Running a startup is like running in a maze.

For eg: You're creating a social app and then realise no one likes this and then you're going to try different things.

Then every once in a while a new part of the maze just kind of opens up.

Blockchain is a very rich new modern maze.

There are very few people running around that maze right now.

Pros: Computers can make commitments.

What's exciting is that there's just a ton of cool projects problems to solve here and there's a lot of opportunity for improvement

You're gonna see many kinds of improvements in the next years in all sorts of dimensions.

The most interesting part is DAO it's an organization that is owned by the token holders.

This is the way that 10 years from now a social network should be instead of having an opaque mysterious product management group at one of these large companies.

The community that uses that network should decide.

There should be a vote on Twitter or Facebook as to what are the rules or who are the people that represent the rules.

And what are the rules around the privacy of the data what are your what are your protections as a user?

The click-through agreements, no one reads that's in theory how you're protected on those networks it's a preposterous system

The right way to do it is to let users control the data to have encryption to have proper governance built-in.

Also, the right way to do it is to let the users own a piece of the network, why shouldn't the early Uber and Lyft drivers have been rewarded along with the entrepreneurs and employees and founders and everything else as part of that network.

In decentralization:
“don't be evil” becomes “can't be evil”

You don't have to understand each level to do stuff in the space.

In the next couple of years, you'll be able to build applications on top of these systems without understanding all the stuff.

The way crypto is today like you want to build a killer app unfortunately today you got to understand nodes, defense mechanism all this other stuff that won't always
be true.

We're like couple years away from the point at which where all you had to know was how to write some swift code and how to use the abstractions that apple provided in ios.

And that's it and you can just focus on what you're good at which is business logic or application logic.

That'll be a very important point when these two things kind of divide and people can just think about kind of the layer that they're good at.

There will be the infrastructure folks who will do the infrastructure but then there'll be people building just applications.

People talk about how these systems are too slow, they don't scale and the user experience is bad. But if you've lived through different computing cycles you remember that like the early iPhone in 2007 and for two years its connectivity was so bad, it was hard to type.

It took it usually takes once you have the right killer platform, three to five years for application-level entrepreneurs to fully explore the design space and figure out what is the best thing to do with it.

A lot of smart people are trying a lot of things, this is the reality

"We're really early for like having like a winner yet, we don't know where the winner is."

That’s it for today, thank you for reading.