Even with the recent crash, Jordan Fried outlines why it's still relevant
| | | Jordan Fried is a blockchain evangelist and crypto-capitalist. He’s currently the Chairman and CEO of Immutable Holdings, “The Blockchain Holding Company.” He owns and operates NFT.com, launched HBAR as a founding member of Hedera Hashgraph, co-founded Buffered VPN, a trusted personal VPN services now acquired, and is an angel investor in companies like Buffer.com, Clearview.ai, Hive. | | | |
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| | | But I wanted more. His ambition at 12 years old led to him launching the largest secondary market of Runescape Gold Points, a digital currency, from Runescape, a popular multiplayer role-playing game at the time. It was quite successful and at 12, he made $35,000 in the venture and probably could have made more but the it was shut down by litigation because he was not the intellectual property owner of either. It was his first and last run in with the law. | |
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| | | His first introduction to Bitcoin: A decade later he launched his second entrepreneurial venture with Buffered VPN just as Edward Snowden made it popular for people to want more privacy in their online activities. His first Bitcoin was not purchased by him but rather a form of payment he accepted for access to his product. He was open to customer requests. So he really fell into Bitcoin by accident, "Serendipity!" he says. | |
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| | | Cryptocurrency and the blockchain have the ability to create "smart" contracts: "What a smart contract will do is enable two people on the opposite side of the planet who do not know each other and do not trust each other to swap a random arbitrary asset...to swap two things." Since the blockchain is an open ledger to all parties, it becomes a record of ownership that is recognized by all. So for transactions involving intermediaries to validate ownership, using the blockchain would remove the need for these intermediaries. Imagine a real estate deal occurring solely between the buyer and the seller without anything in between such as escrow. It would be very disruptive to current practices. | |
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| | | Jordan Fried spoke well before the current cryptocurrency crash and while he did give some tips on how to approach investing in this market, there were several coins that plummeted unexpectedly that no one in the space predicted. He talked about how regulation is needed before cryptocurrency can move mainstream. To him, it is the underlying technology that is revolutionary and will still be something everyone needs to come to understand. To learn more, download my notes from his talk. Next week we will move on to how NFTs or non-fungible tokens will be important to business. | |
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