"hi everyone and welcome to the a 16z podcast I'm Hannah and today's episode continues our series on all things crypto with Chris Dixon in conversation with Nick tomino founder of early stage crypto fu..."

"so people may have heard of tokens on coins token sometimes means like you specifically here C 20 which means tokens built on a theorem so people use the term more broadly a little bit of confusion ar..."

"right in the same way that you know at the beginning of the internet domain names people bought them for speculative use cases eventually you know someone just bought pizza calm for 10 million dollars..."

"transactions and so when ether switches you know people will want to own ether they may want to own ether to earn the the mining fees if you will yeah I mean that's the other reason you want to wear o..."

"or something yeah I agree with that I would say I think you know it could be really meaningful in the sense that we could see a lot of traditional assets tokenize but from a technology perspective I d..."

"certainly this year has been all about the token boom right there's been over four billion dollars in token sales what I'm really spending a lot of time thinking about is like what are the actual prod..."

"design problem right yep to be clear if it's still early and I think there's still even in 0x a lot to be figured out by the way I am a personal investor in many of these projects being discussed but ..."

"take something like augur which is a decentralized prediction market which is kind of an end user application in order for something like augur to become interesting to a mainstream even if kind of ma..."

"so so that's like if you build a decentralized ride-sharing service how you're gonna keep track of the the rider and driver ratings as an example yeah right and how you can avoid simple attacks and al..."

"and demand the supply of the token adjusts and so in the case of Bitcoin for example Bitcoin has a very clear-cut money supply which is that 21 million Bitcoin will ever be created in the year 2140 an..."

"that's worth working on one kind of fair question some would argue well Bitcoin volatility has decreased you know every year and at some point it will get to a point where it's actually a good medium ..."

"of crazy stuff yeah yeah my view though is that like the the developer team and community behind the project is is the most important aspect of these projects so when you have a fork you basically hav..."

"be able to process hundreds or thousands of transactions per second right and right now aetherium can process roughly fifteen Bitcoin roughly seven and so there's a lot that needs to be done there and..."

"cool project right now called ether mint which is basically taking the ether ledger porting that on top of the cosmos what they call 10 Dermot consensus mechanism and their own peer to peer layer and ..."

"sidechains or something exactly and then there's you know new chains that are just fundamentally more scalable right it's like Definity is example yeah and the exciting thing as kind of an investor an..."

"go join the you know work on aetherium which in the old days would be like working on Linux the incentive is to create you know your own operating system your own blockchain sometimes I worry that lik..."

"pieces and that was like aetherium being the best example of that's a date right where Vitalik studied the ecosystem very carefully knew exactly how Bitcoin worked what worked what didn't knew how lik..."

"know strong engineering and product backgrounds and I think for me at least it's the vast majority of it centered around the etherium ecosystem mm-hm who knows which of these projects will work but th..."

"will it also from a technical point of view I think allows for a lot more wider space of design of blockchain consensus mekin designs that allow for scaling and other kinds of things things like Defin..."

"we're still in the infrastructure middleware bill out and so I think it's more likely that the deep kind of crypto person okay what about and so ii was product so how i think about product is like I'm..."

"a founders reddit activity so is this a founder that's kind of been deep in the community and is very engaged and things like that and then the fourth is toka mechanics yeah does the token make sense ..."

"and I think we've already seen that in a few cases one thing I'm surprises on your list is governance do you think about that my view is that in the early days of like a project governance is less imp..."