I was thinking I should probably state publicly why I’m working on A+
TLDR; we make compromises so we can make progress
0/15 🧵:
1/10) had been helping out Sam with his minorly ambitious mission to “fix security” at @_SEAL_Org. After that I wanted to work on something equally important and that’s when I began to pay attention to our growing dependence on centralised stablecoins
2/10) It seemed to me that Ethereum is kind of useless if the main asset people actually use is permissioned such that it might as well run on AWS. (No shade, great product. I use it).
3/10) True pioneers like @ameensol had tried valiantly to solve the problem with Rai but capital inefficiency and the market seemed to prevent scale. “Revealed preferences” as he told me.
4/10) Obviously DAI was the OG and much respect to @RuneKek who with Rain, @delete_shitcoin and his team was just so determined and unstoppable he succeeded despite insane challenges and continues to do so @SkyEcosystem
5) A+ is a comprise in the short term but a pragmatic solution to decentralisation in the long run.
6) I’ve decided in life I want to work on long term things with compounding relationships and that create what I think of as “cracks in the universe”. Like little breaks with reality that can change the trajectory of the world.
7) When I hire mega talented people I try to convince them of this: your application to solving this problem can change its destiny. You have a lot of agency, and responsibility.
8) The idea at A+ is to make every bank into a Coinbase/circle aka stablecoin issuer and on-ramp.This then creates the context where a black list and god mode or 3rd party freeze isn’t feasible, bc obviously one bank can’t remote control another banks money, that ain’t gonna fly.
10) The reason it’s worth doing is that all money is going to end up on chain. No one will then redeem for the underlying collateral in the way that no one takes their cash into a bank and asks for gold.
11) Banks will hold the compliance KYC/AML and relationships with customers but essentially just be multisig wallets.
12) AI will automate payments via Stablecoins. Programmable money on Ethereum will ensure this. Having a single point of failure is thus catastrophic to the real world, not just sentiment on the timeline.
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