RelayNode SoCal: August 26, 2019 – Relaynode SoCal
The Principles of Web3
I just returned from a month on the road in Europe. My trip ended at Berlin Blockchain Week. Berlin is an incredible city with a values-driven tech community that is focused on changing the world for the better. The crypto community there is no exception (just spend one day at Full Node there and you’ll see).
Most of my time in Berlin was spent at the Web3 Summit where the conversation seemed to be dominated by DAOs. Ryan Zurrer unveiled his thinking behind the new DA0, and I was able to participate in a whiteboarding session on this one. There are still many open questions on incentives, regulations (AML is a nightmare when you can’t compromise on open pseudonymous participation), fund flows (anyone want to figure out the tax effects here?), and governance. However, as Zurrer mentioned in his talk, DAOs are worthwhile experiments.
We’re creating new systems for the coordination of human and financial capital and it won’t come easy. During my favorite presentation of the week, Juan Benet gave a brilliantly woven and impassioned speech that reminded attendees why we’re working on Web3, but how difficult the road will be.
Here are Web3’s values according to Juan and how they manifest in technological development:
- Freedom of Speech — secure data publishing and distribution
- Freedom of Assembly — secure networking
- #OwnYourData — secure data storage and sharing
- Without central control — decentralized connectivity and computation
- All interactions are verifiable — authenticated, provable, irreversible transactions
- Reader & Writer privacy — oblivious content routing
- Dependable & trustless — decentralized incentivized infrastructure
- Self sovereign identity for all — cryptographically controlled identity
After spending a couple of years investing full time in crypto, I have experienced waves of emotion ranging from excitement to jadedness. The word “scam” is probably the most used word on Crypto Twitter besides Bitcoin, and if you survived the 2017 ICO boom, you’ve probably encountered at least one or two. We’ve seen dozens of teams promoting scalability with sufficient decentralization, but none have yet delivered.
To date (as I’ve mentioned before) the killer use case in crypto remains speculation. Centralized exchanges are the new financial gatekeepers, and while #DeFi promises financial inclusion, it’s mostly used for leveraged trading.
Naturally, this has led many “crypto enthusiasts” back to the mother coin, Bitcoin, to join the chorus of maximalists who believe that nothing else under the sun matters.
But the truth is that Bitcoin can become a global SoV AND Web3 can exist.
As Amara’s Law states, we tend to overestimate the effect of technology in the short run and underestimate the effect in the long run (shoutout to Tom Lombardi on this one).
We’re in the thick of it now, stuck in the weeds, and there is admittedly still a lot of bull shit out there. However, thousands of developers, guided by the principles of Web3, are working diligently to solve extremely hard technical problems.
At the end of his presentation Juan reminded us that:
- Crypto systems are HARD
- P2P systems are HARD
- Economic systems are HARD
We’re trying to recreate all three.
My visit to Berlin gives me renewed confidence that we will.
Note: Juan’s talk is not yet available, but you can watch this one from last year’s Web3 Summit to get the drift.
Elementus delivered an in-depth analysis of the fund flows from the Plus Token scam that I mentioned last week. According to this report, Plus Token absorbed 10 MILLION ETH (worth $2b at today’s prices).
Meanwhile, it looks like some key members of Harbor’s executive team left to start a new company called Internal. This doesn’t seem to bode well for the company once though to be the frontrunner in the STO space. STOs may eventually become a huge market, but I still feel we are years away from finding real product-market fit (or maybe that’s just Amara’s law in action again).
Macro uncertainty continues. Existing systems are bending to trade disputes and unprecedented sovereign debt levels. Governor of the Bank of England, Mark Carney, delivered a speech on the challenges of monetary policy in today’s macro environment all but calling for the end of US Dollar hegemony in a global world. I liked this gem from the speech:
“We would do well to think through every opportunity, including those presented by new technologies, to create a more balanced and effective system.”
Special CryptoMondays LA — ERC 1155(Free)
When: Monday, August 26th, 6–9P
Where: Upstairs Space 1212 Restaurant on 3rd Street Promenade in Santa Monica
Speakers include Jodee Rich (nft.kred) giving an overview of the NFT ecosystem + smart contract developer Kseniya Lifanova on Ethereum token standards + Andy Anderson on the development in Enjin
Blockchain for Social Good — What Can You Trust (Free)
When: Tuesday, August 27th, 12–2P
Where: Anita’s Studio 6th / Rose Avenue · Venice, CA
Discuss how blockchain technology can be used for social good
Blockchain Consensus Mechanisms (Free)
When: Thursday, August 29th, 7–9P
Where: BOLDFACE 1013 1/2 190th Street · Gardena , CA
Open discussion on the most commonly used consensus mechanisms
BitcoinIs Hosted by NFL Pro Bowler Russell Okung ($75–500)
When: Sunday, September 1, 2019,
Where: The Hudson Loft, 1200 S Hope St, Los Angeles, CA 90015
Hosted by NFL Pro Bowler, Russell Okun, Bitcoin Is_ is a one day conference with the intention of educating and onboarding new Bitcoin (BTC)ers. Confirmed speakers include Jill Carlson, Jimmy Song, Peter McCormack, & Saifedean Ammous
Crypto Traders Dinner Party ($5–10 donation)
When: Tuesday, September 3, 7–9pm
Where: Panini Kabob Grill — Santa Monica, 312 Wilshire Blvd · Santa Monica, CA
Biweekly event to meet other crypto traders in the city and share experiences
Bitcoin & Coffee Meetup San Diego (Free)
When: Thursday, September 5, 7–9P
Where: 85 Degrees Bakery Cafe 8265 Mira Mesa Blvd Building R · San Diego, CA
Casual monthly meetup to discuss Bitcoin hosted on the first Thursday of each month.
LA’s Inaugural Decred Meetup hosted by Blockhead Capital (Free)
When: Thursday, September 26, 2019, 6–9P
Where: Cross Campus Santa Monica, 929 Colorado Ave, Santa Monica, CA 90401
Decred technical and governance overview plus special keynote from Jake Yocom-Piatt of Company Zero and Project Lead @ Decred.
September 8–15 — Tel-Aviv Blockchain Week (Tel-Aviv)
September 10–11 — DeFi Summit (London)
September 11–12 — Consensus Asia 2019 (Singapore)
October 8–11 — Devcon 5 (Osaka, Japan)
October 15–16 — Crypto Invest Summit (Los Angeles)
October 15–18 — Mondo (New York City)
October 21–23 — ACM: Advances in Financial Technologies (Zurich)
Nothing written in RelayNode LA is legal or investment advice and should not be taken as such. RelayNode LA does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence.
Published at Sat, 31 Aug 2019 18:52:28 +0000
Bitcoin Pic Of The Moment
✅ This image from Marco Verch (trendingtopics) is available under Creative Commons 2.0. Please link to the original photo and the license. 📝 License for use outside of the Creative Commons is available by request.
By trendingtopics on 2019-03-21 22:22:36
