CRYPTOCURRENCY + THE TOKEN ECONOMY

Global digital currencies, tokenization and cryptoassets. Where is the economy headed with Bitcoin, Ethereum, security tokens, and utility tokens?

041. Data privacy breaches by centralized social networks, what’s the alternative?

Minds is a decentralized social network, that uses open source blockchain technology and is powered by crypto where you earn tokens for your contributions.

037. Tokenizing Securities in Art with Richard McBeath

Masterworks is tokenizing artworks on a blockchain. So, if you’ve ever dreamed of owning a piece of history, a famous work of art or a painting by a worldwide renowned artist, then you can.

017. Making Markets Truly Global with eToro Founder and CEO Yoni Assia

“The blockchain technology, in its basis, the ability to transfer native digital assets from one place to another in an extremely easy way, enables the world, the capital markets, to truly become global.”

When Yoni Assia, Founder and CEO of eToro found out about Bitcoin, he realized that it was going to change how financial services work and effectively, change the world economy. His love of financial markets and technology have always been intertwined, and when he learned about Bitcoin and blockchain technology, he found a way to bring those two passions together in one platform, called eToro where social media meets online trading.

Yoni realized that we all have to need to connect. Before the days of the internet the way people connected with each other came from our nationality or culture and where we were born, but the internet has no political boundaries, and communities are formed over the internet based on common interests.

Now with blockchain technology, like-minded individuals are able to connect in new ways, in a truly global economy.

Yoni thinks that the jury is still out as to whether or not Bitcoin will be used as a medium of exchange. And he said it remains to be seen if it will be like digital gold or silver or copper. But says it has the kind of brand awareness of Coca-cola, McDonald’s or Google!

And we discuss how people can now start to connect economically and create communities through a value system of shared ideas. Some are Bitcoin Maximalists. Some hodl Ethereum and support smart contracts and it’s Turing completeness.

Yoni talks about his passion project, The Good Dollar involving Universal Basic Income on top of crypto, helping the billions of unbanked join the global economy. His vision involves distributing wealth on a blockchain.

When we forecast into the future, Yoni believes that the blockchain revolution is as big as the internet and potentially as big as electricity as an innovation.

He says, “Most assets will be registered on global blockchains and people will be able to transfer ownership in both physical and digital assets electronically.” But, when will this happen and how is a much bigger question and the answer is — slower than innovative blockchain front-runners had been hoping for.

A great example he uses to help to put things into perspective is about VOIP. All communication is done through Voice Over Internet Protocol now. It seemed inevitable. But, he explains that Skype has not become the largest telephone company in the world. Why not? Because there were big, powerful companies with a lot of money and a lot at stake who were able to use the technology for their benefit. And Yoni believes the same will be true of the technology and innovations we’re seeing now.

He anticipates national blockchains connected to our digital IDs and that there will be some governance around how citizens are required to use their national blockchains.

As the information age is expanding and billions of people are becoming connected to an economy, that economy is becoming more global and less political, although how much less political remains to be seen.

014. Factom on the Bitcoin Blockchain Making Businesses Better with Paul Snow

“This is a technology (Bitcoin blockchain tech) that is going to make the world a better place. I do have a world view that making the world a better place is something to live for.” ~Paul Snow

Paul Snow, didn’t imagine that his part in making the world a better place would begin with inadvertently funding his retirement! But back in 2011, when Paul invested in Bitcoin, that’s what he did.

With a Master’s degree in Computer Science and Electrical Engineering from Texas A+M University, he heard about Bitcoin, believed in the technology and personally invested in it.

Two years later, he sat down with his wife and shared the good news — that they’re retirement was paid for! Imagine!

Then what?

Then his journey into the technology behind bitcoin really began.

Paul founded Factom, a protocol layer over the Bitcoin Blockchain. He organized and chairs the annual Texas Bitcoin Conference which he also co-founded.  And he promotes making the world a better place through decentralization and blockchain technology.

I had the opportunity to meet Paul in person in New York City this past May and I will tell you, he’s one of the rock stars of the crypto world. I share a quick story of running into one of his fans.

Paul and I talk about the three things that a blockchain is great for, we get into the history of land titling in the United States and how Factom may be helping with land title registration in Honduras, and we get into other use cases with some amazing stories and brilliant analogies.

As a newbie to the blockchain ecosystem, I tend to hang onto every word as I hear some new terms I maybe haven’t heard before, or a clearer explanation as to how blockchain operates and what it’s potential is.

Paul really dives deep into not only what Factom is capable of, but also what blockchain can do in a theoretical capacity.

Wait till he starts talking about the Tsunami on its way! He’s got some big ideas about where our economy may be headed.

Some of the highlights from our conversation include:

Three things that a blockchain give you:

  • Immutable Record
  • Time stamp so that it cannot be changed or modified
  • Messaging component, so others are notified (therefore transparency) actions are open

Paul talks about blockchain tech enabling traction with business process that have to do with anything litigious, since legal processes are incredibly time consuming, like arguing about a timeline. With blockchain there will be a record with an unchangeable timestamp, so there all of that time will be eliminated.

He explains that blockchain tech is great for foreclosure management and loan origination, auditing of data.

Fully implemented, blockchain processes will be nearly instantaneous.

Paul goes into detail about land ownership and the 21 Characteristics of Property as he has read about in reference to Hernando do Soto’s book.Hernando do Soto, Peruvian Economist

Book — The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (2000)

https://en.wikipedia.org/wiki/Hernando_de_Soto_Polar

He goes into the history of land titling in the US and how it got started and where things got tricky. And, he explains how property rights differ in developing countries and how blockchain can help toward more secure land titles, an easier process, and greater wealth.

Paul also goes into the difference between Bitcoin and paper money/fiat currency/USD and how these two forms of currency are very very different, and what that looks like, using the example of how North Korea is utilizing each.

Now for the Tsunami analogy, banks failing, and talk of a recession recovery based off of crypto and the strong crypto companies of today.

Lastly, he shares with us, his views on narrowing the income gap, distributing value and says:

“the only distributed financial autonomous world is the crypto world”.

Paul Snow

Factom

https://www.factom.com/