a16z Educational Presentation Deck | Slidebook.io

a16z Educational Presentation Deck

May 2020, 62 slides

applications speaker school | a16z

important disclosures the views expressed here are those of the individual capital management a personnel quoted and are not the views of a or its affiliates certain information contained in here has been obtained from third party sources including from portfolio companies of funds managed by a while taken from sources believed to be reliable a has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation this content is provided for informational purposes only and should not be relied upon as legal business investment or tax advice you should consult your own advisers as to those matters references to any securities digital assets tokens and or are for illustrative purposes only and do not constitute a recommendation to invest in any such instrument nor do such references constitute an offer to provide investment advisory services furthermore this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a an offering to invest in an a fund will be made only by the private placement memorandum subscription agreement and other relevant documentation of any such fund and should be read in their entirety any investments or portfolio companies mentioned referred to or described are not representative of all investments in vehicles managed by a and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results a list of investments made by funds managed by excluding investments for which the issuer has not provided permission for a to disclose publicly as well as unannounced investments in publicly traded digital assets is available at decision past performance is not indicative of future results the content speaks only as of the date indicated any projections estimates forecasts targets prospects and or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by please see a for additional information | a16z

about general partner a cofounder sold to myriad for taught to | a16z

history concepts applications applications | a16z

first what is and why was it invented we can get there in four steps a a physical cash hands cash knows no longer has naive digital cash sends serial numbers still has copy i centralized digital cash bank trusted to debit credit decentralized digital cash replaced by miners updating | a16z

then the fundamental innovation behind a is a tamper resistant for storing things of value | a16z

next a new launched in more than allows for smart contracts led to the boom here an example of script and one solidity contract simple i secre | a16z

from the boom and bust like boom many won work but some will simultaneous disruption of swift cap tables are raising billions using initial coin offerings tees delivered at least more a capital to than a since to to winter for price summer for innovation | a16z

history concepts technology applications applications | a16z

a is a for storing things of value and less performant than centralized their special property tamper resistant shared state in an environment in other words can write to the and award yourself million dollars or million potions or million acres digital gold and cash token tokens digital alternative to equity makes network effects digital assets nonfungible scarce assets from in game items to real estate identity identity present proof to demonstrate that you possess an asset | a16z

is a protocol payments are now packets and literally protocols in that one can open up and see the raw that update the underlying it fully packet driven transmission of value without reference to bank | a16z

this means machines can now hold send money a program have custody of funds so long as it has possession of private keys the allowed programs to autonomously communicate allows them to autonomously transact a fundamental prerequisite for intelligent agents | a16z

have already gold swift is the creating real economic value as shown and created quantifiable improvements in multiple dollar sectors deployment still ongoing but innovation is real and quantifiable better than is infinitely lighter than faster to transport internationally to custody wire transfer faster than clears in minutes in any country pair takes days than has shattered records enabling and faster faster than solidity means fractions of a second days to incorporate smart contracts transform shareholder rights and governance | a16z

have already created many billion dollar entities are there any large businesses or organizations based on the yes in three major areas are in the billions creators of new coins tokens miners and exchanges pint coin founders the engineers who create new coins and tokens captured billions chinas miners the large miners who run server farms captured billions exchanges the exchanges collectively done billions in revenue | a16z

means you have a choice of who to trust it not about trusting no one it about having greater with custody valuable assets enable via fast programmatic transfer assets across international boundaries before bank had store money at one few banks after bank exchange or your computer now can store it at the bank at an exchange or indeed on any computer | a16z

enable scale cap tables jack a few shareholders managed centrally no custody poor visibility limited liquidity till with tokens organizations can now give users a piece of their in a programmatic way a completely new dynamic and this will be widely adopted over the next ten years total supply bat value per token unlimited token holders for even a small internationally transparent and liquid a eaves | a16z

first is the new mobile first competitors are arising for many legacy businesses and in some cases already taking significant share incumbent chase sample disruptor compound arn libra box republic social finance precious metals payments messaging | a16z

and more is coming soon next collectibles identity distributed protocols browsers decentralized cloud incumbent canon sample coal disruptor box collectibles identity browsers decentralized file storage | a16z

break network effects why because token upside is inversely proportional to effect you can now give early adopters an equity like stake in the to reward them for inviting of a before the the the more present value to each user token upside future value utility present value size of | a16z

transform social networks from liking and poking to buying and earning the next years of will involve real value being sent over the edges before like poke message have fun or waste time the last years of after paid surveys tasks reply to messages and complete tasks for digital currency the next years of | a16z

is a partial move away from cloud towards privacy users are learning to keep their private keys local and private private keys are an anchor that will lead to other data also being encrypted and moved locally out of the and onto devices ledger sold its millionth hardware wallet for storing how keep your safe and secure | a16z

history concepts community applications applications | a16z

a value derives from its community recall our point about how scale cap tables the holders miners and other members agree between themselves on mechanisms of transfer the price is how they interface with the outside world making the fud stompers like it or not army is winning war | a16z

as context three random people are not economically aligned each of them can lose or win on their own independently without any impact on the | a16z

a community is economically aligned if the price goes up they all benefit together and can become millionaires if the price goes down or the attacked in some way they also all lose if they are holders none of them can win unless they all win loses wins | a16z

thus take us from slippery slope to cliff in the one person rights can be eroded without facing immediate consequences in the abrogate one person rights means you are economically damaging many at the same time and wrestle over cat domain name service before seizure someone loses a cat domain but you keep your domain after ens seizure seize someone ens domain in the same way means interfering with the | a16z

thus a monetary incentive to defend another rights because of the cliff everyone speaks out at once if there is the attempt attack the that binds the community together with before slippery slope someone loses cat domain but you keep your domain time time of individuals with after cliff seize someone ens domain in the same way means interfering with the | a16z

as such allow for experiments in self governance with any sufficiently large group of people can choose a mechanism to wholly or partially govern their economic life the cloud this has been a fascination from people of all political stripes from the commune to galt gulch governance programming our future | a16z

make an experimental science virtual economies before people studied virtual economies in the context of video games takes that to the next level whatever your thesis on economic governance inflationary if you can deflationary demurrage get enough people to try it you can run the experiment what is the ultimate beginners guide | a16z

tens of millions of people and billions of dollars are now invested in these experiments that has turned into an experimental science you can try out every philosophy under the sun simultaneously with part your net worth heretofore unseen hybrids it all happening hits reported billion valuation with over million users yes you need a hardware wallet ledger reveals million units sold survey nearly have heard market cap falls below billion for first time since | a16z

thus the new laboratory of the states is a laboratory of networks if federalism meant decentralization creating top by market capitalization | a16z

history concepts applications applications | a16z

three at revenue exchanges mining issuance these are the infrastructure parts of start up valued billion despite plunge miners made an estimated billion in during millionaires tell their stories exchange follow | a16z

one at revenue hardware wallets ledger sold million in attracts investors in and this is growing but is not yet as large as the other three sectors | a16z

at in stored value mainly tether but and also worthy of note | a16z

now at almost in stored assets maker and compound are leaders but many more wen a | a16z

history concepts applications applications | a16z

decentralized cold storage is gaining traction here paradoxical but similar to a centralized service facilitates custody of a asset never worry about your made livable security | a16z

privacy coins and privacy features also becoming more standard in more chains over time also dash enigma beanstalk how dash will enable true scaling tech upgrade taproot just a big forward | a16z

for gas and deep dive contracts statement smart contracts that are on chain charge for each call defensibility through trust of author network effects switching costs set has potential to improve due to update says exclusive news delivered daily we | a16z

lending and interest compound maker many different business models here for decentralized has works across borders works no limits | a16z

insurance nexus mutual allows parties to in theory insure against contract and default risk though the insurer themselves has risk get covered against smart contract failure | a16z

scaling many a number of these technologies are coming and will likely be deployed by stack on top of each other so approaches to currently in the works layer new layer succinct build your own cosmos state channels | a16z

with many verbs beyond just send receive we will see all the common come to wallets | a16z

security innovation highly innovative wallet that uses and similar techniques for convenient save restore meet the first keyless wallet say to worse me we what is keyless | a16z

novel financial instruments in the spirit of good behavior with the spirit of a lottery you could win every week just by saving your money eas stoma | a16z

games forte video with built in merges and josh of will talk more about this list we | a16z

social networks voice could list many more these are still in their infancy many levels of some just use a decentralization currency and centralize decentralized everything else tear into me | a16z

decentralized ens unstoppable handshake fully and liquid without the central registry get a domain like setting up a virtual machine domain names computing network and ecosystem scour a | a16z

market making bonding curves liquidity for the long tail this is questionable as to whether it will work given presence of other markets but people are trying is a protocol for token exchange on | a16z

decentralized identity box many efforts here too may require by a centralized agency your new home personal cloud storage | a16z

personal issue an equity like token for your time or some function of your time like a consult spencer launching digital token next week discusses threat to terminate his contract the token revolution | a16z

and guilds dao explained using self interest to advantage attempts to collective action allows people to vote with their funds for the direction of protocol development | a16z

and guilds dao explained using self interest to advantage attempts to collective action allows people to vote with their funds for the direction of protocol development | a16z

founder rewards new business model for funding developers from an analysis of founders reward a news major cash mining group proposes block dev fund | a16z

on chain developer bounties governance for funding developers via is about to enact its first ever update | a16z

clients for a like whose is a or smart contracts trustless smart wallet a eaves | a16z

developer tools alchemy bison trails improved for and general performance improvements | a16z

oracles and prediction markets the world most accessible no limit betting platform put data on chain make bets on it bet now on augur erasure | a16z

decentralized autonomous organizations semi autonomous programs many of which make you money trading on is pure trading bots the definitive guide for | a16z

community owned organizations collectives akin to owned and operated by their users | a16z

school | a16z

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