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Institutions have always been the crypto undercurrent
“I don't really agree with the C-shift. I mean, I think that it's more kind of a growing awareness, more than a shift. The people that are trading this for size are really big firms. These are institutions by every definition of the word. And so if I agreed with the premise, what I would say is that the children grew up and became really valuable. But I think that it's always been the undercurrent from the beginning.”
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Finance back-ends fail to match modern front-ends
“I sometimes say this is like we're the last industry where when I click the button in my phone, it doesn't actually happen. I think about every other thing in the past decade that has completely changed around, the phone in my pocket gets somehow financed still. And that's true whether you're trading, you're moving money, like the front end of everything has moved unbelievably fast, but the back end hasn't budged an inch.”
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Systemic latency acts as a tax on humanity
“When you like zoom out, it's almost mind blowing how much capital sits in the system to just kind of hedge these risks. And I always think about the latency of the system and the capital that sits there as being a tax on humanity. It's not really accretive to anybody. There isn't anyone like absolutely printing money because of these latencies. Like generally, if you're one of these intermediaries, it's your balance sheet that you're putting up front to kind of help facilitate this.”
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Tokenomics solve network cold start adoption problems
“The tokenomics are really interesting because you have these cold start problems in any network. Creating a financial layer of first mover advantages where technologically there are only disadvantages, I think is something that you really have to embrace. And it was something that we did quite thoughtfully as part of the Canton Network. It was just tech for a long time to make sure we really ironed out, can the tech meet the actual requirements of the users?”
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Public singleton blockchains are too vertically constrained
“For me, what I find so compelling about all these public networks, to be spicy, the tech is often really quite poor. I mean, maybe not the actual implementation, but the design, we're going to be the network for the world, but we're one singleton, vertically constrained system. It's just kind of very naive.”