The blockchain a dream to wake up? No, they still think the world of gratitude

This article from the author: Babbitt, Erik Torenberg, Balaji Srinivasan, Naval Ravikant, and the translator: Hi, the daily planet authorized forwarding.

The translator in a special “Venture Stories” in the dialogue, Village Global co-founder Erik Torenberg interviewed both from the block chain world heavyweight guests, a Coinbase chief technology officer Balaji Srinivasan, another is AngelList CEO and co-founder of Naval Ravikant, and their conversation the content does not seem to be affected by the recent password money market slump.

 The blockchain a dream to wake up? No, they still think the world of gratitude

(photo: pexels.com)

Question 1: please use simple language to explain to me what is the blockchain?

Naval:

The human species is a kind of network, we will always work in teams, we are like ants or bees, will work to do some interesting things.

Let the human is out of the ordinary, we can collaborate over genetic boundaries, we can only do this one species;

We will set up a network, and they must be managed (or, we must find a way to organize them);

Historically, we have through the creation of a king, President of the state, and the company to achieve this goal;

But no matter who is in the center of the network, they will eventually become very strong;

The network is very important, is the power of a network, the telephone system is a network, money is a network, you love the religion is a network.

In the past 100 years, we have created a new way of organization of these networks: through the market, the market is a way to organize the network, in which there is no single ruler.

The block chain, is the market based on the network into digital system mode.

Among them, bitcoin is the most famous, with bitcoin, we can say that the money is too important, it cannot be controlled by any central entity. So we have to do, is through the block chain network based on it, we will use digital rules to ensure that, even if no one is responsible for it, no one can cheat, no one can be the same amount of money to spend two.

Ethernet square is another, this is a run without trust in financial contract network.

The block chain technology and what possibilities?

(1) control of power network;

(2) solar energy network, everyone can put solar panels on their house, and use the corresponding digital currency transactions;

(3) you can even build a social network, which is not like Mark Zuckerberg or Jack Dorsey’s “king”;

(4) but the most important point is that when people with scarce resources, the network can operate;

The Internet is a kind of democratic forces. Everything is supposed to be equal, we will have a website, and no one will be responsible for it. But now, we encounter new lords, they are Google, Facebook, Twitter and amazon.

The block chain provides us with a system that can break the pattern.

The problem is, block chain technology, starting from the most simple, but also the most difficult place to start, namely money.

Bitcoin is trying to replace the gold, even at a certain point, it will replace the goal is money.

If you can do this, then you can replace any network ruler. If you can run such a money network in the absence of any single entity under the control, and everyone is trying to steal money from, so in theory, you can realize that any network becomes to the center.

Question 2: Excuse me, Naval and Balaji, how did you enter this industry password money?

Balaji:

I originally founded Counsyl, then the price of more than $400 million to sell it off, I encountered a lot of regulatory problems, and then I began to realize, wow, a lot of rules 70, 80 years ago, in fact, is not compatible in the modern world, they really hindered the progress, this is not only in biology technical field, also involved in all walks of life, the old rules hinder innovation, and the financial industry especially.

Naval:

I don’t have any big plans, I just Hacker News read an article written by Paul Boehm on the Byzantine Generals problem. In order to figure out how in the case of no center rulers set up a network, which is the basis of computer science problems must be solved. His article explains bitcoin how to solve this problem, when I read this, I can’t think of anything else, I suddenly realized that this is a way to get rid of the center of technology monopoly, it is a way to get rid of the money intermediary and inflation…… I can’t go to any other things.

It’s hard for you to find some in the technology at the same time, in the society are very interesting things, plus it can let you become rich. So, this combination is very addictive.

Question 3: stand on bitcoin and block chain

Today, bitcoin blockchain and position, can be broadly classified as 4 types. They are:

(1) inverse bitcoin, anti block chain (most popular);

(2) support block chain, inverse bitcoin (bank);

(3) supports bitcoin blockchain (anti bitcoin extremists);

(4) supports bitcoin blockchain support

While Naval and Balaji belong to the class (4).

Ask 4: about the money and the history of the Internet, you can use them to predict the future currency bitcoin and password?

Balaji:

“Money and the history of the Internet can be used as a reference, but also should be used only as a reference, and is not as hard to predict.”

Naval:

“I agree with this point, no one knows what will happen here, nobody knows how things will unfold. And today, we will send the money as a store of value and medium of exchange media, a unit of account, but in fact, today 99.9% of the world’s people are not in the currency with a password. It is still a niche game.”

Question 5: we will use password money to do what?

Naval describes what we can do is cool thing, for example:

  • Password money is very suitable for micro transactions.

  • The password is also suitable for very large currency transactions, such as you to send someone 1 billion dollars, this money through a password that is easy to implement, and the cost is low.

  • But the password money for everyday transactions people, is chicken ribs, such as using it to buy Starbucks coffee is not very practical, you need to understand that this area has a lot of options, such as credit card, cash, Square, Apple Pay and so on, and the password money is not competitive in this respect. But in the field of micro volume and large financial transactions, password monetary competitors are not much.

Naval:

If bitcoin goal is to replace gold, and the gold market capitalization of $7 trillion, so even replace gold, bitcoin will achieve great success. Gold is not easy to be cut, it is not easy to be verified, you can’t get them freely in your pocket, you can through the Internet to send them, and the difference of bitcoin and gold is that it is retroactive, and more easily through the Internet by remote stealing. Gold is a Lindy effect (which means that if the duration of something more, then they are more likely to continue in the future more long time), it has been around for a long time, and bitcoin from birth to now, but only a short period of 10 years.

Question 6: what is the password money application make you feel excited?

Naval:

1 routing, bandwidth measurement;

2, micro transactions, it is unable to solve the traditional currency;

3, as the ultimate storage medium large sums of money;

4, automatic driving cars between each auction, to obtain the right lane; (you can imagine a car to another car to convey information: “I hope the red light turns green now, for this goal, I am willing to pay X dollars)

Question 7: more distributed society will be what kind of?

Naval:

This will be an evolutionary process, like the Internet economy and currency code. You have to describe it, observe it, develop it, and try to keep up with it, rather than trying to top-down said “how it should operate, this is the vision.” we are trying to achieve this.

Balaji:

The password currency would lead to “instant”, what does it mean? It is like you click the button, you can complete a task, then you can get paid, and all this is done through the Internet, and app ‘anti Award “are very similar, but the password is money.

Password currency also spawned billions of investors, you can invest $1, you can also invest $1000, there is no threshold. It may also produce new ways of financing, you only need to click the button, you can invest in sb or sth.

Question 8: when there are more people become crypto currency investors, society will be what kind of?

Naval:

In the short term, there is almost like a giant casino.

Smart contracts will allow us to do some cool things, for our children, they want to create a company, may only need to click the button, a series of smart contracts will start, then the company will be created. They will drag the employee who is, who is an investor, and who owe money. You will be able to run such a completely distributed, virtual, traceable, without the trust of the company, and does not need a lawyer or judge.

Balaji:

When we can put more and more things belonging to the company, incorporated into the intelligent contract system, the liquidity of the company will be stronger, the sale and transfer of ownership will become easier.

You know, now the sale of a company is more difficult, this is different from selling cars. You can’t just run off in the company after a sold out…… This is a long process of transfer.”

What is the question of 9: Coinbase’s vision?

Balaji:

1, soon, Coinbase will integrate Earn; (Note: the original Balaji company, was Coinbase at a price of about $120 million acquisition)

2, so you can buy or sell currency except in the Coinbase password, you can also earn income by Earn;

3, there are some cool projects, but it is not convenient to disclose;

The overall vision of 4 and Coinbase is the financial system to set up an open, you can imagine Linux and Windows compared to the meaning of our today’s financial system is very closed.

Question 10: about the blockchain identity, you think?

Naval:

“In a very high level, you can block your wealth and chain world in anonymous connection, this is impossible in the real world. In the blockchain world, you can have your identity and control in fact. Today, our identity is the choice of government ownership, credit card companies, Experian (just hacked) or Facebook (will sell your identity, each click on an ad, they have 10 cents).”

Balaji:

“I think that in 20-30 years, the real Name information on the Internet will become a lot of low frequency. This is similar with the social security code.”

Question 11: how to block chain and other emerging technologies (VR) cross?

Naval:

The Internet will have their own original money, do you think 100 years later, on the Internet, people will still use the dollar? The answer is no.!

A true native VR ecosystem, will need to use their native programmable electronic currency, which will need about 10-20 years.

Question 12: in the long run, who will be the winner of money password?

Balaji:

“The world would be the winner, people will be more easily, more easily raise funds, the transaction will not need transaction fees, etc..”

Naval:

“Any middleman will be hurt, and any man in the middle is blocked, will benefit from.”

Question 13: the last question, if you want to change the world, what is your idea?

Balaji:

“In the case of Facebook, if you add a password for its currency, it will become a virtual economy, and then add VR, it will become a real virtual economy, I believe that such a social network, you might be 1-20.”

Naval:

“The computer will become very cheap, the tablet computer is. Now, we provide the modern library on the internet. I want to see the tablet computer dropped to the scene of developing countries. All textbooks, all courses, and all the learning materials are able to be put into the. The tablet computer through some simple software to find out the language you say, you are the level of education, and automatically according to the corresponding level began to teach you. We can be more economical than today to give the world to bring more knowledge.”

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