Learnings made: Fabian Vogelsteller from Lukso.io
Interview with Fabian Vogelsteller — former lead Dapp developer for the Ethereum project and Founder of Lukso.
“Blockchain will disrupt the disruptors in the future, as it allows for un-owned infrastructure that fulfills the same purposes, more cost-effective and trustable.”
What is your role in the Blockchain universe, where is your expertise?
I’ve worked the last 3 years for Ethereum, built the Mist Browser, the Ethereum Wallet, worked on web3.js — the JavaScript Library, and proposed some Smart Contract standards like ERC20 Token Standard and the ERC725/735 Identity/Proxy Standard. My expertise lies in Dapp development and building the tools that Dapp developers need, the Blockchain ecosystem in general and the future :)
What is the biggest misconception about Blockchain?
That the monetary aspect is the most prominent use case for Blockchain. Non-monetary values, like reputation, identity, ownership, and access to assets, and socio-economical organizational structures are far more disruptive and innovative than tokens, and payments.
How do I know whether or not Blockchain technology could improve my business?
It’s a tricky question, because in many cases Blockchain is not improving your business, but obsoleting it. Most startups today are middle-man projects, which group data or services to provide better accessibility. Blockchain will disrupt the disruptors in the future, as it allows for un-owned infrastructure that fulfills the same purposes, more cost-effective and trustable.
Companies will move towards becoming service providers on top of decentralized infrastructures. The infrastructures itself can be governed and run through new incentive mechanisms like tokens, or other means, but will be measured on the level of decentralization and resilience.
If your business has a part that it can “protocolize”, meaning transforming it into an automated service where power is distributed, it is an excellent fit for the Blockchain. In general, Blockchains are always crucial in ecosystems where there are multiple untrusted stakeholders. If it’s merely about recording data, Merkle tries and git like version control systems on top of common databases would probably do a better job.
What would you recommend projects, who are planning to do an ICO?
Don’t, or use platforms like Neufund, which allow you to sell equity in tokenized form. The reason is that most systems don’t need a token, and by adding one making the system more complicated or even unfeasible. The current expectation is that ICOs make a profit for investors on the same scale as Cryptocurrencies as Bitcoin and Ether did. But this is like comparing apples and oranges.
Most ICOs aren’t building decentralized systems; their tokens depend on a single entity or service provider, which gives it an evaluation similar to equity. While a fully decentralized system that outlives its creators can grow very large, depending on how much utility it provides to a respective ecosystem. We certainly need better regulation to allow tokenized equity-like fundraising, as this is the current demand for projects.
If you want to build a decentralized ecosystem, which requires a token like crypto-fuel, then you should consider an ICO.
What are common mistakes Blockchain projects make?
Thinking about their token model after the ICO.
What was the biggest learning you made during the last year?
That standards create enormous synergies and the attraction of a fully decentralized system is like a black hole.
What’s the best advice you’ve recently received?
Cut on calls with strangers.
Which industries will be disrupted by Blockchain in the next 5 years?
Almost any industry where a large group of people needs to work together. Especially the energy, supply chain and shipping industry, banking and loan, manufacturer and fashion and design industry. The latter is what I am working on with lukso.io
Who is your favorite super or real-life hero?
Elon Musk
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