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Christoph Jentzsch. His background is in Theoretical Physics and he\\u2019s been part of the Ethereum project since 2014 as a lead tester. At the end of 2015, he co-founded Slock.it, working on decentralized sharing economy through the connection of blockchain and IoT (Internet of Things). One of the more famous projects that he was part of was the DAO (Decentralized Autonomous Organization).

Famous Five:

• Favorite Book? \\u2013 Zero to One
• What CEO do you follow? \\u2013 God
• Favorite online tool? \\u2014 GIthub
• How many hours of sleep do you get? \\u2014 8
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cAvoid the bug in the DAO\\u201d

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Time Stamped Show Notes:

• 01:50 \\u2013 Nathan introduces Christoph to the show
• 02:20 \\u2013 DAO stands for Decentralized Autonomous Organization
  • 02:26 \\u2013 It is a smart contract on the Ethereum blockchain which aims at connecting people to pull their funds together and run small contracts
  • 02:45 \\u2013 It failed and all the people got refunded
• 03:10 \\u2013 Christoph believes that Anthony Di Iorio is one of the founders of Ethereum
• 03:24 \\u2013 As a lead tester for Ethereum in 2014, Christoph was responsible for driving tests
  • 03:39 \\u2013 Consensus tests are for client implementation
• 04:10 \\u2013 Nathan\\u2019s analogy of cryptocurrency using railroad tracks
• 04:55 \\u2013 Augur has launched their own token on top of Ethereum
  • 05:18 \\u2013 They created their own token of value in exchange of the virtual currency of ether
• 05:47 \\u2013 There has been a lot of ICOs (Initial Coin Offering) lately and there has been opinions around them
• 06:03 \\u2013 Bitcoin was always meant for virtual currency
  • 06:09 \\u2013 While Etherium has a virtual currency too called ether, its actual purpose is to be an open source platform to build decentralized applications or Dapps
  • 06:22 \\u2013 People now create simple Dapps issuing a token on the Ethereum blockchain to fund Dapps projects
  • 06:32 \\u2013 People thought DAO was an ICO but it wasn\\u2019t
  • 06:35 \\u2013 DAO has collected a hundred million dollars in ether
  • 06:44 \\u2013 After that, many ICOs have gone out
• 07:40 \\u2013 There are only a few hundred people who send ether into their contract
• 08:11 \\u2013 There was an article Nathan had read regarding Bitcoin\\u2019s current problem
  • 08:28 \\u2013 The main problem is public blockchains are not scaling
  • 08:38 \\u2013 In the protocol, one blockchain can only have 1 megabyte
  • 09:04 \\u2013 There is now a high demand that leads to a higher price
• 10:33 \\u2013 Everybody can take part in the cryptocurrency game
  • 11:45 \\u2013 People can create their own blockchain but they\\u2019re missing the network effect
  • 12:18 \\u2013 There are some minors who control the network
  • 12:48 \\u2013 As long as there are users in the system, they don\\u2019t mind the minors
  • 12:54 \\u2013 Minors serve the blockchain, but Christoph believes the users are the ones in-charge
  • 13:21 \\u2013 After the DAO failed, there was a discussion of how things should be done
  • 13:27 \\u2013 Some are saying to split the blockchain into 2 versions: the new version is where people get refunded and the old version is the hackers who have the money
  • 14:58 \\u2013 There are now 2 Ethereum classes: ethereum classic and ethereum
• 15:19 \\u2013 Christoph\\u2019s focus is now on Slock.it where they\\u2019ve built a decentralized sharing economy
  • 16:02 \\u2013 It is built over the public ethereum and they don\\u2019t have tokens
  • 16:17 \\u2013 They\\u2019re using ether as a payment
  • 16:33 \\u2013 Most startups are called ICOs and make their own tokens to fund themselves
• 16:40 \\u2013 Slock.it is VC funded with a seed funding of $2M
• 18:06 \\u2013 Slock.it isn\\u2019t currently getting any payment but they will in the future
• 18:38 \\u2013 Slock.it collaborates with Innogy
  • 18:51 \\u2013 Innogy allows electric charging stations to connect with smart contracts in the blockchain
  • 19:00 \\u2013 A user can charge his car, making him enter the smart contract
  • 19:10 \\u2013 If you\\u2019re the owner of a charging station and you have an electric car, you can set the price for the station and offer it to public
• 20:05 \\u2013 Noke padlocks can now be open and closed through Bluetooth and Slock.it has added a payment option where it can be opened by paying
• 20:34 \\u2013 Slock.it can be integrated into the device and it is different from Airbnb
  • 21:28 \\u2013 As long as the ethereum blockchain is alive, the Noke padlock can be used through Slock.it
• 22:10 \\u2013 Christoph currently resides in Germany
• 22:45 \\u2013 \\u201cAs of now, crypto is not a very good currency\\u201d
• 23:23 \\u2013 Ether is as volatile as bitcoin
• 23:45 \\u2013 You can definitely exchange your tokens for real dollars, but it\\u2019s not an efficient system
• 24:03 \\u2013 Paying people with ether isn\\u2019t that easy at the moment
• 24:12 \\u2013 Currency is the least interesting aspect
  • 24:19 \\u2013 There\\u2019s a limitation in scalability and in privacy
• 24:40 \\u2013 Christoph thinks ethereum, smart contracts and blockchains own up as programmable money
• 25:55 \\u2013 Slock.it is currently integrated into an existing hardware
  • 26:20 \\u2013 There are currently thousands of charging stations under Slock.it
• 26:36 \\u2013 Team member is currently 14
• 26:48 \\u2013 The seed round was in February 2017
• 28:02 \\u2013 The Famous Five

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3 Key Points:

1. Some startups are coming out as an ICO to fund themselves, but not all of them are legal.
2. Cryptocurrency still isn\\u2019t very stable so as a business owner, paying your people with this currency isn\\u2019t efficient.
3. Public blockchains are not scaling and there\\u2019s a protocol that needs to be followed.

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Resources Mentioned:

• Simplero \\u2013 The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
• The Top Inbox \\u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
• Klipfolio \\u2013 Track your business performance across all departments for FREE
• Hotjar \\u2013 Nathan uses Hotjar to track what you\\u2019re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
• Acuity Scheduling \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives