
is
starting
to
become
data
and,
of
course,
you
you
are
also
now
data.
A
Sadly,
once
upon
a
time
we
had
total
anonymity
for
a
brief
period
of
time.
There
was
data,
but
it
was
forgotten,
but
everything
you
do
has
a
vapor
trail,
which
I
think
we're
all
well
aware
of,
but
also
you
are
a
data
point
and
you're
a
data
point
that
gets
passed
around
constantly
everything
every
single
thing
you
do
gets
tied
back
to
these
identities
that
companies
have
created
for
you
behind
the
scenes,
whether
it's
Facebook
or
an
advertising
platform
or
a
healthcare
company.
A
Everybody
is
passing
you
around
behind
the
scenes,
so
you
are
also
data,
and
this
is
important
because
if
who
controls
the
data
controls
the
system
so
again,
once
upon
a
time
data
used
to
disappear,
and
that
was
wonderful.
We
could
get
away
with
things
right
now
we're
in
a
phase
where
data
is
hoarded
and
and
because
people
realize
that
you
can
extract
value
from
that
data
and,
of
course,
so
right
now,
corporations
are
basically
using
that
you
apply
machine
learning
or
use
analytics,
I
mean
you
can
use
it
across
a
whole
number
of
things.
A
I
think
we're
all
well
aware
of
where
that
goes.
But
ultimately
it
means
that
they're
able
to
build
better
products,
but
those
products
come
with
motes
in
those
modes
with
rent,
and
that
means
that,
ultimately
it's
it's
it's
a
great
rise
up,
but
once
you're
locked
into
a
system-
and
you
don't
and
you
can't
leave
it
and
you
want
to
leave
it,
that's
a
problem
and
among
other
problems,
which
is,
of
course,
that
once
you've
centralized
that
data,
it
becomes
a
tool
for
hackers,
a
target
for
hackers.
A
It
becomes
a
target
for
governments
and
it
becomes
an
asset
that
companies
can
sell
off.
So
I
don't
want
to
I,
don't
to
stand
on
a
soapbox,
but
I
mean
it
is
obviously
relevant
to
to
all
of
our
lives
and
the
world
that
we
live
in
that
this
is
what
this
is,
what
occurs
and
what
we're
hoping
to
move
towards
is
individual
control
of
data.
A
So
this
is
one
of
the
things
that
that
blockchain
allows,
which
is
which
is
quite
interesting,
is-
is
that
we
sort
of
we
begin
to
read
decentralized
data
and
and
allow
you
to
contain
control
of
it,
and
so
that
I
think,
is
an
important
super
trend
that
we're
hoping
to
continue
forward.
But
we'll
see
and
again
just
a
quick
illustration
of
if
you
control
the
data
you
control
the
world
in
2001,
there
was
one
tech
company
in
the
top
five
and
now
in
2016
there
are
five
tech
companies
in
the
top
five
largest
companies.
A
I
think
we
all
know
that,
but
it's
telling
telling
to
see
that
and
to
see
the
value
that
gets
placed
on
on
the
way
that
they're
they're
operating
their
gatekeeping.
So
we
kind
of
have
two
visions
for
the
future.
I
mean
I'd,
say
the
default
future
is
feature
one
which
means
which
is
where
we
are,
which
is
you
know,
as
a
company.
What
you
should
try
to
do
is
find
as
much
data
as
possible
hoard
that
data
and
monetize
it
and
feature
to
is.
A
That's
not
a
given
I
think
we
can
all
agree
that
we're
early
enough
in
this
space
that
we
don't
actually
know
we
don't.
We
don't
actually
know
if
this
is.
If
this
is,
you
know
if
that
is
in
fact
a
better
world
or
if
it's
not
but
I,
think
we're
all
confident
enough
to
to
you
know,
put
our
time
into
it
and
actually
try
to
get
there
and
obviously
it's
a
bumpy
road.
A
You
know
we're
in
a
lot
of
ways
we're
fighting
people's
natural
tendencies
to
want
to
give
their
data
to
centralized
entities
right.
Do
you
do
you
really
want
to
do
you
really
want
the
responsibility
for
controlling
things?
I
mean
you
know
the
more
and
more
things
I
have
the
more
things
I
lose.
So
this
is
a
really
important
set
of
forces.
There
are
a
lot
of
user
experience
related
reasons.
A
But
in
aggregate
what
it
says
is
you
know
people
are
able
to
actually
exercise
their
collective
will
through
law.
It
weed
one
of
those
two
mechanisms
to
actually
become
compelling
enough
that
people
take
a
step
forward.
Otherwise
it's
just
not
going
to
happen.
We
can't
tell
people
day
in
and
day
out.
This
is
good
for
you
eat
your
vitamins
if
they
don't
actually
have
a
short-term
incentive
to
do
that.
So
so
one
of
the
fundamental
searches
that
we
have
in
this
space
is
looking
for
these
incentives.
How
do
we?
How
do
we
create?
A
How
do
we
create
new
models,
new
interactions,
that
that
show
people
that
this
is
valuable
and
give
them
new
ways
of
making
this
valuable
for
them
in
the
short
term,
so
I
think
I
think
this
is
kind
of
a
fun
part,
historical
narratives.
So
you
know,
obviously
the
best
way
to
get
context
for
where
you
are
is
to
know
where
you've
been,
and
this
is
a
little
bit
different
than
then
you're
your
average
history,
just
because
I'm
not
gonna,
walk
through
the
dates
of
what
led
up
to
the
Bitcoin
white
paper.
A
I
think
you
can
find
that
online.
What
I
want
to
highlight
is
that
actually
it's
a
convergence.
It's
not
the
convergence
of
a
single
thread,
it's
convergence
of
a
whole
ton
of
different
threads.
It
all
all
come
together.
So
you
know
one
of
them
is
the
cypherpunks
movement.
You
know
freedom,
cryptography
from
the
government.
You
know
the
government
used
to
actually
regulate
the
export
of
cryptography.
A
You
know,
that's
not
the
only
thing
they
stand
for,
but
but
it
was
it
was.
It
was
an
important
step
forward.
You
know
you
had.
Obviously
the
digital
money
movement
was
was
a
major
factor.
You
know
people
for
decades
and
decades
and
decades
since
there
were
computers,
we're
trying
to
invent
digital
money.
You
know
you
have
the
open
and
closed
Internet
paradigm,
which
I'm
actually
gonna
I'm,
actually
talk
about
in
a
sec,
you
have
open
source
which
has
been
constantly
struggling
for
a
business
model.
I
mean
open
source.
A
Software
is
phenomenal,
but
but
the
mechanisms
by
which
it's
produced
still
are
really
problematic
for
developers
and
also
for
the
maintenance
of
that
software.
So
it's
definitely
not
the
optimal
way
to
develop
the
systems.
It
just
happens.
To
be
the
way
systems
have
been
developed.
You
also
have
social
trends
like
I
saying
with
GDP.
Are
you
have
you
have
the
beginnings
of
movements
that
are
getting
bigger
around
turning
against
data
hoarding
against?
A
You
know
the
sort
of
the
governmental
use
of
data
and
everything
on
that
side
and
then
finally,
I
think
another
another
useful
one
is
is
peer-to-peer.
The
the
file
sharing
movement
was
actually
hugely
influential
in
a
lot
of
what's
going
on
into
this
space,
because
a
lot
of
the
protocols
that
that
emerge
from
the
peer-to-peer,
file-sharing
movement
actually
informed
or
actually
are
effectively
being
used
in
in
in
you
know
the
the
blockchain
world
and
I.
A
Think
specifically,
the
fact
that
file
sharing
could
not
be
killed
was
a
very
is
a
very
interesting
thing
to
keep
in
mind,
because
you
can
see
the
same
things
in
in
Bitcoin,
which
is
you
know,
despite
every
every
effort,
whether
internal
or
external,
intentional
or
unintentional.
It
just
continued
to
persist
and
that's
actually
a
really
useful
set
of
lessons.
So
I
encourage
you,
john
backus,
put
out
a
really
interesting
set
of
articles
on
on
medium
about
the
peer-to-peer
file
sharing
history.
A
So
I'm
not
gonna
dive
into
that
specifically,
but
it's
actually
a
really
good
read
where
he
kind
of
he
kind
of
walks
through
the
history
of
file,
sharing
and
kind
of
how
how
the
protocols
developed-
and
it
was
all
about.
It-
was
all
about
staying
half
a
step
ahead
of
what
was
going
to
shut
down
those
protocols
and,
and
it
wasn't,
they
didn't
go
out
there
to
be
decentralized.
They
were
forced
to
be
decentralized
because
everybody
kept
their
reg.
A
You
know
the
lawyers
and
governments
were
playing
whack-a-mole
and,
and
the
only
way
for
them
not
to
get
whacked
was
the
decentralized
and
so
was
it's
kind
of
an
interesting
progression.
That's
that
that's
gone
through
that
we're
where
I
I
think
one
of
the
key
takeaways
is
in
fact
that
that
decentralization
is
not
an
end.
It's
it's
more
of
a
side
effect
of
trying
to
avoid
other
things.
A
So
this
is
the
one
I
wanted
to
highlight,
which
is
kind
of
interesting.
This
is
actually
something
that
I
heard
first
from
Benedict
Evans
from
a
16z
who's.
His
talks
online
are
really
great.
They're,
they're,
really
useful
for
everything
from
you
know.
Consumer
trends
to
AI
driven
research
to
to
blockchain
stuff-
you
basically
I,
think
he
just
gets
paid
to
be
smart
and
and
give
talks,
luckily
he's
good
at
it.
So
basically,
the
the
theory
here
is
is,
of
course,
that
in
the
early
90s
we
had
closed
networks.
A
You
know,
I
did
the
way
you
got
into
the
into
the
internet
was
at
best
through
AOL
and
then
in
the
late
90s
we
opened
up
those
Internet's,
and
that
was
the
the
heyday
of
the
decentralized
web
and
where
you
had
permissionless
innovation,
which
was
of
course,
a
phrase
that
we've
all
heard
and
it's
a
super
important
thing
for
for
enabling
aggregate
creativity
just
to
emerge.
You
know
sort
of
the
emergent
property
of
aggregated
creativity
is
innovation
as
opposed
to
top-down
innovation.
A
But
then
the
question
is:
are
we
cycling
back
into
an
open
paradigm
because
we
have
the
potential
to
be
in
an
open
paradigm,
because
a
lot
of
what
we're
looking
at
in
the
new
web
is
reopening
redo
centralizing
again,
the
key
question
is:
can
we
get
there
and
is
there
enough
incentive
to
get
there?
But
but
that's,
but
that's
the
possibility,
is
that
that
pendulum
comes
back
out
again
or
that
that
aperture
opens
back
out
all
right.
So
now
we're
into
that
now
now
we're
into
the
details.
You
guys
are
well
familiar.
A
2008
Bitcoin
Bitcoin
still
is
the
chimp
I
mean
by
market
cap
I,
don't
know
what
its
dominance
technically
is.
I,
don't
know
if
you
guys
track
the
market
directly.
Maybe
you
have
a
quote
from
from
today,
but
it's
you
know.
It
is
still
the
number
one
and
for
the
foreseeable
future
it
will
be.
It
also
has
been
driven
by
a
bunch
of
narratives,
though,
because
of
course,
when
Bitcoin
first
started
it
was,
it
was
an
e
cash
thing
right.
David
again
it
was
for
digital
money.
A
Is
it
proof
of
concept
and
and
I
didn't
make
up
this
by
the
way
Nick
Carter
had
had
a
really
great
post
where
he
went
into
this,
and
you
know
so:
it's
Bitcoin
house,
it
has
all
these
different
narratives,
it's
been
ecash,
it's
been
a
peer-to-peer
payment
network.
It's
been
digital
gold
that
censorship
resistant.
It's
been,
you
know
used
in
the
darknet.
It's
been
used
as
a
reserve
currency
for
crypto.
A
It
doesn't
really
matter
which
one
is
which
to
be
honest,
I
think
for
me,
my
point
is
more
about
the
generalization
of
narratives
and
the
fact
that
they
change
over
time
and
and
that
Bitcoin
you
know,
the
the
blue
here
is-
is
the
e-cash
proof
of
concept
which
obviously
started
out
great
and
as
sort
of
petered
down
into
nothing.
You
know,
whereas,
on
the
other
side
you
have
uncorrelated
financial
assets
are
starting
to
come
in,
as
institutional
players
are
beginning
to
look
at
the
space.
A
But
it's
been
interesting
to
track
this
over
time
and
to
see
you
know
how
how
well
you
know.
Bitcoin
is
it's
gonna
everybody's
gonna
pay
for
everything
with
Bitcoin?
Oh
wait,
that's
too
slow
and
too
expensive.
Okay!
Well,
so
you
know
it's
it's
actually
it's
more
like
gold
and
and
will
store
value
off
to
the
side,
and
so
I
think
that
that's
an
interesting
thing
that
sort
of
informs
both
context
and
hopefully
a
healthy
skepticism
for
anything.
A
You
read
today
where
people
haven't
figured
out
these
narratives
take
years
to
progress,
but
you
know
they
all
kind
of
run
their
course
and
we
don't
know
which
one
is
gonna
win
and
obviously
not
necessarily
one
is
going
to
win
because
you
have
a
market
when
multiple
people
have
different
ideas
of
what's
going
on.
So
in
2013
we
had
the
rise
of
the
currency
coins,
and
so
that
was
those
were
the
coins
that
were
specifically
modeling
themselves
off
of
some
of
the
properties
of
Bitcoin
that
they
wanted
to
emulate.
A
So
you
know
you
had
light
coin
ripple
and
dogecoin
all
kind
of
got
started
in
2013
Ripple,
it's
a
little
a
little
bit
of
a
special
case.
You
know
yet
Manero
you
had
easy
cash.
This.
This
was
kind
of
the
early
innovation.
Again,
you
don't
need
to
really
understand,
like
the
details
of
which
one
is
which
this
is.
This
is
a
price
chart
that
shows
Bitcoin
coming
out
and
kind
of
when
we
started
tracking
prices
for
these
different.
These
different
currencies,
but
yeah
so
so
so
kind
of
the
first
first
thing
was
like
oh
well.
A
One
of
the
key
problems
is,
of
course
like
how
do
you
have
to
value
a
currency,
so
so
one
of
the
struggles
that
we've
had
in
the
space
has
actually
been
around
the
valuation
of
these
things,
because
what
does
it
mean
if
bitcoins
worth
a
thousand
dollars
a
bitcoins
worth
a
hundred
thousand
dollars
I
think
nobody
really
has
this
figured
out.
All
they
can
really
do
is
start
to
walk
backwards.
Do
the
math
and
say:
okay,
wait!
So
what's
the
total
addressable
market
of
money?
A
So
if
we
create
a
currency,
what
do
what
is
that
even
worth
you
know?
So
so
so
you
could
start
with
well.
Remittances
are
about
four
hundred
billion
dollars
a
year.
You
know,
that's
that.
That's
a
pretty
chunky
market,
so
if
we
can
capture
X
portion
of
the
remittances
market
and
the
value
of
our
token
and
it's
a
currency,
you
know-
maybe
that
gives
us
some
percentage
of
that
or
you
could
start
walking
up
the
US
money
supply
or
you
could
go
up
to
the
global
money
supply
which
is
90
trillion
dollars.
A
So
you
know:
does
that
mean
that
if
you
create
a
new
currency
that
actually
becomes
digital
gold
or
digital,
you
know
the
let's
say
the
world's
reserve
currency
that
now
it's
it
has
a
90
trillion
dollar
addressable
market
I.
Don't
know
it's
hard
to
say,
but
this
is.
These
are
some
of
the
problems
with
with
you
know,
what's
created
the
space
and
made
it?
A
The
way
it
is
is,
is
there's
so
much
failure
to
understand
how
to
how
to
actually
create
an
exact
model
around
what
it
actually
is
worth,
so
we
move
into
the
we
move
into
a
theorem.
Obviously,
so
if
your
own
comes
around
in
2014
and
that
basically
becomes
the
rise
of
the
smart
contract
platforms,
it's
super
innovative,
interesting
idea.
Big
Bitcoin
allowed
you
to
you,
know
to
point
allowed
you
to
program
certain
pieces
of
what
it
was
doing.
A
It
was
kind
of
like
having
an
addition,
calculator,
you
know,
plus
minus
divide
calculator,
and
so
what
Vitalik
and
and
and
crew
came
out
with
was
well.
So
what?
If,
instead
of
having
an
addition
calculator,
we
actually
just
built
a
computer,
it
was
using
the
same
type
of
technology,
and
so
that
was
where
theorem
came
from
and
that
kicked
off
this
idea
that
well
so
what?
If
we
like?
What
can
we
build
on
top
of
a
computer
that
runs
in
the
whole
world
across
the
whole
world
in
a
decentralized
way?
A
And
so
then
you
started
to
see
the
rise
of
the
smart
contract
platforms,
but
still
I
mean
all
of
these
things
have
taken
years.
So
you
know
you
had
you
had
a
number
of
platforms
sort
of
slowly
coming
out,
2016
I
mean
if
you're,
even
classic,
isn't
even
a
new
platform.
It's
just
a
fork
when
they
got
pissed
off
that.
A
A
Your
guess
is
as
good
as
mine,
it's
undefined
optimism,
and
so
how
do
we
value
a
global
infrastructure
platform
that
the
entire
new
Internet
could
run
on
like
what
if
the
existing
Internet
could
actually
capture
value
hell
if
I
know,
and
so
you
know,
where
do
you
start
I,
don't
know?
Global
GDP
is
about
80
trillion
dollars.
Some
random
study
on
the
internet
said
internet
drives
six
percent
of
u.s.
GDP.
A
So
maybe
we're
saying
it's
four
trillion
dollars
that
you
could
actually,
you
could
actually
create
and
assign
to
to
a
global
infrastructure
platform,
and
then
you
ask
okay.
So
what
percentage
of
that
could
be
captured?
And
you
can
maybe
maybe
build
a
cash
flow
model
based
on
that
I?
Don't
know
I,
don't
think
most
people
did
that
much
homework
when
they
were
when
they
were
just
buying.
A
So
of
course
we
get
we
get
more
to
the
present
as
I
think
we
are
all
well
aware,
so
the
ICO
bubble
was
started
because
basically
anyone
can
launch
a
coin
on
aetherium,
and
that
was
one
of
the
interesting
features
that
I
I
think
it
took
people
time
to
figure
out
that
they
could
do
it
too.
You
know
there
were
a
few
things
that
fed
into
it,
which
I'll
go
into
as
well.
I
cos
I
cos,
obviously,
at
the
end
of
last
year,
just
completely
exploded,
and
you
know
they.
They.
A
There's
a
lot
you
can
say
about
ICS,
but
one
of
the
key
things
is
that
it's
outside
it
was
kind
of
outside
of
traditional
capital,
accumulative
formation
methods,
and
so
it
kind
of
gave
people
a
shortcut
raising
a
whole
bunch
of
money.
So
what
do
you
think
they
did?
Well
here
we
go
irrational
exuberance,
it's
time
to
raise
a
bunch
of
money.
One
interesting
bit
on
the
chart
on
the
right
is
that
it
I
say
those
aren't
actually
completely
dead.
It's
closed.
A
It's
closed
in
the
US
and
I
think
there
might
be
sneaking
in
some
data
from
from
public
private
offerings,
but
they're
not
completely
dead,
yet
they're
just
getting
awfully
close,
and
so
what
fed
the
ico
boom.
You
know
again.
How
do
you
value
an
I
CEO?
How
do
you
capture
value
and
I?
Think
one
of
the
more
influential
theses
was
was
put
out
by
Union
Square
Ventures
Joel
Montenegro
in
2016,
and
basically
the
idea
was
well.
A
Maybe
we
just
flipped
the
paradigm,
we
say
the
applications
that
are
built
on
the
internet
capture
about
90%
of
the
value.
You
know
the
Google's,
the
Facebook's,
on
top
of
the
internet,
captured
the
vast
lion's
share
of
value,
and
the
protocol
is
underneath
that
they
sort
of
the
guts
and
the
pipes
capture
a
very
small
piece
of
it.
Well,
so
what
if
we
flip
that
and
and
say
well
I
mean
the
whole
point
of
the
blockchain.
Is
that
you're?
Storing
the
data
on
the
chain
and
you're?
A
Storing
the
majority
of
everything
on
the
chain
and
the
apps
themselves
are
only
designed
to
be
thin
thin
skins
on
top
of
it.
So
really
the
protocol
is
the
thing.
That's
capturing
all
that
value.
So
you
know
the
new
web
is
not
about
apps
it's
about
protocols,
and
so
once
you
say
that
all
the
value
gets
captured
in
protocols.
We
don't
really
know
what
that
looks
like,
but
that
gives
us
an
awfully
good
justification
to
buy.
A
The
icos
were
built
on
top
of
aetherium,
which
which
actually
helped
the
theory
em
a
lot,
because,
of
course,
you
know
that
your
aetherium
was
creating
tokens
on
top
of
it.
That
were
then
in
theory,
all
of
the
transactions
from
those
tokens
could
could
sort
of
trickle
down
into
aetherium
as
well,
and
so
people
were
I
mean
there
are
a
lot
of
really
crazy,
crazy
justifications
for
what
was
going
on,
but
aetherium
was
sort
of.
A
One
of
the
nerves
was
definitely
that
aetherium
would
capture
most
of
the
value
of
the
sum
of
all
the
tokens
that
are
that
are
built
on
top
of
it.
So,
of
course,
with
hiriam
goes
to
the
moon
as
well.
The
problem
is,
you
know:
I
SEOs,
actually
weren't
weren't,
that
good
I
mean
the
tokens
that
were
created
on
top
of
a
theory
and
we're
almost
entirely
worthless.
You
know
show
me
a
token
and
I'll
show
you
a
coin,
and
so
I
mean
a
lot
of
these
tokens.
A
Also
had
it
as
with
any
irrationally
exuberant
market,
you
had
too
much
money
moving
too
quickly
with
not
enough
oversight.
So,
of
course
we
had
scams.
We
had
we
had
sort
of
soft
scams,
which
are
you
know,
teams
that
kind
of
know
that
they
aren't
really
gonna
do
anything
but
they're
gonna
make
it
look
like
they're
doing
things.
You
had
genuinely
genuinely
intelligent
people
who
thought
they
were
doing
good
things
who
thought
that
their
token
was
important,
but
didn't
really
think
it
through
and
honestly.
A
I'd
be
happy
to
talk
about
the
details
of
that,
because
I've
been
down
that
road
after
this,
if
you
guys
want
to
dive
into
it,
but
one
of
the
one
of
the
narratives
of
over
the
last
call
it
six
months
was
that
the
big
path
down
and
why
we
keep
continuing
to
go
down.
Was
this
idea
that
a
lot
of
the
ICO
is
actually
raised
in
aetherium
in
ether?
A
And
so
you
know
they
were
getting
people
who
would
become
rich
on
the
way
up
were
invested,
we're
reinvesting
there
they're
either
in
icos,
who
then
had
these
big
Treasuries
filled
with
either
and
who
were
also
riding
it
up.
But
then,
when
it
started
going
down,
they
said
oh
crap,
we
raised
twenty
million
dollars,
but
now
it's
only
fifteen
million
dollars
and
what
happens
if
it
goes
to
ten
million
dollars.
So
they
start
selling
and
there's
this
narrative
that
you
know
it's.
A
This
snowball
effect
that
suddenly
all
the
ico
is
that
prop
this
whole
market
up
start
selling
and
dumping.
It
back
down-
and
you
know
there-
there
are
a
number
of
perspectives
on
either
side.
You
know
you
can
find
blog
posts
out
there
that
are
sort
of
debunking
the
facts
of
that.
But
you
know
again,
let's
less
about
facts
and
more
about
narratives
I,
think
that
was
a
pretty
that's
been
a
pretty
dominant
narrative
over
the
last
call
it
six
months,
and
then
here
we
are
in
the
bear
market.
A
It
is
a
I
mean
a
depression,
I,
don't
know
what
you
want
to
call
it,
but
but
there
are
advantages
to
it
and
I
think
also.
One
of
the
major
triggers
here
has
also
been
the
sec
and
in
the
regulatory
landscape,
which
this
is
something
that
you
can't
ignore
in
this
space
I
mean
we
did
our
best
to
ignore
it
as
a
space.
By
sticking
our
heads
in
the
sand
and
saying
well,
if
we
don't
call
it
a
security,
it's
not
a
security
and
the
SEC
doesn't
really
like
that.
A
It
turns
out
if
it
looks
like
a
security,
and
it
smells
like
a
security.
It
might
be
a
security
and
they
actually
have
a
lot
of
interest
in
that,
and
so
one
of
the
more
recent
updates
has
been
specifically
from
November,
so
the
SEC
began
prosecuting
some
of
the
scams
that
were
out
there.
Some
of
the
obvious
scams,
but
they've
also
begun
prosecuting
securities
violations,
which
is
which
is
different.
Criminal
violations
are
obviously
something
that
you
know
should
should
be
prosecuted
and
everyone
kind
of
gets
that
and
they
knew
that
was
going
to
happen.
A
But
once
but
kind
of
everyone
was
waiting
to
see
what
what
they
would
do
with
regards
to
the
unregister
of
selling
unregistered
securities,
which
is
kind
of
the
whole
problem
with
icos,
is,
if
your
token
is
a
security
and
you've
sold
it
and
not
registered
you've
like
that.
That
doesn't
work
with
the
SEC.
That's
the
whole
point
of
the
SEC
is
that
you
need
to
register
these
kinds
of
things.
A
So
now
we
now
we've
crossed
over
the
SEC
has
made
it
clear
that
they're
going
to
start
taking
a
look
at
these
as
unregistered
securities
and
they're
going
to
begin
taking
action
against
founders
and
companies
who
have
done
that
the
fines
haven't
been
massive.
Generally,
it's
been
sort
of
a
return,
the
money
and
and
and
take
a
fine
and
we'll
move
on,
especially
if
you've
been
sort
of
operating
cooperating.
You
know
in
good
faith
and
everything
like
that,
but
that
has
an
awfully
chilling
effect.
A
When
you
know
you
might
have
already
raised
a
whole
bunch
of
money
and
then
the
bear
market
hit,
and
now
you
don't
have
as
much
money
and
now
the
SEC
is
gonna.
Tell
you
to
return
all
the
money
that
you
originally
raised
to
your
investors,
and
you
know
that
you're
sitting
on
a
bankrupt
company
and
it's
just
waiting
for
the
other
shoe
to
drop.
That's
not
great
for
a
market.
A
tends
to
take
a
very
global
regulatory
perspective.
They
tend
not
to
be
too
shy
about
about
stepping
outside
of
the
boundaries
of
the
country,
so
it
has
a
major
and
so
the
real
question
was:
who
is
gonna?
Regulate
it
and
are
they
gonna
regulate
it?
And
how?
And
so
there
are
three
three
main
entities
that
tend
to
be
a
part
of
this:
the
SEC
they
deal
with
new
new
securities
issuance.
The
CFTC
deals
with
commodities
that
are
already
out
and
the
CFPB
tends
to
do.
A
The
Consumer,
Financial
Protection
Bureau
tends
to
deal
with
money
transfers
and
things
like
that,
and
so
a
lot
of
the
question
was
okay,
so
who
is
gonna,
regulate
this
stuff
and
and
what?
What
did?
What
are
their
models
going
to
be?
And
how
can
we
conform
to
those
models
because
we
still
like
you
know
there
is?
There
are
still
reasons
why
we
want
to
have
tokens,
and-
and
you
know
we
have
to
be
able
to
have
tokens
if
we're
gonna
drive
this
forward.
But
you
know
that's
very
difficult.
A
If
you
don't
know
what
the
you
know,
that
if
three
agencies
are
all
gonna
come
at
you
for
different
reasons
that
make
it
physically
impossible
for
you
to
have
a
token.
So
there
was
a
little
ray
of
light
actually,
which
was
which
was
quite
nice
from
the
the
head
of
the
CFTC,
who,
of
course
it's
his
job
to
to
register
commodities,
so
I
mean
you'll.
Sort
of
you
can
take
this
with
a
bit
of
a
grain
of
salt,
but
he
did.
A
He
did
essentially
say
that
you
could
transform
from
a
security,
so
it's
sort
of
when
it's
when
it's
offered
it's
a
security,
but
then
your
network
could
actually
be
achieve
a
certain
level
of
decentralization
and
utility
where
it
actually
becomes
a
commodity,
not
as
security
anymore,
and
you
know:
where
do
we
take
that?
Where
does
that
go?
You
know
there
are
a
lot
of
a
lot
of
questions
that
that
that
raises,
but
at
least
we're
moving
towards
okay.
So
maybe
so
maybe
a
theory.
A
'm
was
a
security
when
it
came
out,
but
we're
not
gonna
worry
too
much
about
that,
because
now
it's
not
a
security,
so
at
least
we
can
like
at
least
we
can
trade,
a
theory
ether
while
assuming
that
the
SEC
is
not
going
to
get
interested
in
us
at
least
we
can
trade
either
and
say
well,
you
know
it
might
fall
under
the
CFTC,
but
you
know
they.
You
know
at
least
we're
sort
of
narrowing
the
scope
of
the
people
who
are
gonna.
A
A
A
You
know
it's
Switzerland
in
particular
I
think
has
been
doing
a
lot
of
sandbox
saying,
although
they've
been
a
little
back-and-forth,
you
know
you
have
experiments
occurring
in
Singapore,
a
lot
of
them
in
Europe,
especially
Scandinavia.
You
know.
You've
also
got
things
where
banking
banking
takes
forever.
You
know
super
risk-averse,
but
they're
beginning
to
take
steps
forward.
You
have
a
lot
of
institutional
capital,
that's
that's
beginning
to
take
slow
steps
forward
and
again.
A
These
are
multi-year
trends
and
everybody's
super
impatient,
we're
all
moving
seven
times
as
fast
as
we
should,
but
the
trends
are
actually
moving
to
the
two
forward,
such
that
you
know.
Some
of
these
factors
are
going
to
play
out
over
the
next
few
years.
I'm,
you
know
you
also
Enterprise
custody
has
been
a
big
issue.
A
That
was
one
I
think
over
the
summer
and
and
in
the
spring
that
was
really
hot
for
a
lot
of
people
was,
you
know
we
as
an
enterprise
it'd,
be
great
if
we
could
trade
Bitcoin,
but
we
don't
even
know
how,
where
to
store
it.
You
know
things
like
that.
You
know
it's
like
literally,
like
the
guts
of
the
financial
system,
aren't
even
built
yet,
but
we're
getting
there
and
hopefully,
hopefully
we're
in
it
we've
you
know,
cut
out
the
scammers
and
we
can
actually
get
the
building.
A
So
another
point
of
context
that
that's
useful
is
the
the
Gartner
hype
cycle.
I,
don't
know
if
you
guys
are
familiar
with
this
chart,
but
basically
you
innovation
kicks
off
irrational
exuberance.
We
don't
know
what
the
hell
is
going
on,
it's
a
peak,
it
all
kind
of
comes
crashing
down
and
everybody
thinks
it's
over
and
that's
when
the
real
work
begins
and
you
begin
to
sort
of
create
productivity,
I
mean
you
can
look
at
the
internet
internet.
One
followed
the
same,
the
same
thing
and
you
know
it
depends
where
you
want
to
start
in
crypto.
A
You
have
to
be
a
little
bit
careful,
which
is
why,
again,
it's
useful
to
look
back
at
historical
narratives,
because
every
time
Bitcoin
has
crashed,
they've
sort
of
gone
back
and
pointed
at
the
chart
and
said
well,
hey
we're
like
about
to
we're
about
to
get
back
up
on
the
plateau.
So
you
have
to
be
a
little
bit
careful
about
which
narratives
you
you
choose
to
use,
but
on
some
level
this
is
this
has
played
out
before.
A
So
as
far
as
use
cases,
this
is
fun
stuff.
Why
the
hell
are
we
gonna
use
this?
That's
a
very
unhappy
looking
cat.
If
you
can't
see
that
so
so,
I
think
there
are
basically
two
theses
about
where
adoptions
actually
going
to
come
from,
so
one
of
them
is,
is
I'll,
call
the
killer,
app
thesis,
which
is
basically
as
long
as
there's
one
app
that
that
breaks
out.
A
You
know
that's
this:
the
Facebook
of
the
new
platform,
or
you
know,
if
you're
looking
at
peer-to-peer,
that
that's
the
BitTorrent
of
your
the
Napster
of
the
platform
that
that's
going
to
show
everyone
else
what
you
can
build
and
then
suddenly
that's
going
to
lead
the
charge
and
everyone
else
is
going
to
figure
out
how
to
iterate
off
of
that
and
spread
laterally.
And
then
you
have
innovation,
and
then
you
have
success
in
a
funny
way.
A
We
actually
kind
of
already
have
a
killer
app,
which
is
which
is
Bitcoin,
which
is
I,
mean
it's
been
chugging
along
for
10
years
now
you
know.
So
that's
one
thing
there
there's
also
again:
Union
Square
Ventures
they've
been
pretty
on
point
with
a
lot
of
their
stuff.
You
know
the
fad
protocol,
thesis
I
think
was
definitely
missing.
Some
some
legs,
but
in
general,
they've,
been
on
this
trend
for
a
long
time.
A
So
a
lot
of
their
research
is
really
worth
following
if
you're
in
the
space
and
they
kind
of
partially
rebut
the
killer,
app
thesis
which
is
actually
where
this
chart
comes
from,
and
they
were
talking
about
the
myth
of
the
infrastructure
phase,
because
one
of
the
other
narratives
has
of
course
been
well.
All
we
have
to
do
is
put
our
heads
down:
build,
build
a
ton
of
infrastructure
and
then
it'll,
and
then
once
we
have
the
infrastructure,
once
we
have
the
pipes,
they'll
all
build
it
up
on
top,
that's
not
really
how
innovations
typically
worked.
A
Typically
there.
Their
whole
argument
is
that
is
that
typically,
an
app
will
push
things
beyond
where
the
infrastructure
is
capable
of
going.
They'll
have
to
you
know,
duct
tape,
a
bunch
of
stuff
together,
but
the
fact
that
they
have
a
good
business
is
what
drives
them
all
the
way
forward,
and
then
the
infrastructure
sort
of
catches
up
and
then
the
next
app
you
know
pushes
forward
and
drives
it
further
than
it
should
go,
and
then
the
infrastructure
catches
up.
A
A
So
so
you
know
when,
when
even
the
developer
might
not
even
know
that
they're
building
on
a
blockchain-
or
you
know
it's
it's
sort
of
abstracted
to
the
degree
that
the
developer
has
a
business
need,
and
so
they
choose
X
as
opposed
to
Y
and
X
happens
to
be
a
blockchain,
and
nobody
actually
cares.
You
know.
So
that's
that's.
Success
really
means
when
we
don't
know
we're
using
blockchain,
then
maybe
that's
where
success
is
and
I
think
these
are
sometimes
there's
some
overlap.
A
Sometimes
there's
not
killer
app
is
a
lot
sexier
than
then
hidden
blockchain,
but
they're
both
they're,
both
well
we're
thinking
about
in
considering
so
another
one
of
our
you,
favorite,
charts
from
from
back
in
the
day,
is
of
course
like
what
did
the
internet
look
like
in
1993
and
just
to
give
you
a
sense
we're
looking
at
the
web
servers,
you
know
we're
running
on
sun
servers
and
mac
and
windows.
We
were
using
Internet
traffic
through
FTP
and
telnet
and
Usenet.
A
You
know
so
so,
even
though
that
was
early
stages
of
the
internet,
it
basically
it
just
it
wasn't
clear
right.
I
think
we
can
all
agree
that
you
just
never
know
from
day
one
another
really
good
model
from
from
Benedict
Evans.
If
you
haven't
seen
this
talk,
I
think
it's
ten
year
future.
This
is
the
name
of
the
talk.
He
gives
a
really
great
description
of
the
s-curves
of
innovation,
and
basically
the
idea
is
that
every
every
new
technology
roughly
follows
every
every
one
of
these
macro
technological
waves
roughly
follows
it's
kind
of
this.
A
A
The
talk
is
totally
worth
worth.
Checking
out,
as
you
know,
PPC's
were
one
of
these
curves
and
then
mobile
kind
of
comes
in
behind
it,
and
then
maybe
what
comes
after
that.
But
but
another
one
is
that
is
that
when
you're
in
the
early
phase,
everybody
tries
to
just
reflect
the
existing
world
in
the
new
world.
A
Only
the
only
way
that
we
can
express
ourselves
is
is
by
sort
of
reflecting
what
we
already
know
in
the
new
technological
paradigm,
and
that's
really
where
we
are
in
the
blockchain
space.
We
don't
even
know
what
what
could
be
created
and
and
again
like,
can
we
can
we
cross
that
gap?
Are
we
on
an
s-curve
or
are
we
on
a
just
nothing?
The
speed
bump
so
use
cases
all
right,
so
so
every
use
case
basically
I.
A
There
kind
of
three
major
sets
of
use
cases,
so
currencies
are
one
finance
is
another
and
and
web
three
is
another,
so
you
could
probably
arbitrarily
group
things
slightly
differently,
but
but
I
think
this
is
a
useful
frame
for
looking
at
this.
So
currency
is
relatively
straightforward.
You
can
look
at
the
definition
of
a
currency.
Are
things
a
unit
of
account?
You
know?
Basically,
do
you
do
if
you
were
submitting
your
books?
You
know
your
accounting
books.
Would
you
quote
it
in
dollars,
or
would
you
quote
it
in
bitcoins?
A
You
know
if
you're
buying
something
do
you
quote
it
in
dollars
or
bitcoins
medium
of
exchange,
you
know,
are
you?
Are
you
actually
exchanging
it
for
goods
and
services
and
store
of
value?
Is
you
know,
does
it
actually
hold
value?
Are
people
putting
it
under
their
mattresses
things
like
that?
A
lot
of
the
currencies
are
actually
kind
of
hitting
some
of
these
currency
like
aspects
and
again
one
of
the
cool
things
or
one
of
the
interesting
things
was:
is
it
a
currency
or
is
it
not?
A
It
is
aetherium
is
ether
a
currency
or
is
it
not?
If
it's
a
currency,
it
means
something
different
than
if
it's
just
the
utility
platform.
If
it's
a
currency,
it
has
a
90
trillion.
Dollar
total
addressable
market.
Potentially,
if
it's
not,
then
we
don't
anyways.
It's
a
worthwhile
thing
to
take
a
look
at
I.
Think
currencies
are
currently
the
killer
use
case,
but
in
a
way
less
interesting
because
of
that
so
finance
finances.
The
other
is
financing
in
the
development
stack
I
think
are
sort
of
parallel,
but
we're
thinking
about
separately.
A
A
We
must
have
the
Financial
Services
to
support
that,
like
lending
and
and
trading
on
margin
and
derivatives
and
all
sorts
of
things
that
sort
of
represent
like
today's
financial
system,
but
just
in
our
little
crypto
world.
So
so
today,
services
are
one
of
the
biggest
use
cases.
It's
the
picks
and
shovels
right.
A
You
know
you
have
coinbase
the
exchange.
The
exchanges
are
some
of
the
most
profitable
companies
in
the
world
in
in
crypto,
and
you
know,
that's
that's,
basically
what
they're
doing
you
know.
You
have
exchanges,
you
have
hardware
companies
and
services,
companies
they're
the
ones
who
make
the
money
here
in
this
gold
rush,
and
you
know
we
still
need
banking
services.
A
So
another
one
is
tokenizing
assets,
so
you
know:
hey,
let's
put
your
house
on
the
blockchain
right
and
well:
I
won't
go
into
there.
I
won't
go
too
deep
into
it,
but
but
I
will
say
you
know
it
does.
In
theory
it
has
the
advantages
of
providing
liquidity
for
illiquid
assets,
and
you
know
you
can
democratize
the
trading
of
those
assets
by
you
know,
because
so
you
don't
have
to
in
the
very
beginning.
I
was
talking
about
how
assets
have
been
pooled
together
and
and
aggregated
and
sold
off.
A
You
know
what,
if
you
could
sort
of
chop
that
up
into
little
tiny
pieces
and
take
little
pieces
of
those
it's
an
interesting
theory
has
a
lot
of
challenges
so
another
one.
Another
piece
of
the
finance
stack
is
to
stable
coins,
and
so
you
hear
a
lot
about
stable
coins,
they've
they've,
gotten
sexier
over
the
last
year
or
so,
and
the
idea
is
that
you
need.
You
need
something
stable
in
the
crypto
ecosystem
as
to
operate,
as
well
as
as
a
store
of
value
as
a
medium
of
exchange
and
as
a
unit
of
account.
A
Really,
the
unit
of
account
may
be
less
important
because
it's
if
it's
pegged
to
the
dollar,
you
might
as
well
use
the
dollar.
But
the
idea
is
is,
is
you
know
there
are
multiple
types
of
stable
coins
and
they
all
have
problems.
It's
a
very
difficult
problem
to
solve,
and
I
won't
go
to
the
details
here.
You
can
look
into
it,
but
it
just
kind
of
want
to
highlight
that
as
again
like
a
fundamental
nugget
in
our
in
our
finance
stack
that
needs
to
be
figured
out.
A
So
what
actually
are
the
sort
of
the
fundamental
primitives
that
we
actually
have
now
that
we
didn't
have
before
in
in
in
the
blockchain
world?
So
I
think
two
of
the
big
ones
are
accounts
and
payments,
so
accounts
are
something
that
they
are
actually
native
to
to
the
blockchain
world
and
it
means
that
you
don't
have
to
own
the
account
the
account
natively
lives
on
the
blockchain,
and
so
suddenly
you
don't
you're.
Separated
from
this
idea
of
the
account
accounts
can
be
almost
an
autonomous
thing.
Even
programs
can
actually
have
their
own
accounts.
A
Cars
can
have
their
own
accounts,
refrigerators
gonna
have
their
own
accounts
and
suddenly
it
sort
of
it
frees
this
world,
where
anyone
has
actually
autonomy
over
their
money
and
then
on
the
on
the
payment
side.
Now
we
also
have
the
ability
to
rapidly
and
immediately
settle
payments
we
have,
and
that
also
with
lower
cost
structures,
gives
us
the
ability
to
do
micro
payments.
A
And
when
you
combine
those
two
things,
you
have
some
interesting
new
worlds
where,
for
instance,
like
Internet
of
Things
devices
can
have
their
own
wallets
and
can
do
their
own
transactions
completely
autonomously
from
you,
and
you
can
even
imagine
a
world
where
there
are
autonomous
vehicles
that
are
owned
by
some
fleet.
That
kind
of
have
their
own
accounts
that
sort
of
take
care
of
their
things
and
come
back,
and-
and
you
know
it's-
maybe
maybe
that's
just-
maybe
that's
just
still
on
that
early
phase,
where
we're
trying
to
reflect
today's
world
in
the
new
one.
A
But
but
it's
kind
of
cool
to
have
these
these
new
primitives
and
we'll
talk
about
primitives
as
well
in
the
web
3.
So
the
future.
Well,
obviously,
I
cos
have
really
have
really
been
kind
of
a
stubbed
toe
for
everyone.
We
definitely
need
a
lot
more
institutional
tools
and
we
need
more
of
sort
of
those
fundamental
finance
nuggets
which
are
still
you
know,
lending
credits.
You
know
obviously
asset
tokenization
has
it
has
plenty
of
stuff
there
too,
but
but
there's
a
pretty
cool
future
there.
A
So
people
are
obviously
going
to
keep
working
on
this,
regardless
of
what
the
price
is
right
now,
so
the
one
that
personally
I
I'm
most
interested
in
is
is
is
the
web
3
side
and
I.
Think
a
lot
of
the
the
noise
are
on
the
smart
contract
platforms
is
also
obviously
around
web
3,
and
so
the
idea
here
is
that
you
ridi
centralize
the
web.
You
know
that's
kind
of
a
fun
narrative
because
obviously
was
meant
to
be
decentralized
from
the
beginning,
something
something
something
you
know:
I
won't
get
too
invested
in
the
soapbox
there.
A
But
what's
what's
kind
of
cool
about
you
know
basically
you're
sort
of
crossing?
This
hybrid
of
you
know
sort
of
the
Amazon
Web
Services
that
runs
the
web
with
the
unkillable
'ti
of
Bitcoin,
and
then
you
have
this
decentralized
web,
which
can
do
some
really
cool
stuff.
Like
you
know,
your
app
is
no
longer
sensible,
because
once
it's
launched
it's
it's
out
there,
you
can't
even
change
it.
A
It's
also
transparent
because
the
code,
the
code,
is
open
source
if
it's
not
open
source,
it's
open
to
someone
because
they're
running
it
it's
at
least
open
binary,
and
you
can
reverse
engineer
things.
So
it's
kind
of
pointless
not
to
open
source
and-
and
it's
also
for
Keable.
So,
for
instance,
this
is
actually
a
pro
and
a
con,
because
one
of
the
one
of
the
challenges
is.
Is
that
how
do
you
create
a
business
model
that
allows
you
to
actually
extract
real
economic
value
from
from
an
app
that
you've
created?
A
So
there
are
kind
of
three
things
that
this
gives
you
back,
which
is
what
which
is
kind
of
what's
exciting
about
it.
Is
it
gives
you
back
control
over
your
money?
It
gives
you
back
control
over
your
data
and
it
gives
you
back
control
over
your
identity
and
that
again
thinking
back
to
those
original
macro
forces,
you
know
that's
kind
of
the
whole
point
or
not
the
whole
point
necessarily
of
the
technology,
but
kind
of
the
reason
why
so
many
people
are
excited
about
this.
A
One
of
key
challenges
is:
do
users
really
want
this
and
again
I'll
keep
I'll
keep
banging
that
drum,
because
I
don't
want
to
be
I.
Am
personally
a
skeptic
and
and
I
want
to
I
want
to
be
careful
about
presenting
a
one-sided
narrative
when,
in
fact
it
is
very
definitely
a
two-sided
narrative,
but
so
talking
about
primitives.
You
know
we're
talking
about
finance
primitives,
you
know
you
got,
you
got
accounts
and
you
get
transactions
so
primitives
that
we
have
now
on
the
web
side
or
we
have
portability
right.
A
So
you
can
you
can
if
you,
if
you
have
an
asset
that
comes
out
of
a
game,
a
video
game,
you
can
now
take
it
like
you
own
it
and
you
can
take
it
and
you
can
walk
away
with
it.
You
can
drop
it
into
another
game.
I
mean
that's
kind
of
a
silly
toy
example,
but
it
gives
you
a
sense
of
what
portability
means
and
you
don't
need
permission
so
cryptographic
primitives
are
actually
quite
significant.
A
You
know
you
can
verify
almost
anything,
because
you
have
so
much
easy
access
to
the
crypto
rafi
that
underlies
the
blockchain,
you
can
say
did
something
happen.
Does
somebody
have
something?
Is
this
mine
was
this?
My
transaction
did
I,
did
you
know,
did
this
company
post
this
thing
at
this
time
and
that
actually
creates
a
lot
of
value
away
in
the
world
that
demands
transparency
again.
Accounts
accounts
specifically
on
this
web,
mean
that
you
have
an
account
that
that
can
actually
hold
your
identity,
so
your
identity
is
also.
A
Identity
is
also
kind
of
a
native
thing,
because
it's
tied
to
the
account
and
then
finally
peer-to-peer
sort
of
the
ability
to
permissionless
lis
interact.
So
again
you
don't
need
permission
again:
I'll
use
the
silly
example
of
like
I
have
a
sword
from
a
game.
I
don't
need
the
permission
of
the
game
creator
to
give
you
that
sword.
You
know
you
you,
you
and
I
can
transact
over
here.
The
central
entity
has
no
idea
what's
going
on
and
that's
that's
actually
very
powerful,
but
currently
what
have
we
applied?
That
for
what
do
you
expect?
I?
A
Don't
think
we've
gotten
porn
on
there,
but
not
for
lack
of
trying
it's
gambling
exchanges
in
gaming-
and
you
know
not
that
many
users
at
that
there
also
other
other
interesting
use
cases
I'm,
not
gonna,
dive
too
deep
into
them,
but
I
also
don't
want
to
make
it
seem
like
all
we're
trying
to
do
is
rebuild
apps.
You
know
it's.
It's
there's
a
lot
of
other
stuff
that
takes
place
on
the
web.
Stack
right.
You
just
a
few
examples.
Live
pier
is
a
company
that
they
do
sort
of
crowdsource,
a
video
transcoding.
A
You
know
you've
you've
got
distributed
commodity
computing,
so
for
people
who
need
to
do
machine
learning
across
large
numbers
of
computers,
and
you
have
some
spare
capacity
in
your
iPhone.
You
know
in
theory,
you
could
you
could
you
could
distribute
that
over
a
wide
network?
You
know
you
also
have
file
storage.
You
know
again,
you
have
spare
space
in
your
hard
drive.
A
So
just
want
to
quickly
mention,
since
this
is
an
overview,
obviously
not
even
all
changed
it
the
same,
and
you
know
there
are
public
blockchains,
there
are
private
blockchains
and
you
know
public
chains
are
like
aetherium.
Everybody
can
see
everything
that's
going
on
on
the
chain,
public
doesn't
necessarily
mean
not
private
and
what
I
want
to
say.
Public
doesn't
mean
that
your
data
is
exposed
completely
because
you
can
still
use
cryptography
to
encrypt
it.
But
the
question
the
sort
of
unanswered
question
is:
is
that
sufficient?
A
Is
that
sufficient
to
say
my
data
is
unavailable
to
anyone,
or
is
it
only
saying
my
date
is
unavailable
to
anyone
for
the
next
eight
and
a
half
years
until
they
figure
out
how
to
break
that
encryption,
so
open
questions,
their
private
chains.
Private
chains
are
kind
of
the
enterprise
solution
where
of
course,
enterprises
want
to
control
their
data.
They
don't
even
want
to
take
those
risks,
so
they
say
hey.
A
Why
don't
you
take
a
blockchain
and
you
just
run
all
the
notes
on
this
blockchain
yourselves
and
you
can
do
the
same
thing
with
a
consortium
of
companies
that
are
collaborating,
so
I
could
dive
a
little
bit
more
in
the
private
chains
as
well,
it's
kind
of
like.
Why
would
you
use
the
blockchain,
but
all
that
IBM
answer
that
for
their
many
many
clients
right
so
whoa?
What
are
the
challenges
that
we
have
specifically
I
want
to
focus
on
the
DAP
side?
A
Just
because
again,
that's
that's
kind
of
my
ax
to
grind,
and
it's
also
cool.
So
so
these
problems
are
really
designed
to
be
your
opportunities
right.
So
one
of
the
points
of
this
is
is
to
this
the
surface,
ways
that
we
need
help
and
so
I
think
I
think
you
probably
in
seen
a
lot
of
them
implicitly.
One
of
the
ones
that
we
have
right
here
is
that
user
experience
socks
on
all
levels
of
this
of
the
of
the
user's
journey
from
what
does
it
take
to
actually
enter
the
crypto
ecosystem?
What
it
like?
A
How
many
steps
does
it
take
for
me
to
actually
go
and
buy
crypto
currency
and
then
and
then
come
in
and
figure
out
how
the
hell
do
I
use
this
to
interact
with
an
app?
That's
asking
me
to
use
this,
and
you
know
it
mean
it
means
that
I
have
to
do
a
bunch
of
things.
It
also
means
I
have
to
know
a
bunch
of
things.
A
A
The
other
side
is
that
developer
experience
also
sucks,
and
we're
actually
going
to
do
we're
talking
about
this
next
week
and
our
meetup
and
doing
a
deep
dive
on
developer
experience.
But
developers
are
building
this
whole
ecosystem
right
I'm,
not
maybe
not
the
entire
thing,
but
they're
pretty
important
component
of
all
this
right
and
their
experience
is
also
terrible.
We
had
our
whole
team
go
out
to
the
etherium
hackathon
and
try
out
the
the
etherium
tools,
and
you
know
it
was
very
clear.
The
tools
are
all
made
by
completely
different
people.
A
It
requires
you
to
you,
know
the
there's,
not
a
lot
of
education,
there's
not
a
lot
of
support
when
you
have
errors,
it's
it.
You
know
it's.
Some
things
are
up
on
Stack
Overflow,
but
that's
from
the
wrong
version.
You
know
it's.
Basically,
it's
a
Wild
West
out
there
trying
to
figure
out.
How
do
you
cobble
all
this
crap
together
and
actually
build
something
with
it?
A
So
obviously,
we
I
think
we've
all
heard
of
the
scaling
problem,
and
you
know
the
the.
The
key
example
is
what
happened
when
crypto
kitties
went
went
crazy
last
year,
at
the
end
of
last
year,
I
mean
a
bunch
of
people
decided
that
that
was
gonna,
be
the
hot
new
app
and
it
was
gonna
break
out
and
it
was
gonna.
You
know
that
was
the
killer
app.
We
finally
found
it
well.
A
The
problem
is:
when
a
bunch
of
people
started
using
it
on
a
trend
on
a
network,
they
can
only
handle
14
transactions,
a
second,
the
network
comes
up,
and
then
congestion
comes
in
and
then
you
know,
I'll
talk
about
cost
in
a
second,
but
costs
cost
to
go
through
the
roof.
So
this
is
a
chart
of
pending
transactions.
A
So
there's
a
there's,
a
new
wave
of
platforms
coming
out
and
and
that
have
come
out
that
have
made
a
lot
of
promises.
But
this
is
still
very
top
of
mind,
because
this
was
a
visceral
experience
for
the
whole
community,
because
not
only
was
crypto
kitty
slow,
but
everybody
else
was
slow
because
it's
like
a
shared
hosting
problem.
A
So
so
on
the
solution
side
we.
This
is
another
path
where,
where
there
have
been
multiple
narratives,
the
first
one
was
it
doesn't
matter
if
Bitcoin
scales,
like
we'll
figure
it
out
we're
developers,
we've
got
this
and
it
turns
out
that
the
Bitcoin
core
developed
team
doesn't
really
want
to
move
too
fast.
They
don't
really
want
to
break
too
much
and
they
don't
really
have
a
lot
of
incentive
to
I
mean
bitcoin
is
designed
to
do
one
thing
very,
very
well,
and
it
does
that
thing
very,
very
well.
A
They
don't
need
to
necessarily
go
out
of
their
way
to
break
what
works
well,
in
order
to
figure
out
how
to
scale
it.
So
what
they,
what
they
said
was
all
right,
we'll
just
push
this
we'll
use
Bitcoin
on
the
bottom
and
we'll
push
this
up
to
layer,
two,
it's
what
they
call
it
right,
and
so
what
that
means
is
we're.
A
Gonna,
we're
gonna,
do
as
much
energy
and
computation
and
transactions
off
the
main
chain
and
we're
gonna
come
up
with
whether
its
side
chains
or
we're
gonna,
connect
to
people
directly
with
state
channels
and
we're
gonna.
Have
them
do
all
that
stuff
off
chain
and
then,
when
we're
done
with
that,
we'll
benchmark
it
back
on
the
main
chain
stuff
like
that
which
actually
sounds
like
a
great
idea
except
in
practice,
that's
been
very
complicated.
It's
been
hard
to
implement
technologically
and
the
user
experience
of
trying
to
create
that,
for
your
app
hasn't
been
very
good.
A
So
there's
there's
been
some
disillusionment
with
layer
2
as
well,
where
we're
starting
to
return
back
to
this
narrative
of
well.
Actually,
maybe
we
should
be
scaling
from
layer
1
at
the
very
bottom
I
mean.
So
that's
where
there
are
kind
of
two
two
types
of
approaches.
One
is:
can
we
make
layer
1
much
faster
by
just
having
better
hardware
and
and
and
essentially
like
that
that
becomes
a
centralizing
force?
And
so
you
know
someone
like
iOS
they've
gone
out
and
said:
well
actually,
so
maybe
we
don't
need
15,000
or
150
thousand
nodes.
A
So
that's
another
that
that's
kind
of
where,
where
the
arc
is
pushing
right
now,
obviously
from
our
drivers
seat,
we're
somewhat
biased
as
to
where
that
should
go,
but
that
should
at
least
give
you
some
context
of
like
how
we've
tried
to
solve
this
problem
and
that
it
is
definitely
an
unsolved
problem
as
of
today.
So
the
cost
is
the
other
problem
which
is,
of
course,
you
know
if
you're
trying
to
build
a
business
on
top
of
things
and
your
costs
are
completely
unknown
and
they've
gone
from
they've
gone
from.
A
You
know
$0.10
all
the
way
up
to
what
do
we,
how
high
they
went
well.
So,
on
the
Bitcoin
side,
you
you
go
from
something
like.
Was
it
50
cents
all
the
way
up
to
260
dollars
per
transaction
I
mean
like
you?
Can
you
can't
have
that
kind
of
variability
in
your
app
right
like?
How
do
you
build
a
business
on
something
that
has
that
level
of
variability
like
in
order
to
do
that?
A
You
have
you're
basically
you're,
like
a
commodities
business
that
you
know
like
a
copper
miner
that
has
to
hedge
the
price
of
copper,
meaning
you
would
have
to
sort
of
figure
out,
like
a
futures
market,
to
offset
your
risk.
It
just
doesn't
make
any
sense
right,
so
we're
just
not
there
on
the
cost
side,
if
you
want
to.
If
you
want
to
create
viable
businesses,
you
have
to
understand
what
your
reliability
is.
A
Gonna
look
like
and
what
your
costs
are,
gonna
look
like,
and
speaking
of
businesses
I
mean
business
models
are
another
thing
that
that
are
a
serious
problem,
meaning
that
that
you
know
we
thought
I
cos
were
the
business
model
that
was
gonna
work
right,
because
we
finally
said
hey,
there's
a
way
for
developers
to
actually
make
money
at
this
stuff,
and
it
turns
out
well
that
didn't
work
out
too
well.
Most
of
the
coins
were
were
just
roadblocks
in
front
of
users
that
were
attempting
to
extract
rent
or
they
just
didn't
they.
A
There
wasn't
really
a
lot
of
reason
to
have
those
tokens
and
so
that
whole
system
kind
of
went
by
the
wayside,
and
so
what
do
we
have
now?
I
mean
most
of
most
I
mean,
to
be
frankly,
honest.
Most
of
the
apps
that
are
out
there
are
being
supported
by
venture
capital.
That's
been
sort
of
invested
in
the
system
that
hasn't
yet
found
a
viable
business
model
other
than
on
the
financial
side
that
picks
and
shovels
businesses.
You
know
so
so
it's
like
there's
kind
of
this,
this
this
this
breathe
in
of
capital.
A
That's
coming
in.
It's
kind
of
supporting
things.
You
have
ecosystem
funds
from
a
lot
of
these
networks
that
are
that
are
funding,
businesses
and
apps
that
are
being
created
on
their
networks,
but
until
those
have
independent
business
models
that
allow
those
entrepreneurs
to
go
out
there
and
make
their
own
money
like
this
is
not
sustainable
and
and
so,
and
not
only
that,
but
it's
more
difficult
in
this
space
to
actually
use
some
of
our
existing
business
models.
A
For
instance,
how
do
you
build
a
SAS
app
when
you
like
I
was
saying
before
when,
when
somebody
could
literally
just
just
take
your
contract
and
fork
out
the
way
that
you
were
Hart
you're,
bringing
money
from
that
contract
and
your
contract
is
your
app
right,
so
if
I
mean
it
and
how
do
you
do
a
monthly
subscription?
If
your
costs
look
like
this,
you
know,
and
and
is
that
seven
dollars
a
month?
How
do
you
allocate
that
seven
dollars
a
month?
You
know
it's
stuff
like
that.
A
We
it's
more
difficult
to
do
on
this
space,
so
so
these
are
some
of
the
works
that
are
there,
we're
really
trying
to
figure
out
right
now,
because
unless
fundamentally
like,
you
can't
build
a
business.
Unless
you
give
people
a
way
to
make
money,
it
just
doesn't
work.
So
this
is
one
of
I
think
one
of
the
under
address
problems
that
absolutely
has
to
be
addressed.
Otherwise
this
whole
thing
is
just
gonna,
be
it's
just
gonna
be
airs.
Gonna
go
right
out
of
it
when
the
capital
dries
up
all
right,
another
one
education.
A
So
this
this
happens
in
all
new
markets,
but
right
now
the
incentives
are
out
there
if
you're,
if
you're
a
great
developer-
and
you
know
you're
good
at
the
stuff
you
build
because
there's
still
capital
flowing
into
the
system
and
and
you're
it's
on
the
cutting
edge
and
you're
doing
cool
stuff.
You
know-
and
so
that's
that's
just
what
happens
in
new
markets
is.
Is
people
go
out
there
and
they
build
stuff,
and-
and
you
know
then,
then
we
sort
of
we
get
the
next
wave
behind
them.
A
Are
the
people
who
are
we're-
maybe
not
quite
on
the
on
the
bleeding
edge
but
they're
they've
got
one
foot
there
and
then
they're
blogging
about
it
and
you've
got.
You
know
Doc's
that
are
being
written
kind
of
like
not
really
that
well
curated
and
like
that's
kind
of
the
best
institutional
knowledge
that
we
have
right
now
and
and
then
it's
only
when
you
get
to
step
three,
which
is
when
actually
there
there
are
jobs
being
created
in
the
space
that
does
that
create
the
incentive
for
people
to
begin
to
educate.
A
So
one
of
those
one
of
those
one
of
those
big
sort
of
challenging
problems
psychologically.
When
you
have
a
bad
day,
you
wake
up,
and
you
say
well
we're
trying
our
Damus
to
give
people
control
as
much
control
as
possible.
We're
gonna
give
you
your
identity
back.
We're
gonna,
give
you
your
data
back,
we're
gonna,
give
you
your
money
back,
it's
gonna
be
the
best,
and
then
you
just
go
and
drop
it
in
the
coin
base
and
give
them
control
and
then
be
free.
A
Centric,
we've
read:
we've
dear
East,
we've
Dee
Reedy
centralized
the
whip
once
again
and
that's
that's
a
serious
challenge
and
and
I
don't
you
know
a
lot
of
that
comes
down
to
a
user
experience
challenge,
and
so
the
you
know
circle
back
to
the
UX
issues
and
the
dev
X
issues,
but
it's
it's
something
that
can
be
really
disheartening
and
is
also
really
challenging,
and
we
have
to
figure
out.
How
do
we
balance
this?
A
How
do
we
balance
this
this,
this
natural
human
tendency
to
not
want
to
think
about
stuff
and
to
give
it
to
other
people
with
with
you
know
the
benefits
of
doing
that
which
goes
all
the
way
back
to
what
I
was
talking
about,
which
is
you
have
to
provide
them
with
a
clear
incentive
for
them?
You
know
short
term
incentive
for
them
to
actually
decentralize,
otherwise,
it's
just
not
worth
their
time.
A
A
Not
just
talking
about
about
skin
right
function
is
super
important
and
you're,
always
talking
about
this
a
little
bit
at
the
beginning,
but
it's
not
about
developers
only
it's
about
an
ecosystem,
a
three-dimensional
ecosystem
and
we're
not
doing
a
very
good
job
right
now
of
welcoming
other
people
into
this
ecosystem,
welcoming
their
voices
and
also
giving
them
an
on-ramp
that
isn't
about
throwing
a
bunch
of
technical
crap
at
them.
Right
from
day
one
another,
one
is
also
industry
experience.
A
You
know,
as
with
a
lot
of
early
tech
industries,
do
you
have
a
lot
of
very
young
and
inexperienced
people
who
are
great
at
coming
up
with
creative
solutions,
but
aren't
necessarily
drawing
on
best
practices
that
have
been
crafted
through
years
of
industry
experience?
So
that's
one
thing
to
be
careful
of,
and
of
course,
gender
is
always
a
tech
problem
and
I
think
it's
exacerbated
in
in
in
box
chains,
specifically,
but
at
least
there's
geographical
diversity.
A
So
just
a
quick
bit
on
on.
Where
does
that
go
from
here?
So
all
you
have
to
do
is
fix
all
the
problems,
so
user
experience
and
developer
experience.
That's
you
know
there.
There
are
a
lot
of
people
in
the
product
world
in
the
design
world
who,
who
are
perfect,
fits
for
starting
to
figure
these
problems
out.
You
know
we
have
to
build
out
the
ecosystem,
so
you
know
if
you
could
find
the
killer
app.
That
would
be
awesome.
You
know
we
have.
A
We
have
scaling
challenges
which
is
a
lot
of
what
we're
trying
to
address.
Although
we
know
we're
sort
of
trying
to
take
it
on
as
much
as
we
can,
you
know
and
then
there's
a
lot
of
things
that
we
just
don't
have
good
models
for
you
know.
I
talked
about
valuation,
so
much
of
what
has
driven
the
path
of
this
market
has
actually
been
a
lack
of
ability
to
properly
understand.
How
do
we
value
these
things?
What
is
it
worth
you
win
as
the
world's
best
distributed
computing
platform?
A
Is
that
is
that
a
million
dollar
business
or
a
trillion
dollar
business?
You
know
we
don't
even
know
we
have
experiments
in
governance.
How
do
you?
How
do
you?
How
do
you,
if
something's
completely
decentralized?
How
do
you
actually
operate
that
as
like
a
tech
company
would
where
you
can
upgrade
the
system?
You
can
future-proof
it?
You
can
you
know
you
can
if
there's
another
platform,
that's
getting
better!
That's
moving
faster
like
how
do
you
continue
to
innovate?
Well,
you
know
you
have
to
sort
of.
A
Does
that
mean
you
pull
everybody
on
the
system
and
you
say
hey:
can
we
get
your
permission
to
to
push
a
software
upgrade
or
you
know
how?
What
does
that
look
like,
so
governance
is
actually
a
hugely
important
thing
that
that
really
in
a
lot
of
ways,
it's
gonna
determine
the
future
of
a
lot
of
these.
These
platforms
and
I
think
that's
something
that
we've
seen
historically,
the
different
platforms
that
have
different
governance
strategies
like
Bitcoin,
has
a
very,
very
sort
of.
A
Let's
call
it
change
resistant
type
of
infrastructure
and
you
have
etherium,
which
has
again
something
that's
that
it's
not
quite
moving
as
fast
as
a
lot
would
like.
There's
a
lot
of
chaos
in
the
system.
You
know,
I,
don't
think.
We've
yet
found
an
example
of
somebody
who's
innovating
too
quickly
or
but
you
do
have
a
lot
of
teams
that
are
maybe
a
little
too
centralized
and
there's
a
lot
of
concern
like
aetherium,
also
their
their
concerns
around
the
centralization
of
its
team.
A
So
governance,
you
know:
do
you
give
all
the
power
to
the
core
developers?
If
Vitalik
says
we
should
do
a
thing
like
the
dow
hack?
You
know
if
he
sort
of
comes
out
on
one
side
and
says
we
should
resolve
this
hack
by
giving
everyone
their
money
back
or
not.
You
know
how
much
weight,
how
much
sway
does
that
have?
A
These
are
actually
really
important
questions
that
we
we
don't
have
a
lot
of
test
beds
for
things
also
like
consensus
models,
you
know
a
proof-of-work
is
is,
is
very
well
understood
after
ten
years
now,
but
proof
of
stake
is
just
coming
out
and
everybody's
using
proof
of
stake
going
forward.
It's
not
the
only
one,
but
we
have
a
lot
of
things
that
need
to
be
figured
out.
So
there's
a
lot
of
there's
a
lot
of
sort
of
academic
work.
There's
modelling
work,
there's
there's
there's
a
lot
around
around
business
side.
A
There's
a
lot
of
competitive
analysis
like
how
do
we?
How
is
this
market
going
to
develop
strategically?
What
does
it
take
to
win?
So
so
it's
almost
like
it
doesn't
matter
what
your
background
is.
There
is
a
way
for
you
to
find
a
problem
because
we
have
lots
of
them,
so
I
think
I
think
really
the
pitch
is
is
if
you
solve
one
of
these
problems,
you
could
be
the
catalyst
to
actually
take
this
into
the
next
phase,
and
that's
that's
pretty
cool,
like
that's
part
of
the
fun
of
working
on
an
emerging
technology.
A
Is
it
you
can
be
a
part
of
that
process
and
there's
so
much
greenfield
and
there's
so
much
space
and
and
the
people
who
are
working
on
these
problems
are
nobody.
Has
it
figured
out,
so
everybody
needs
help
so
we're
all
talking
to
each
other
and
and
it's
a
community-
that's
really
supportive
of
that.
So
it's
a
lot
of
fun.
So
if
you
want
to
start
to
kind
of
leave,
you
leave
you
with
something,
that's
tangible,
but
you
know.
Okay,
all
you
have
to
do.
Is
you
figure
out?
Who
do
you
follow?
A
You
know
you
after
you
have
to
learn
the
tech.
It's
a
tech
driven
market.
You
don't
have
to
you,
don't
have
to
read
every
single
white
paper.
That's
out
there.
That's
that's
totally
overkill,
but
you
know
you
have
to
be
comfortable.
The
technical
language
I
find
a
problem
that
actually
motivates
you
that
fits
your
skills.
You
there's
probably
12
blog
posts
about
it
and
you'll
and
that's
it
and
then
you'll
drop
off
a
cliff.
A
Try
should
try
researching
blockchain
research,
blushing
user
experience
and
design,
and
things
like
that
you
get
to
the
edge
of
the
world
very
quickly.
You
know
how
do
we
value
crypto
currencies
you
get
to
the
edge
of
the
world
very
quickly,
so
it
might
seem
like
we
haven't
figured
out
because
some
some
some
smart
person
got.
You
know
5,000
collapse
on
medium,
but
it's
that
there's
not
a
lot.
I
mean
there's
so
much
more.
That
needs
to
be
done
and
you
know
to
help
out
wherever
you
can
right.
You
know
we're
all
we're
all
here.
A
We're
all
builders
were
all
makers.
You
guys
are
motivated
to
come
out
outside
of
work
hours,
and
you
know
I
think
that's
not
too
hard
for
you
and
if
you
can
figure
out
how
to
how
to
hire
yourself
in
because
a
lot
of
these
are
skill
sets
that
need
to
be
done.
You
know
like
if
you're
a
marketer
a
lot
of
these
companies
need
to
figure
out
how
do
they
actually
cross
across
the
gap
in
and
and
and
reach
real
users.
That's
a
hugely
important
skill
that
that
isn't
really
well
talked
about.
A
There's
a
lot
of
this
stuff
and
then
finally,
please
write
write
about
it.
Teach
add
to
the
collective
wisdom
you
know:
I
will
make
you
a
pitch
about
being
a
thought
leader,
because
that
has
some
negative
connotations
out
there,
but
but
I
mean
really
anything
that
you
add
you
become
a
leader
just
just
by
virtue
of
adding
to
our
collective
knowledge.
So
thanks
for
thanks
for
taking
the
the
time
to
learn
and
I
hope,
you
guys
can
go
out
there
and
do
some
do
some
good.