Below, a post I copied from George Gilders seminar a few years ago. The recent seminar is captured as we signed up for it and publish part of the transcript of the seminar and a longer interview explanation of cryptocosm. The below a summary of what Gilder says in his seminar I read the transcript for the other day. A PDF to it is at the bottom of this post.
George Gilder’s Ten Laws of the Cryptocosm
(Cryptocosm refers to the network of organizations, systems, companies and individuals powered by blockchain technologies in which security and decentralization are primary features.)
In 2008, the world’s four top companies in market capitalization were Exxon, Walmart, China Petroleum, and China Industrial and Commercial Bank. Ten years later, Apple, Amazon, Google, and Microsoft were in the top spots – a tremendous upset. How did the landscape change so drastically in just one decade? “In an information age, economies can change as fast as minds can change,” said Gilder.
In 2023, will the top four companies change again? Will they be Google-inspired, Gilder asks, meaning they reflect the Google business model? Or will the new leaders come from what he calls the Cryptocosm: companies like Ethereum, Bitmain, Neo, or Blockstack?
10 Laws: Google v. Cryptocosm
To answer the question, Gilder compared the ten laws of a Google-inspired technology system – the world’s current prevailing system based on search and satisfy, big data, cloud computing, and machine minds – with the ten equivalent laws of the cryptocosm/Blockstack.
- Google law number one is focus on users. Communication first, and how do you focus on users under the Google regime? You give them free stuff. The first law of the cryptocosm is to focus on security.
- Google law number two is it’s best to do one thing really, really well, be world champion in AI-based answers. Cryptocosm law number two is to create a secure foundation for customers to do many things really, really well.
- Google law number three is fast is better than slow, even if humans can never keep up, especially if humans can’t keep up. Then you can project your machine learning off out into the universe in the new singularity. The Blockstack law number three is to recognize the primacy of human scale over computer gigahertz. Indeed Blockstack or blockchain is slower in recording individual transactions, but it’s faster, perhaps millions of times faster ultimately in synchronizing a ground state across the whole system.
- Google law number four is democracy in the web works, but keep it on the web. Google is a hierarchy and we rule. This is really the vision of Google. This belief in democracy is absolutely correct, but the cryptocosm law number four is distribution. The blockchain is a heterarchy, not a hierarchy. If you distribute the power, if you truly distribute the power as blockchains do, you don’t need voting. The power is already distributed. Voting is a hierarchical concept where centralized bodies need to gain the authorization of their constituents. But blockchain distributes power.
- Google law number five, you don’t need to be at your desk to need an answer. The cryptocosm law, the Blockstack law number five is if your phone is smart, the least it can do is suppress ads.
- Google law number six is you can make money without doing evil. I don’t really think that we need to explore this very fully, but real money is good. The cryptocosm law is, make money while building systems and applications that can’t be evil.
- Google law seven is there’s always more information out there and we can get it by giving our services away for free. But the cryptocosm law number seven is information should be owned by their creators, not by their distributors, and nothing is ultimately free.
- Google law number eight is the need for information crosses all borders. The cryptocosm law is that the cryptocosm respects the borders of your computer. Security is the property of the user and the device, not the network or necessarily or even the nation..
- Google law number nine is you give up information to receive information, on our terms. The cryptocosm law number nine is you can and should be able to conduct transactions without committing personal data to an insecure net.
- Google law number 10 is that great isn’t good enough. We are casually great. We are cosmically great. The cryptocosm law number 10, Blockstack’s law, is we provide an architecture of security and time-stamped factuality which enables our customers to be great.
Who Will Win?
Gilder believes that Blockchain has already provided a remedy for the IPO collapse. “Ethereum had $20 billion of ICOs, but I believe that Ethereum will not ultimately win,” he said. “It’s going to make a huge contribution…but I believe ultimately Blockstack will win because it offers a small attack surface compared to Ethereum.”
“It’s logically centralized, but with one ground state, but it’s organizationally decentralized. It’s scalable because it separates the data plane from the control plane, so you don’t mix up various functions and thus create a broad attack surface for hackers. And it leverages the existing infrastructure. It doesn’t disrupt the existing internet…it provides a complementary new foundation for key Internet services such as identity and security.”
So can Blockstack emerge as the victor? “The big shift shifts the control to the user. In the existing system, the network service is central, and all the users pay tribute to it,” said Gilder. “Its a porous stack in which all the data, money and power rises to the top.”
“In the new system, the user is central, and all the services have to cater to the user. Blockstack that keeps content and identity with the user. This reversal can be achieved through the triumph of Blockstack, creating not a winner-take-all-Internet, but an internet in which again we all can be winners.”
The interview with Gilder. Offering a newsletter from Gilder. Much a reiteration of the above. Gilder