José Padró

… bothered to descend the ivory tower to visit real customers, Grab’s mantra is: “Go to the ground”. They constantly encourage every employee to get involved with actual Grab users as often as possible, so that as an organization they can be instantly aware of both customer needs and incoming market changes, and pivot quickly.

… how they can respond without shutting down the service itself, and most systems which resemble it. We have built a world which operates at scale, where human oversight is simply impossible, and no manner of inhuman oversight will counter most of the examples I’ve used in this essay. The asides I’ve kept in parentheses throughout, if expanded upon, would allow one with minimal eff…

Can the token model can be extended beyond pure protocols like Bitcoin, Ethereum, or ZCash? It’s not hard to imagine selling tokens as tickets — for access to logins, to car-rides, to future products. Or distributing them as rewards to the authors who power social networks and the drivers who power ride-sharing networks. Eventually, tokens can be extended to hardware as well: every time someone buys a slot in line for a…

Because token buyers need only hold private keys to guarantee custody, it changes our notion of property rights. For tokens, the final arbiter of who possesses what property is not a national court system but an international blockchain. While there will be many contentious edge cases to work through, over time blockchains will provide …

…I key from Amazon Web Services for dollars, you can redeem that API key for time on Amazon’s cloud. The purchase of a token like ether is similar, in that you can redeem ETH for compute time on the decentralized Ethereum compute network.

You can think of a private key as being similar to a password. Just like your private password grants you access to the email stored on a centralized cloud database like Gmail, your private key grants you access to the digital token stored on a decentralized blockchain database like Ethereum or Bitcoin.

…rs: both are “dollars” and have a shared cultural origin, but a completely different monetary base. In the same way, two tokens may use similar codebases (monetary policies) but have different blockchain databases (monetary bases).

To first order, a token is a digital asset that can be transferred (not simply copied) between two parties over the internet without requiring the consent of any other party. Bitcoin is the original token, with bitcoin transfers and issuances of new bitcoin recorded in the B…