Web 3.0 is going ahead full steam, with cryptocurrency and blockchain projects being seeded on a daily basis. Entrepreneurs and investors are looking out and making deals to build the ventures that can solve as many problems as possible, at scale in the coming few decades. The blockchain represents a fundamental evolution with regards to how new applications will be built and defined around viable use cases. Using incentives in the right way via digital tokens ensures that every user’s objectives is aligned with the network’s own.
Bitcoin represents the most successful blockchain network so far, since it does one thing really well – transferring value without any centralized intermediary. This was not possible before since the way the centralized financial system has been setup; money and value have often found themselves being taken ‘in-charge’ by decision-makers who guard the system rather than the people who wish to transfer and build value with each other via the system and have not been able to in the way they potentially can. This is what the blockchain will change. A fundamentally new way to create value.
Today, at Venture Mirror, we had the opportunity to speak to Tim Draper, a legend in the Venture Capital world, currently in the market, fresh with its Crypto fund that’s looking to back the founders who can go and on and represent the true premise of Web 3.0. Below are the excerpts from our interaction
I was interested in digital currency as early as 2004. I bought into Bitcoin and CoinLab in 2011.
They may believe, as I do, that bitcoin is the future of all commerce, banking, and retail.
Many are probably undiscovered, but I think that this changes banking the most, also insurance, commerce, government; and with smart contracts, it simplifies legal and accounting.
I think everyone becomes obsolete eventually. I do believe that the investor and the entrepreneur are moving closer together. That squeezes the VC somewhat. But if returns continue to be the best in the financial industry, VC will continue to be a thing.h
Yes, I look for the same things. Big market opportunity, uniqueness, strong technical team, inspirational founder…
From the beginning. And then again when they hit near unicorn status.
If there is a token, there has to be a clear use for the token, where there is an incentive for customers to buy it in the open market. I would also suggest that the entrepreneur show his love for the customer, and his unique knowledge in the new industry. Practice telling people about the business before pitching me can help.
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