LinksJoe TwitterWebShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesIntroduction ⁃ Joe co-founded Ethereum and ConsenSys ⁃ Worked in robotics, machine vision, AI. Moved into the financial space and became depressed by that, the economy and geopolitics. Saw centralised systems as bankrupt politically and financially ⁃ Read the Bitcoin whitepaper in 2011. Met Vitalik in Toronto in 2014 and read the Ethereum whitepaper that night and it became clear it was the way to build a system better, faster and more expressive than on Bitcoin ⁃ Web3 vision resource: polynya.medium.com also /u/liberosist on Reddit ⁃ Vitalik did a great job of setting an intellectually honest tone of integrity along with the power of the ideas held them together vs differing opinionsMetamask ⁃ Metamask has a decentralised future ahead of it (Token confirmed?!) ⁃ Metamask is already an ecosystem and it will be more explicitly an ecosystemNFTs ⁃ Astonishing to see how many people are affected by the NFT phenomenon. Major crossing of the chasm – use of the technology without a real understanding of the underlying ⁃ Cobie: It converted a lot more people but it’s also there is huge hostility to NFTs starting with the climate narrative ⁃ Joe: People with entrenched or vested interest trying to slow things down. Can’t worry too much about naysayers, try to stay patient and educate ⁃ Ethereum and others have a solution for the energetically expensive PoW. Bitcoin energy burning is almost a religion but with renewable energy they may be able to stay the courseInstitutions and CBDCs ⁃ Multiyear agreements with financial institutions to enable Ethereum technology ⁃ NFT pipeline is also really big for projects right now ⁃ Regulation and liquidity along with matured technology the movement will be unstoppable ⁃ Nation state money is declining, looks like the end of a 80 year debt supercycle moving into a new era ⁃ Cobie: Governments have realised this, spinning up CBDCs per country. Not sure what they mean by it but they’ve accepted using these systems as the future ⁃ Joe: Depends on the country, China CBDC won’t be very decentralised. CBDCs will take a long time to figure out, don’t want to mess with systems billions rely on. ConsenSys have worked on multiple CBDC projects ⁃ Real time economy would shrink the duration between value creation events and be a growth driver for the economyMultichain ⁃ Seen a multichain future for a long time ⁃ Security is dominated by BTC and ETH. More projects are focused on Execution ⁃ Alt L1s are more like competitors to Ethereum L2s ⁃ Solana are spending a huge about for security, fees are an order of magnitude less than what they’re paying. May look to ETH rollups in future for a solution ⁃ Ethereum has a massively unfair advantage with the size and speed of the development of the ecosystem ⁃ Cobie: How does Ethereum retain the ability to make changes while people become more reliant on it? ⁃ Joe: Not a new problem, Vitalik and others have spoken about simplifying the lower layers. Need to continue to improve the chain and sharding. Can see Palm as an ETH L2, Gnosis as a L2 and L3Memes & New Economy ⁃ Everything is a meme now ⁃ Budweiser tweeting gm and wagmi ⁃ Moving from a previous economy which is very physical to an economy that is essentially all about creativity and living in virtual worlds ⁃ Things are going to get wacky and interesting in a creativity economyMEV ⁃ Didn’t specifically think of MEV back in the day but recognised fee mechanisms would have sophistication come to it ⁃ Wallet Extractable Value is also being paid attention to ⁃ Continually evolving set of systems designed to make communities, users and organisations happy with given choices. End up paying the users of the system out of the MEVIdentity ⁃ Wallet is your digital authority ⁃ MetaMask moving towards enabling i