Even drink napkins speak to me about Crypto (I need a Therapist)
Last year in October (2017) CryptoKitties exploded onto the Ethereum MainNet. The viral success of the blockchain game that breeds digital kittens almost crippled the network. It’s been written about a ton already so I won’t retell the story here. After all I want to talk about Zombies.
Here’s a link to a good write up on how the Ethereum Community addressed the crisis.
As I’ve said before Scalability continues to be one of the main areas of focus for developers and entrepreneurs in 2018. The blockchain is good for many things but throughput is not one of them.
Enter Zombies. Loom Network’s ZombieChain (article here) is one offering tackling the scalability issue in hopes that the next CryptoKitties doesn’t end the world.
I don’t know, some people really hate @realDonaldTrump. Time will tell I suppose; Casper is on the way and Plasma and sharding and DAGS and, and, …n. Makes me think of this SuperLotto sign in front of the San Diego Convention Center. (Seriously, I need a Therapist)
For those inclined here’s the 2014 Pegged Sidechains Paper
Today I’m in San Diego for a cryptocurrency conference.The weather is beautiful outside it’s a perfect day.There are people here from all over the world.Just had lunch.
My pockets are stuffed with business cards.I hate business cards.As I write this I’m listening to someone to my left talk about how they “pivoted” their business and created a token for runners…”kinda like Sonic the Hedge Hog”.I love crypto.
The presenter is having problems with the audio.It’s an awkward Friday afternoon. I’m loving it!
Why Blockchain?It’s a simple question and sometimes I wonder how many people in this room and in crypto have taken the time to really ask it.I’m asking it right now.
The project I’m working on is noble.There are big ambitions which is why it’s worth my time.I’m a sucker for Noble and Ambitious.However, I’m also a realist.
Millennials are some of my favorite people.I love their hope and willingness to rethink the world.Technology is like the Marijuana and Free Love of this generation.
EarthCycle.io just dropped their video.I wonder if they’ve spent as much time on their pitch and multimedia (which is impressive) as they have on the fundamentals of their business model and technology.(Why blockchain?).
Anyway, back to Aligned Incentives.Perhaps one of the strongest cases for Why Blockchain?Is aligned incentives.
People are selfish.We all want what we want.I like beer for instance.I really don’t care about the environment if I’m honest.Sorry.I’m not proud of that…just being honest for the sake of this point.
Aligned Incentives means that if EarthCycle.io figured out a way to get me my favorite craft beer like dollar shave club figured out razors, I’d be all about EarthCycle Coin…because I like beer, and they also had a cool video, but it would be more about the beer.
The power of aligning incentives on the blockchain is simple. It means that an Irish jerk like me (think younger less angry Archie Bunker) with more regard for the stout at lunch than the beautiful blue sky hanging over this auditorium, could have joined the noble ambitions of EarthCycle.io to preserve that beauty for generations, if they’d only figured out how to get me that Stout at a discount and maybe also add drone delivery…also let’s make it on demand like Uber.
The ICO boom we’ve witnessed over the past year has created widespread access for retail micro-investors to participate in exclusive early stage capital formation rounds.This is significant and it’s why ICOs are so popular because everyday morons like me can play in a game that—by law—I’ve been excluded from playing in for years.It reminds me of my youth.
Remember when you were a kid and you’d line up with a bunch of other kids and the two captains would start picking through eager participants.One by one they’d choose until some poor kid gets picked by default. No one wants to be that kid.
Well capital formation is kinda like that today.Unfortunately the poor kids don’t even make it to the line.
Here’s some smart rich people talking about this capital formation game (10mins):
Sounds like a great idea doesn’t it?An egalitarian crypto sandbox where all the kids get a whack at home runs?What could go wrong?
Turns out plenty.Here’s the problem if you’re a poor moron you have no idea how to play this game.It’s kinda like taking the little rascals of the world and shoving them onto a field with NFL players, somebody’s getting rekt and it’s not his guy…
Listen, I love the idea of creating more inclusion in early stage investment and harnessing the power of global crowdfunding to make it easier for the little rascals to build their school projects.We should definitely figure that out.In fact it could be one of my favorite things about crypto.However, in the meantime stuff like this is happening:
A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising consta…