Never Bet Against Innovation

Speaker's Initial Skepticism

• Anecdote about being skeptical of the internet in college.
  • Friend using Telnet to send an electronic message.
  • Initial reaction: Internet is a waste of time.
• By senior year, internet became useful for research, reducing the need for trips to the library.

Professional Experience with Innovation

• Mid-90s: Wall Street experience.
• Morgan Stanley's prediction about watching movies on PCs dismissed by peers.
  • Cost and technical constraints made the idea seem impractical.

Evolution of the Internet

• Example of web 2 advancements: communication via WhatsApp, Instagram, Reddit.
• Fast, cheap communication compared to early internet days.

Introduction to Web 3

• Spent last five years as an operator, builder, and creator focused on Web 3.
• Definition: Internet of value built on a network of blockchains.
  • Any asset can be issued, owned, and transferred easily.

Proliferation of Tokenization

• Tokenization: Digitizing the right of ownership on a decentralized blockchain.
  • Creates a unified standard to represent various assets on one rail.
• Prediction: Hyper tokenization in 5-10 years.
  • Any asset with income or cash flow will be tokenized.
  • Current system is siloed and full of intermediaries.

Examples of Siloed Markets

• Trading stocks: Multiple intermediaries and platforms involved.
  • Takes two days to settle a trade on NYSE.
• Buying tickets: Different platforms like Ticketmaster and StubHub.
  • Friction and complications in the supply chain.

Impact of Hyper Tokenization

• Innovators will create new value and ways to distribute it.
• Example: Brave browser blocks internet usage tracking and allows users to monetize their data.

Benefits for Creators and Users

• Company: Audios (like Spotify for Web 3).
  • Users buy audio tokens to engage with artists.
  • Greater revenue share for artists compared to traditional platforms.

Benefits for Businesses

• Blockchains like Avalanche offer instant finality.
  • Instant settlement and payment at the point of sale.
  • Unlocking trapped capital increases velocity of money and economic growth.
  • Current examples: NYSE takes two days, SWIFT network takes five days, credit card payments take 30 days for merchants.

Practical Example of Web 3 Interaction

• Using basic attention tokens from Brave to purchase audio tokens for Audios.
• Creating economic value through Web 3 transactions.

Conclusion

• Encouragement to bet on innovation and build the internet of value.