Charles Hoskinson, a co-founder of ethereum, reveals the frustrations that he had with the original blockchain and how this led to the creation of the crypto worth over $20 billion in market cap. This clip is excerpted from a video published on Real Vision on December 11, 2017.
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Crypto’s Future Applications (w/ Charles Hoskinson)
Transcript:
For the full transcript visit:
CHARLES HOSKINSON: If you look at how natural gas or oil or gold or any commodity is
treated in the Western world, these are very competitive, reasonable markets, and people have
an expectation that there should be a fair value for what they’re extracting. And that’s somewhat
predictable.
But if you go to the developing world, where they don’t have the expertise, the credibility, the
infrastructure, and other such things to actually develop their resources– for example, Guinea,
with its bauxite, has nearly a third of the world’s supply of bauxite, what they end up having to do
is go to China or to Rio Tinto or these other firms and make very predatory deals, where they get
pennies on the dollar for these natural resources. And they accept bribes or they accept some
infrastructure play, but at the end of the day, they’re literally selling something that could be worth
$100 for $1 or less.
So what if you could actually tokenize the development of natural resources? So you say
something like, OK, we’re going to survey this field for oil, or we’re going to survey this field for
bauxite or for diamonds, and then we’re going to tokenize the entire production. And each token
represents some ownership stake of that.
Now, this kind of a way of going about things is not completely new. It’s been proposed before.
But now, because of all these tools and cool things that we’re getting in the cryptocurrency space,
it gives us many more levers that we can pull to prevent corruption and to prevent theft or other
such things from occurring, or cut off the flow of capital in the event that an agency failure occurs,
even on the government side, perhaps. So this will allow smaller jurisdictions that really do want
to compete on the global markets to actually get a fair price for their resources, which in turn they
can use to reinvest in the community.
As a corollary to that, if you look at infrastructure– for example, energy, water, all of these types
of things– we’re moving from a centralized model to a more decentralized model. You know, it
wasn’t too long ago that Tesla announced the solar roof, and then before that the power wall. But
basically, what they’re doing is proposing a decentralized grid.
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