85. Bringing a billion users onchain w/ Jesse Pollak
Aug 23, 2023
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Jesse Pollak, spearheading Base, the L2 incubated by Coinbase, discusses the superchain thesis, financialization in onchain social experiences, and how Base connects to existing governance systems. They also explore bringing a billion users onto the blockchain, personal experiences with Coinbase and Ethereum, and the concept of retroactive public goods funding.
Base aims to bring Coinbase and a billion people onto the On-Chain ecosystem, aligning with the vision of creating an open and decentralized platform for the Internet.
The concept of the Super Chain envisions multiple layer-two solutions scaling Ethereum to form a unified chain, with Base playing a vital role in building this interconnected ecosystem.
Base is focused on achieving decentralization while being a centralized public company, emphasizing the need for gradual steps and collaboration to protect the rights and guarantees of everyday people in new governance models.
Deep dives
Introduction to Base and Crypto Journey
Jesse Pollock, who has been involved in crypto for over a decade, shares his journey from discovering Bitcoin in college to joining Coinbase and eventually starting the project called Base. He discusses the mission of Base to bring Coinbase and a billion people onto the On-Chain ecosystem and how it aligns with the vision of creating an open, decentralized, and permissionless platform for the next generation of the Internet.
Building the Super Chain
Pollock explains the concept of the Super Chain, which is the vision that multiple layer-two solutions will scale Ethereum and gradually come together to form one unified chain. Base, alongside optimism and other projects, plays a vital role in building this interconnected ecosystem. The goal is to provide consumer-oriented applications that make people's lives better and introduce them to the benefits of the On-Chain world in areas like arts, media, games, and more.
Decentralization and Governance
Pollock talks about the challenges and importance of achieving decentralization within Base, especially as a centralized public company. He highlights the need for gradual steps toward decentralization and collaboration with partners like optimism. They aim to protect the rights and guarantees of everyday people while building new governance models facilitated by software systems. Pollock acknowledges the early stages of experimentation and finding better ways to measure impact and reward contributors without requiring everyone's active voting or participation.
The Law of Chains and Repeatable Innovation
Pollock discusses the development of the Law of Chains document, which addresses governance structures and the relationship between Base and optimism governance. Their objective is to define a balance between decentralized decision-making and retaining sovereignty at the chain level. They strive to create repeatable innovation and encourage other organizations to adopt similar methodologies for transitioning from centralized to On-Chain platforms. Pollock emphasizes the importance of protecting individuals and preserving open, permissionless platforms while driving positive impact.
The Future of Passive Governance
Pollock illustrates the potential for passive governance in consumer applications, where actions like liking, engaging, or creating on-chain content contribute to impact measurement. He believes that designing systems that effectively measure impact and reward contributors will unlock new forms of governance. Pollock also mentions optimism's retroactive public goods funding model as an example of using software to measure impact and offer rewards, ultimately shaping decision-making processes in more efficient and democratic ways.
Jesse is spearheading Base ‒ the L2 incubated by Coinbase. We talk the superchain thesis, the rise of onchain consumer applications, the role of financialization in onchain social experiences, federalism, and how Base plugs into existing governance systems.
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This episode is sponsored by Forefront ‒ a community and media network for the explorers, builders, and artists at the frontier of collective creation onchain. Subscribe to the Forefront newsletter at forefront.market/subscribe.
Disclaimer: Nothing said on On The Other Side is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Chase and our guests may hold positions in the companies, funds, or projects discussed.
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