Embarrassing Experience #1: Accidental Interview with a Fortune 500 CEO
During Consensus 2023, I found myself interviewing Franklin Templeton CEO Jenny Jones on CoinDesk TV. I was surprised to learn that they were active in cryptocurrency, and even more surprised when Jones called bitcoin a “distraction” from blockchain. I disagreed because bitcoin allows for global transactions with minimal information exchange.
Embarrassing Experience #2: Airport Security
After a night of partying at Consensus, I found myself at the airport without my ID. I had left it with a bartender as security for playing darts. Panicked about missing my flight, I wondered if there was a way to go through airport security without proving my identity, similar to decentralized cross-chain transactions.
Minimal Information Transactions
I realized that decentralized cross-chain connectors like Axelar don’t require identity verification. I wondered if there was a way to apply this concept to airport security. To my surprise, two TSA officers reviewed the contents of my wallet and subjected my bags to thorough testing. It was a lot like transacting over a public blockchain where honest authentication is enforced by economic incentives.
The Role of Bitcoin
Bitcoin allows for online transactions without relying on a bank. With Ethereum and other networks, we can even send any payload in a decentralized manner. This is not because of the underlying technology of blockchain, but because of the incentives provided by assets like BTC, ETH, and AXL. However, transacting on the decentralized web can be cumbersome and distracting.
Why Opt for Decentralized Transactions?
Despite the distractions and challenges, there are clear use cases for decentralized transactions. From repressive regimes to situations where minimal information exchange is desired, decentralized transactions offer valuable solutions. While the hype may have surpassed some use cases, it’s worth working on the ability to transact with minimal information for the long term.
Hot Take
The embarrassing experiences at Consensus 2023 made me reflect on the importance of transacting with minimal information in the blockchain industry. While there are challenges and distractions, decentralized transactions have clear use cases and offer valuable solutions. It’s an area worth exploring and developing for the future.
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