On Podcast #23,Â we have Eiland Glover, founder of Kowala.
He helps us sort through the cryptocurrency noise, sets out the problems to be solved, and challenges us to think about cryptocurrencies in the future.
EilandÂ Glover is the CEO and Cofounder of KOWALA,Â creator of the worldâ€™s first autonomously stabilizing cryptocurrency: kUSD.Â EilandÂ has spent his career creating systems and companies at the intersection of finance, technology, education, game theory, and human psychology.Â He is a firm believer that new technologies must be consciously designed and utilized to empower humans. In 2012,Â EilandÂ learned about Bitcoin and wondered why this amazing technology had not become ubiquitous. He co-created Kowala based on his belief that a decentralized stable coin is necessary for the mainstream adoption of cryptocurrencies.
As a lead up to our discussion, we referred to broader issues that affect cryptocurrencies:
- Outgrowth of the use of blockchain to add integrity in peer to peer transfers of digital information (and, more specifically, value)
- That has led to the development of cryptocurrencies which have exploded in popularity in recent years most acutely in the last year.
- Bitcoin, Ether, Dash, Ripple and many others have stormed the headlines as the curious have sought ways build on the promise of crypto currencies (and maybe get rich quick as well!)
- However as we have seen in recent weeks, volatility, hacking and generally uncertainty have become a bigger part of the crypto currency picture
Eilandâ€™s background and how he got interested in the space.
A quick history of cryptocurrencies and their function and how we got to this point.
- Bitcoin, et al- how did we go from intellectual exercise to solve integrity issues in peer to peer information transfer to intangible value transfer?
Obstacles of mass adoption of cryptocurrency
- What does the business person who would like to embrace cryptocurrecy as a method of payment need to be worried about?
- What does the casual cryptocurrency investor need to be worried about?
- What does the consumer who would like to pay in cryptocurrency need to worry about? (wait for?)
Stable coin – its vital role in next phase of development in blockchain and cryptocurrency sector
- Speed of transfer- How do you get the distributed ledger participants to ratify block transactions faster so that commerce can flow more smoothly?
- Security of coin storage and value transfer- how does one minimize hacking, theft, double counting, broken hard-drives, lost passwords etc . . .
- Non-volatile store of wealth?Â What is the value in being pegged to a country-backed currency?Â Why not just be in the currency itself?
- Will countries â€œcut out the middle manâ€? And employ crypto currency features in their own currencies?Â Would that work?
- Tipping point for adoption: Â will it be when it is common place to buy real estate with it?Â Candy bars? Used as wages?
– Different stable coins models, other coins compare to Kowala
- Which ones are out there?Â What makes them good or bad?
- Digital coins melded to different state-backed currency?
- What happens if the USD goes haywire?Â Can that be a source of volatility?
- How do miners help kUSD?Â As important parts of the blockchain ratification process, how do you keep them happy?
-How do we stay in touch with you, KOWALA, and kUSD?
(THERE IS NO INVESTMENT ADVICE IN THIS PODCAST OR POST)