1/18🧵
@BosonProtocol Masterplan / Part 1
We live in a time when trust-based assets held in centralized financial institutions such as banks and CEXs are again failing; as they did during the financial crisis of 2008. This time we have a safe haven: Web3 enabled 'provable assets'
@BosonProtocol Masterplan / Part 1
We live in a time when trust-based assets held in centralized financial institutions such as banks and CEXs are again failing; as they did during the financial crisis of 2008. This time we have a safe haven: Web3 enabled 'provable assets'
2/18
Trust-based assets are typically:
> undercollateralised
> weak promises
> issued by intermediaries
eg bank and CEX deposits
Whereas provable assets are:
> fully collateralised
> immutable commitments
> enforced by smart contracts
eg cryptocurrencies and #defi deposits
Trust-based assets are typically:
> undercollateralised
> weak promises
> issued by intermediaries
eg bank and CEX deposits
Whereas provable assets are:
> fully collateralised
> immutable commitments
> enforced by smart contracts
eg cryptocurrencies and #defi deposits
3/18
The last year's failures of banks, CEXs and hedge funds all represent trust-based promises which were broken, resulting in either depositors or taxpayers (via bailouts) losing out. In contrast, the provable assets of #Defi & crypto stood strong.
coindesk.com/layer2/2022/11….
The last year's failures of banks, CEXs and hedge funds all represent trust-based promises which were broken, resulting in either depositors or taxpayers (via bailouts) losing out. In contrast, the provable assets of #Defi & crypto stood strong.
coindesk.com/layer2/2022/11….
4/18
Consequently, there is a run on trust-based assets including bank and CEX deposits, and a flight to safety in provable crypto assets. We see the beginning of the end for the tradfi system and the rise of a new one.
Consequently, there is a run on trust-based assets including bank and CEX deposits, and a flight to safety in provable crypto assets. We see the beginning of the end for the tradfi system and the rise of a new one.
https://twitter.com/JBanon/status/1637780859653701632?s=20
5/18
. @BosonProtocol we view this flight to safety from 'trust-based' to 'provable' assets as inevitable. Now that crypto makes it possible, why would you hold a weak promise, when you could hold an immutable commitment? This applies to any asset - digital or physical
. @BosonProtocol we view this flight to safety from 'trust-based' to 'provable' assets as inevitable. Now that crypto makes it possible, why would you hold a weak promise, when you could hold an immutable commitment? This applies to any asset - digital or physical
6/18
For us, it was obvious that #Web3 would need to represent physical assets in a provable way, without the need for intermediaries. Otherwise #Web3 would need the same #Web2 monopolies, like Amazon, in order to transact physical assets- a major shortcoming.
For us, it was obvious that #Web3 would need to represent physical assets in a provable way, without the need for intermediaries. Otherwise #Web3 would need the same #Web2 monopolies, like Amazon, in order to transact physical assets- a major shortcoming.
7/18
Really, what is the point of e.g. Amazon issuing an NFT which is redeemable for a physical item if the redemption is based on trusting the issuer? If the issuer reneges the buyer loses out, you may as well stick to issuing coupons or gift cards.
Really, what is the point of e.g. Amazon issuing an NFT which is redeemable for a physical item if the redemption is based on trusting the issuer? If the issuer reneges the buyer loses out, you may as well stick to issuing coupons or gift cards.
8/18
#Web3 is not about file formats- it's about creating provable assets which don't require trust. In contrast, @BosonProtocol rNFTs give holders strong and credible commitments that they will either receive the physical or their money back, without the need to trust the issuer
#Web3 is not about file formats- it's about creating provable assets which don't require trust. In contrast, @BosonProtocol rNFTs give holders strong and credible commitments that they will either receive the physical or their money back, without the need to trust the issuer
9/18
Now, once you have provable assets you don't just eliminate failures due to breaches of trust, you lay a firm, immutable foundation upon which to build. Provable assets are the bedrock of the other superpower of #Web3: programmability.
Now, once you have provable assets you don't just eliminate failures due to breaches of trust, you lay a firm, immutable foundation upon which to build. Provable assets are the bedrock of the other superpower of #Web3: programmability.
10/18
.@BosonProtocol 's research with the world's leading blockchain economist @profjasonpotts notes that:
""when the physical parts of the economy and the digital parts become completely and seamlessly joined, this might well be better described as a "'computable economy.'"
.@BosonProtocol 's research with the world's leading blockchain economist @profjasonpotts notes that:
""when the physical parts of the economy and the digital parts become completely and seamlessly joined, this might well be better described as a "'computable economy.'"
11/18
And continues: ""Now that we can tokenize all the world’s physical products... list them within a single, public ledger; and enable market transactions with low cost of trust, which are governed by rules encoded within and enforced by the underlying substrate, what then?""
And continues: ""Now that we can tokenize all the world’s physical products... list them within a single, public ledger; and enable market transactions with low cost of trust, which are governed by rules encoded within and enforced by the underlying substrate, what then?""
12/18
Then concludes
""Then, computable capital enables 'programmable commerce', but more than that – it enables what we might call a 'turing-complete economy.'
What does this mean? weforum.org/agenda/2022/11…
Then concludes
""Then, computable capital enables 'programmable commerce', but more than that – it enables what we might call a 'turing-complete economy.'
What does this mean? weforum.org/agenda/2022/11…
13/18
Before the web, across the globe millions of vacant homes and rooms represented an enormous surplus real estate asset. It took the capabilities of Web2 platforms to monetise these and other assets by lowering the transaction costs of discovery, coordination and trust.
Before the web, across the globe millions of vacant homes and rooms represented an enormous surplus real estate asset. It took the capabilities of Web2 platforms to monetise these and other assets by lowering the transaction costs of discovery, coordination and trust.
14/18
Programmable commerce takes immutable, provable assets & programs rules regarding who can access them (token gating), how value is shared (perpetual royalties) and how they are bundled (digital twinning). Likewise unlocking entirely new business models and sources of value
Programmable commerce takes immutable, provable assets & programs rules regarding who can access them (token gating), how value is shared (perpetual royalties) and how they are bundled (digital twinning). Likewise unlocking entirely new business models and sources of value
15/18
Basic programmable commerce bakes loyalty directly into commerce. Whereas previously payment, fulfilment and loyalty rules were enabled by different systems, now this is native within the programmable substrate of @BosonProtocol. Unlocking token-powered loyal communities.
Basic programmable commerce bakes loyalty directly into commerce. Whereas previously payment, fulfilment and loyalty rules were enabled by different systems, now this is native within the programmable substrate of @BosonProtocol. Unlocking token-powered loyal communities.
16/18
Community member strategies would resemble the feedback loops of #defi yield farming except with digital and physical goods. Community members could invest time and money into projects to gain access to scarce phygital assets which which then unlock further value
Community member strategies would resemble the feedback loops of #defi yield farming except with digital and physical goods. Community members could invest time and money into projects to gain access to scarce phygital assets which which then unlock further value
17/18
But the full productive potential of programmable commerce is unleashed when it is composed with defi. Provable physical assets can be forward-sold using bonding curves to create decentralized crowdfunding for future products, or fractionalized to enable community ownership
But the full productive potential of programmable commerce is unleashed when it is composed with defi. Provable physical assets can be forward-sold using bonding curves to create decentralized crowdfunding for future products, or fractionalized to enable community ownership
18/18
.@BosonProtocol is the decentralized rails for programmable commerce within this new computable economy, & by seamlessly joining physical assets to digital & financial onchain assets, Boson enables this economy to compute any possible program as a 'turing-complete' economy
.@BosonProtocol is the decentralized rails for programmable commerce within this new computable economy, & by seamlessly joining physical assets to digital & financial onchain assets, Boson enables this economy to compute any possible program as a 'turing-complete' economy
NB//
I am publishing the Boson Masterplan as a series of tweet storms here. We will then publish as blogs.
This one is a bit repetitive of my previous few tweets as consolidating. Will be covering our product and GTM strategy as well. Let me know anything else u want covered🥷
I am publishing the Boson Masterplan as a series of tweet storms here. We will then publish as blogs.
This one is a bit repetitive of my previous few tweets as consolidating. Will be covering our product and GTM strategy as well. Let me know anything else u want covered🥷
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