Token Summit Interview with Naval Ravikant

Question: What surprised you most about cryptocurrency in 2017?

Answer: “I think everyone’s surprised by the price appreciation, the actual technical innovation in the space. You know, there’s been quite a bit of that but it certainly hasn’t been the 15X, 20X that the price have gone up. So to some extent the market is catching up and possibly even exceeding the current realization of the technology. It seems to be going mainstream in the magazine cover sense faster than I would have expect… It’s probably falling a little short in the tech development. I think we’re facing some very fundamental technical issues and scaling blockchains.”

 

Question: Are there any particular kind of catalysts in the past year that you think have made the crypto story more relatable to people?

Answer: “Yeah, there’s the old Mark Twain line, ‘There’s nothing so damaging to one’s sense of self being as watching a friend get rich.’ I think that’s been happening a lot… Crypto is regulation free right now and I think that it’s important for any new technology to develop at least in the United States.”

 

On the future of decentralization: “There’s now an enormous number of very bright people who are going into protocol development instead of app development. I think we’re just seeing incredible innovation in protocol development which is good for those of us who want to see a decentralized internet. I don’t think we traded CNN and Time Warner and you know New York Times or information overlords for Google and Twitter and Facebook is our information overlord. That wasn’t a deal the internet was supposed to be decentralized. It was supposed to be more of a peer network so I think we’re now starting to see peer-to-peer networks in places that were unimaginable and that’s going to create kind of this giant distributed scalable grid of the internet which I think is the real internet that many of us were hoping for.”

 

Question: What are the most interesting dApps being created on the blockchain?

Answer: Ravikant pointed to a couple of ideas: financial decentralization, solar power network, self-driving car infrastructure, and Wi-Fi payment system. Speaking of the Wi-Fi payment system, Ravikant said, “We are at the edge of bandwidth where we should all be hooking up Wi-Fi points and all be getting paid in Wi-Fi coin and paying each other and Wi-Fi coin to use Wi-Fi networks and eventually replacing the Verizon, AT-T, and T-Mobile Oligopoly.”