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" The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program. "
Fred Ehrsam
Important
Ability
Money
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" When the actual Bitcoin network launched in 2009, no one knew about it, and many of those who did thought it would surely fail. Just to make sure the thing worked, the scripting language in Bitcoin was intentionally extremely restrictive. "
Fred Ehrsam
Language
Fail
Just
" Redistributing tokens is a balancing act. In most cases, forks probably want to keep ownership for users constant so users have at least the same incentives to use the new fork as the historical one. "
Fred Ehrsam
New
Same
Want
" I think it's fundamentally a good sign that more and more professional traders and market makers are providing liquidity to the whole ecosystem. It allows people to move much larger quantities of digital currency more quickly than they would if that were not the case. "
Fred Ehrsam
Professional
Think
People
" At the end of the day, what's going to make bitcoin successful is more people making more interesting things, just like the beginning of the Internet. "
Fred Ehrsam
People
Beginning
Day
" As with early internet startups, some token models don't make sense. For every 1 huge hit, there will be 3 minor successes and 100 failures, so we shouldn't be surprised when some fail. "
Fred Ehrsam
Early
Will
Some
" OpenAI is doing important work by releasing tools which promote AI to be developed in the open. Compute power is largely produced by NVIDIA and Intel and still relatively expensive but openly purchasable. Blockchains may be the key final ingredient by providing massive pools of open training data. "
Fred Ehrsam
Work
Data
Doing
" Sales conducted on-chain through smart contracts couldn't really be done before Ethereum, which is why they are a newer concept. I think this style will become the most common over time. "
Fred Ehrsam
Think
Done
Sales
" Private funding was one of the first methods used when MIT funded Bitcoin core developers Gavin Andresen, Wladimir van der Laan, and Cory Fields in 2015. "
Fred Ehrsam
First
Core
Fields
" We are on our way to blockchains as the fabric of society - the system for what we own (assets), who we are (identity), how we make decisions (governance), and more in an increasingly digital world. It's going to be a wild ride. "
Fred Ehrsam
Wild
Society
Identity
" For the foreseeable future, I'm all about building blockchain-based decentralized services. "
Fred Ehrsam
About
Building
Decentralized
" The Internet had a core innovation that made it valuable: The ability to disseminate data over a distributed network in a way that was significantly cheaper than the prior methods. "
Fred Ehrsam
Data
Over
Internet
" I'd guess blockchains will be the full-blown backbone of virtual worlds - the system for currency, assets, identity, even governance - before doing the same in the 'real world.' Which is where I think we will end up in the real world eventually; it's just a matter of which goes first and how long until it's the case for both. "
Fred Ehrsam
End
Identity
Doing
" Forks often arise from differences of opinion in the direction of a project. And tokens are increasingly a mechanism for voting on changes to their protocols. Since the point of a fork is to try a new path, the new fork may not want to port all of the prior holders opposed to trying the new path the fork was created to take. "
Fred Ehrsam
Direction
Voting
Path
" Tokens align incentives between developers, contributors, users, and investors. They allow everyone who wants to contribute to a project early the opportunity to get in on the ground floor. "
Fred Ehrsam
Early
Everyone
Project
" If you are going to store your e-wallet on your own server, don't keep your e-wallet on your desktop, and make sure you use encryption. If you lose your computer, your bitcoins are lost forever. "
Fred Ehrsam
Going
Forever
Lose
" I think the whole narrative of blockchain without bitcoin will amount to very little. "
Fred Ehrsam
Very
Think
Blockchain
" When you drill down, blockchains are really a shared version of reality everyone agrees on. So whether it's a fully immersive VR experience, augmented reality, or even Bitcoin or Ethereum in the physical world as a shared ledger for our 'real world,' we'll increasingly trust blockchains as our basis for reality. "
Fred Ehrsam
Experience
Trust
World
" Bitcoin has a core technological innovation: The ability to publicly verify ownership, instantly transfer that ownership, and do so without the need for a trusted third party. "
Fred Ehrsam
Need
Ownership
Party
" When Coinbase was starting, we thought we were seeing the birth of something that was really important - what I would almost describe as the future fabric of society - the system for who we are - our identities, what we own, our assets. "
Fred Ehrsam
Important
Own
Thought
" Blockchains are digital organisms. As organisms evolve through changes in their DNA, blockchain protocols evolve through changes in their code. And like biological organisms, the most adaptive blockchains will be the ones that survive and thrive. "
Fred Ehrsam
Survive
Changes
Blockchain
" Just like mutations to DNA in biological organisms allow for evolution through natural selection, forking lets us run multiple experiments in parallel where the strongest versions survive. "
Fred Ehrsam
Run
Survive
DNA
" Working on a token is similar to working on a startup: higher risk and lower initial impact but higher upside potential. How core protocol work is best funded beyond the initial Ethereum Foundation endowment is an open question, but likely further out. "
Fred Ehrsam
Work
Risk
Impact
" Working on Ethereum could be similar to working at a Google: lower risk with broad impact right away. Working on a token is similar to working on a startup: higher risk and lower initial impact but higher upside potential. "
Fred Ehrsam
Google
Impact
Risk
" Not having sub-governance would be like anyone who owns USD being able to walk into a Google shareholder meeting and voting without owning Google stock just because Google shares happen to be denominated in USD. "
Fred Ehrsam
Just Because
Walk
Voting
" Bitcoin is inherently international, and one of its great promises is it enables cross-border payments in a more efficient way. "
Fred Ehrsam
Bitcoin
Way
More
" Ethereum may make monetary policy decisions like, 'Let's do 1% inflation to support the ongoing development of the Ethereum protocol.' A token built on Ethereum might want to do the same. "
Fred Ehrsam
Development
Decisions
Support
" Make no mistake - Ethereum would never have existed without Bitcoin as a forerunner. That said, I think Ethereum is ahead of Bitcoin in many ways and represents the bleeding edge of digital currency. "
Fred Ehrsam
Think
Edge
Ahead
" The self-driving car revolution was kicked off by The 'DARPA' Grand Challenge to make an autonomous car traverse 132 mi. of a desert. "
Fred Ehrsam
Revolution
Car
Off
" Developer mindshare is the most important thing to have in digital currency. "
Fred Ehrsam
Currency
Most
Important
" The fundamentals of the token model are valuable and powerful. They allow communities to govern themselves, their economics, and rally a community in powerful ways that will allow open systems to flourish in a way that was previously impossible. "
Fred Ehrsam
Impossible
Powerful
Way