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Dialogue with coinbase founder and Investor: all our knowledge comes from existing things, but blockchain is for you to create

Time : 14/12/2021 Author : 16wu83 Click : + -
        Original title: dialogue with coinbase founder and Investor: all our knowledge comes from existing things, but blockchain allows you to create new things. This dialogue basically disassembles the tokens of the blockchain. From the incentive mechanism, the developer community, the new protocol and management model, the advantages and disadvantages of centralization and decentralization, to the crazy ICO market, the two leaders shared how to judge whether an ICO project is reliable, how to evaluate and quantify the long-term value of token, and why this new technology wave needs to create a new level of value. 30 minutes of high-quality dialogue, with high information density and various golden sentences.
        Therefore, we chose to keep the whole process of the whole conversation as much as possible, only to restore the English audio to the Chinese text, and finally became this long text of more than 10000 words. It is estimated that the reading time will take 15 minutes. 4. Bitcoin emerged during the financial crisis in 2008, but there was another bigger crisis, the "programmer crisis". 5. A good incentive mechanism can create a huge "collective behavior". Token can create a new network with an exponential speed that we could not imagine before. 7. You can think of each token as a new decentralized small bank or a small government.
        10. All our knowledge and experience come from things that have already existed and been proven in the world. But blockchain allows you to create new things. Ten years ago, someone published a nine page white paper on the Internet. Ten years later, we have a $70 billion digital currency system with the largest computer cluster network in the world. Isn't this how innovation happens?. There are a group of unhappy programmers all over the world who want a new way to create things. This situation happens to coincide with the emergence of blockchain. Chris Dixon: many friends who are reading this article may have heard of bitcoin and Ethereum more or less.
        My first question is: why is token so important? Why is blockchain not just a crazy speculative trick, but really meaningful to our world? What is the value of token?. Fred ehrsam: I think the most important reason is & mdash& mdash; For the first time in history, we embedded the economic system into the Internet. Chris Dixon: but didn't we have credit cards and Alipay on the Internet before? We can buy a product directly on Taobao. What do you mean by "embedding the economic system into the Internet"?.
        Fred ehrsam: decentralized blockchain and token represent a more direct economic system. Of course, you can buy the goods or services you want on the Internet, but on the basis of the basic design of the Internet, we have not written this payment ability into the code of the underlying protocol, so you can not directly pay for the goods or services you want at the protocol layer. Taobao and Amazon both build an application layer service on the protocol layer, and then let you buy things on the application layer. This is not the case with Ethereum and filecoin. Ethereum directly sells computing resources at the bottom of the protocol, while filecoin (IPFs) directly sells storage space.
        In addition to computing resources and storage space, there are many native resources that can be directly sold through the underlying mechanism of token. I believe that such resources will operate better on the decentralized platform than on the centralized platform. Chris Dixon: I may look at blockchain and token from the perspective of developers. We have always had two development models. One is that you do the underlying agreement and then develop it in a non-profit and public welfare way. This is also the way we chose at the beginning. The Internet was originally an open protocol designed by the government and university institutions. And this method actually worked very well at the beginning.
        We have HTTP protocol, TCP / IP protocol, HTML, SMTP (mail protocol), which are all very good. But if you look at the development in the next 20 years, you will find that there seems to be something wrong. For example, the problem of OpenSSL & mdash& mdash; OpenSSL provides a security guarantee for Internet users around the world to access a website. All Internet users in the world rely on OpenSSL. It helps you encrypt sensitive data such as bank passwords and user passwords entered on the Internet to prevent them from being stolen. However, there was a fatal bug in OpenSSL later, because only a group of spontaneous and part-time programmers maintained SSL.
        The protocol has no commercial value behind it. OpenSSL has been abandoned by us because it has no business model and cannot become a business. Therefore, few people will really do it, even if it is so important. The second development method is corporatization. We have giant companies like Facebook doing advertising and giant companies like Amazon doing e-commerce. These companies are developing very fast. They have created a large amount of revenue and profits, which will be taken to continue to support their development. Then, all the smart people, all the best engineers, all the capital, productivity, and all the energy of the people in the world are absorbed by these very centralized systems; On the other hand, many individual developers or small start-ups are being squeezed out of their living space by these centralized systems and platforms.
        They have been "suppressed" and "hunted down" by giants. Either you are directly blocked by the platform, which is common on wechat, twitter and Facebook, or if you are lucky, you will not be blocked, but you need to pay 30% of the tolls to these platforms (Apple's App Store). Therefore, there are a group of unhappy programmers all over the world who want a new way to do things. This happens to be the same as the design of blockchain, the incentive design of token and the design of bitcoin economic system. Fred ehrsam: if I were an entrepreneur, would I be willing to build my own services or products on a centralized platform? In fact, when you do things, you will find that when you do things on the large centralized platforms such as giants, it is easy to have a ceiling on your head and a guillotine on your neck.
        However, there is no such problem in a decentralized system, because no one can shut down your services or restrict the development of your products. Chris Dixon: many people say that bitcoin emerged during the financial crisis in 2008. But in fact, I think there was another larger non-financial crisis at that time, that is, the "programmer crisis". In many developer communities, there are really some "liquidating" developers. Moreover, I think that as young people, the new generation of programmers and the new generation of technicians will not suffer the second loss. They will not continue to be "persecuted" by these giants and platforms like the previous generation of developers and their predecessors.
        All the really big companies in the past 15 years are those with user data and network effects. But now, every token is a new bank or government. Chris Dixon: I think most platforms & mdash& mdash; The platform I mentioned here refers to a community or network that can gather developers and users, such as windows, IOS, iPhone, Android, twitter and Facebook, which are all platforms & mdash& mdash; All these platforms, in fact, are also deeply involved in the struggle between the platforms.
        For example, Microsoft and Netscape have worked against each other, and every time Apple holds a press conference, there will be a list of companies that have been killed by them. It has a long history. However, in the blockchain movement, it has established a new way to build a new network, and all participants in this network can be distributed with fair remuneration. They don't need to kill each other. Fred ehrsam: Yes, this is the real key in the whole movement of blockchain, that is, "motivation". What kind of participants in the network do you give incentives to, and how do you give incentives to the whole network? This involves how the incentive mechanism can promote a large enough group to produce certain beneficial behaviors, which can also promote the development of the network in turn.
        The most typical example is bitcoin. Nakamoto wrote a 9-Page white paper in 2008, which proposed a new incentive mechanism. Then, 10 years later, we have a $70 billion digital currency system. There is a rich ecosystem in this system, and many companies, investment institutions and users have participated in it. Moreover, this system has the largest computer cluster in the world, and its computing power is greater than that of any other country No institution or organization can match. The example of bitcoin shows how powerful an effective incentive mechanism can create. Moreover, if you have a good ability to realize the project, you can create a huge "collective behavior" through such an incentive mechanism. This collective behavior may be completely unimaginable in the past and cannot be started in the traditional way.
        Chris Dixon: incentive is not only about giving these developers some returns, but also giving entrepreneurs returns and equity financing, like our classical entrepreneurship. In fact, the incentive of token is also given to such roles as miners. Miners are service providers in the network. Besides developers, incentives will be given to these service providers, and then to users in the network. The incentive mechanism of token now seems to be able to create a new network with an exponential speed that we could not imagine before. Ethereum is an example. Fred ehrsam: that's right. That's true.
        The reason why I joined the blockchain industry in the first place, I think, is also the most important reason, that is, you used the token to encourage all potential users, potential service providers and even potential "agreements on agreements" who were willing to join the network in the early days. If you look back at all the really big companies in the past 15 years, most of them are companies with user data and network effects. "User data + network effect" is monopolistic, which will lead to the solidification of power. All the Internet we are now in is one piece. The promise brought by token is that, for the first time in history, you can overcome the problem of "chicken or egg first" when establishing the network effect.
        Chris Dixon: "chicken or egg first". The good thing about this expansion is that once you make the network bigger, you will become very powerful, but the bad thing is that you will become very powerful until you become bigger. The dating website with only one user is probably the worst in the world, but if you have 1 million users, this dating website will be much better. But how did your users grow from 1 to 1 million?. From my experience in investment and entrepreneurship, 99% of the network will die before it reaches 1 million users. Then, companies like eBay always have some strange ways to achieve growth, and finally survive and become bigger.
        There are about 50 especially large network platforms in the world that really survive, and then eventually grow into a big tree. However, there are countless thousands of networks. Maybe these networks are also useful and can help the world become better, but these networks have died before many users. The biggest problem is actually the problem of expansion, right. Token is actually a general solution to the expansion problem. When a new network platform does not have enough network value, you may use some financial and financial values to encourage early seed users, so that they are willing to enter your network earlier, and then the financial value of this kind of property will gradually narrow down, because your network value has gradually increased.
        Fred ehrsam: it's a bit like you joined a startup company like Tencent at a very early stage. You pay higher risk, but you also have higher potential benefits. The only difference is that those who can participate here are not only company employees, but also users on the network, or other potential service providers or application developers. You can imagine that there is a coordinate chart, where the abscissa is the number of users and the ordinate is the network value. If you are the first person to use this network, the network value will definitely be zero, but as more and more people join the network, the network value will suddenly rise. It is very likely that the network will eventually fail, but once it succeeds, you will reap great value. Moreover, the latecomers will be more willing to enter the network, and its rolling speed is faster and faster.
        Chris Dixon: what is more interesting is that not only these early developers or users can enjoy the dividends of the network, they are also the regulators and maintainers of the early network. Sometimes I feel helpless when I read some articles. Because people have been saying that Facebook's election manipulation is really hateful. On the other hand, they say that blockchain is the worst thing that has happened in Silicon Valley. They don't even realize that the significance of the whole decentralization movement and cryptocurrency that we have been talking about now is to smooth out the grievances in the network like Facebook. This is the core point of the blockchain wave.
        Fred ehrsam: it's true in economy, politics and many other aspects. I think it's interesting to have a perspective on blockchain & mdash& mdash; In the real world, we rarely have the opportunity to try different methods in the economic and political fields to explore the best organizational structure and obtain better results. There are few new regimes or new banking institutions in the world every day, right? This is a relatively small probability. But you can think of each token as a new decentralized small bank or a small government.
        Now there may be thousands of toekn in the world, so in essence, we have created a new platform on which you can try various commercial management systems or economic systems. This is a new innovation path. Fred ehrsam: Yes. Maybe many people don't know much about tezos. Tezos is a new blockchain platform, very similar to Ethereum. You can run smart contracts on it, but the only difference is that tezos maintains a self-healing ledger. In other words, the future development direction of tezos, how to design and formulate its protocols, is a unified move forward under the consensus of the community.
        What tezos looks like is entirely up to the community
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