In this 138th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Ethan Buchman, Co-Founder of Cosmos and CEO of Informal Systems. Cosmos is one of the largest blockchains and one of the most valuable cryptocurrencies in the world, of which Ethan Buchman was an integral part of creating.
Episode Highlights:
● 00:32 – Ethan Buchman explains Cosmos.
● 02:53 – What is Ethan Buchman’s history?
● 09:20 – What is the differences between and proof of work and proof of stake?
● 10:10 – Which countries consumed less power than bitcoin?
● 11:09 – Where else can you go besides bitcoin to maximize options?
● 12:00 – They discuss public and private blockchains.
● 16:06 – Where are the limitations with authurium?
● 25:24 – What does Informal Systems do?
● 35:01 – What would Ethan Buchman change in his business or industry?
● 35:49 – What have been the biggest challenges Ethan has faced?
● 36:50 – What keeps Ethan Buchman excited each day about his work?
3 Key Points
1. Blockchain is the evolution of automating human processes, moving from personal computers, to the cloud, and now to the multi-stakeholder operation.
2. In 2019, bitcoin consumed more power than Switzerland.
3. Reducing compliance is an important use case in the blockchain world.
Tweetable Quotes:
● “We want to make it as easy as possible for people to build their own blockchains, launch their own blockchains, structure them in the ways that they need to that fit their needs and fit their values, and the values of their community.” – Ethan Buchman
● “In 2013 I programmed my first bitcoin transaction from scratch, which is almost like a religious experience to be able to do that.” – Ethan Buchman
● “The public blockchain becomes this source of truth that you can audit against without necessarily revealing all the information to the whole world. The boutry between public and private becomes significantly blurred .” – Ethan Buchman
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● JasonPereira.ca – Sign up for Jason Pereira’s newsletter
● Linkedin – Ethan Buchman
● cosmos.network – Website for Cosmos
● informal.systems – Website for Informal Systems
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