Re-creating the world through cryptocurrency — Untold Stories, with Charlie Shrem and Ryan Condron (Part 3/3)
The third and final part of the discussion addressed community importance, crypto’s potential to help us create our own worlds, and decentralized crypto mining. Remember that if you want to see the whole conversation, you can do so here.
Read the first and second parts of the interview here.
How important is community?
As mentioned before in the conversation, the growing complexity of the crypto ecosystem makes it difficult to discern the best projects from all the noise. Of course, Bitcoin is established. Some other altcoins have earned enough popularity through the years to stay on top too. But what about new projects?
To Ryan, it’s all about community. “I went to my cousin’s wedding a couple of months ago, and someone asked me what I did. I said I worked with cryptocurrency and blockchain, and their first question was ‘What do you think about Dogecoin?’,” he narrated cheerfully. “It brought me back to the base that this is a community-driven thing. We are only going to be as strong as the community backing these projects, and that’s the beauty of a peer-to-peer, decentralized network.”
“There were only two subreddits, r/bitcoin and r/dogecoin,” remembered Charlie, pointing out the strength of the Doge community way back when cryptocurrency was starting to blossom.
Re-creating the system
From the idea that community and projects feedback from one another and adopt each other’s personality traits, Charlie posed an interesting question: Where to draw the line? When do we stop being ourselves and start being “a community member”?
To Ryan, there doesn’t necessarily need to be a line. “We’re all humans, and at the end of the day, this is ‘Choose your own adventure.’ We get to live in a world that we create. I don’t want to live in a world that a bunch of other people have predefined and said, ‘This is what society is, and this is what you have to do.’ Let’s create stuff. Let’s recreate the system and the world that we want to live in,” he expressed. “We inherited hundreds of years of traditional banking, but guess what? We just disrupted that in the last ten.”
Blockchain and cryptocurrency provide us a platform to exercise the liberty and sovereignty of being human beyond any government and any border. And Charlie had a similar experience at a convention when he was just getting started with Bitcoin. “I remember meeting someone and saying, ‘How are we going to force people to use Bitcoin?’ He said, ‘Charlie, you’re looking at it all wrong. We’re going to build a better one, we’re going to transcend it, and people are going to come to ours voluntarily,’ and that’s a better way.” Two different people, two different stories, but the same idea. Cryptocurrency will help us re-shape the world.
The future of governance
We can’t talk about re-building a world where everyone has a voice without mentioning crypto’s potential for revolutionizing governance. In fact, most of the industry is “focused on governance moving forward,” according to Ryan. “When you have a huge community and peer-to-peer networks, how do you properly enforce governance, or how do you let people have an equal voice or equal say?” To our CEO, DAOs will play a vital role in the governance systems of the future.
“It’s very interesting because it brings together public and private partnerships in a way,” added Charlie. “You could have a public company with five board seats where four of them are people from ‘old school finance,’ but the fifth seat could be a DAO, a decentralized autonomous organization. There are already legalities to do that now. It’s crazy and scary,” he concluded.
Essentially, the protocol Titan is building aims to enable that kind of decentralized organization for crypto mining.
Decentralizing crypto mining
“If you wanted to run a website, you could get a server, throw it in your garage, and run your website out of your house, or you could just set up an AWS account. We don’t quite have that virtualization around mining yet. And that’s what we’re really pushing to build,” explained Ryan. With Lumerin, anyone that wants to get involved in mining can do so without that sophisticated hardware.
How is it different from cloud mining? Cloud mining and hashrate tokens, as we see them today, are very passive products. You buy the rights to the output, but you don’t control the hashrate. “Because we’re building a peer-to-peer, proxy routing network, when you purchase the hashrate through our protocol, you control the hashrate. […] When you buy the cloud mining contract through our protocol, you actually receive the hashrate. You don’t just receive the outcome of it.” That means you, as the buyer, can point the hashrate to any proof-of-work chain you want.
“So what would be the cost of hashrate?” asked Charlie. It’s linked to mining profitability. At any given moment, you look at the difficulty of the network and the exchange rate for that network’s token, and that’s what the hashrate will cost you. “At the end of the day, what it means is better profitability for the miners.”
Thanks, Charlie!
The conversation was truly enriching, and we are incredibly grateful to Charlie for giving us a platform to share our vision about the cryptocurrency and blockchain industry and tell the community about our project.
As we always say, we’re all about community, and we appreciate every chance we get to join the conversation and engage with our fellow crypto enthusiasts. So thanks a lot, Charlie!
See you all next time.
The Titan Team
Interested in the cryptocurrency mining industry and how we can build the future around it? Read the first and second parts of the interview here.
Titan is actively working to optimize mining and make proof-of-work cryptocurrencies more accessible and democratic. If you liked this story, make sure to subscribe to our blog and sign up for our weekly newsletter to stay up to date with all things crypto. You can also visit our social media through the links below. We’ll be glad to have you!
