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September 15, 2021, Denver, CO, USA
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GTC Launch, what went well, what didn't
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About the talk

Kevin Owocki of Gitcoin and James Waugh from Fire Eyes to talk about al the GTC launch, learnings, reflections - what well, what didn't.

About speakers

Kevin Owocki
Founder at Gitcoin
James Waugh
Tokens at Fire_Eyes
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I think Kevin wants to be like Oprah during this as well and give away, swag the whole time. So, if I'm going to be ready at the end of the Are you able to get the car phone Supply hominy? Yeah, yeah. Yeah. Nice. Don't even going to buy GTA V. A y, o w in it. What is like one of the side off? I think by like, you know, thinking through that whole journey of like we all get coins made and snow starting in like Popeye 3 2017, right? Like everyone wants to talk about tokens and everyone lunches a token if I'm going to the coin

and then you like okay, we're going to make a project called get coin but is not going to be a coin. You're like walkthrough. Why not? I guess at the at the starting point has been too, grown sustained open source software is late later. Evolved into more narrative is around public goods of which open source. Software is a type of public good and basically in 2017 and invested, some of my games from the bull market back, then in creating a brand identity and a launch video, and

Built the software pretty much myself and launched it can do and used it, which was depressing. But I also was just kind of very, very focused on figuring out a way to make it useful, to people, to find that product-market fit. And so, a lot of going to meet ups and talking to people and then eventually getting the funding by consensus and Joe was a major Milestone went from like begging my friends in Colorado to use Bitcoin to all the sudden had in in in roads, like truffle and meta mask, and all these different consensus projects, which definitely was the

opportunity to find product-market fit. And eventually we evolved past Bounties in there now doing grand Sandara now and we have the moves. Collective. So it's starting off at like, what was that grounds volume like when it was supposed to be around in January of, 19 and now we're up to almost a million in Grants friend 11 right now. Still ongoing right now in the beginning that is very Grassroots you like going to made out sooner than that contains his journey of like getting on board of a

period of like Market goes down for a bit. And that was really I feel hurt forever. I felt like forever and that was really think like, for me when I was like, it's like double or nothing to give up and walk away or we can sort of like all focus on how we you know, what the fund public goods and liked drive that stuff also like I guess the next in that Journey like how was being someone not focused on like no, go up like public goods. Go up during the time. We like number went down.

I think in a lot but why I would like to hope that we are one of the pilot lights in the aetherium ecosystem funding projects through the bear Market. If so many Bitcoin alumni uniswap urine 1 inch exchange, David Hoffman in Bank. Lasith Hub. All we're going to be using Bitcoin grants to stay alive during that bear market. And and so is really proud that we supported the community through that through that bear market and hope to be the pilot light of whatever happens in the next cycle is, well, that's only going to go out. Now,

we can be on our only after this, they'll see us parked car. While I think I might be over the age, cut off your hip enough for a lot of like the public goods universe and a theorem Universe would have during that time. I guess internally as mad as we walked quite a long time ago to like, okay, what does you know, what would it look like? And what would be centralized government look like, what was the battery on your right? I mean, maybe there was like pressure from other organizations like

the name of know, they won't even be a talkin to like, yeah. Well, I got to say that the first thing is just to survive and I'm extremely thankful to Joel Lubin and consensus for always having unwavering faith in me through, what felt like dozens of a rounds of restructuring that consensus. And so surviving was was number one. And then the real question was what does get coin want to be when it grows up and you know launching a token is sort of Downstream from that as are many other things and we decided we wanted to be in

project was independent of consensus and the highest order bit for me was to be governed by Community that we served. I have been playing the VC's web to game for about 12 years. And I know that I've been in this situation in which I've had investors who wanted me to as the management team to extract from the users and it didn't feel good. It didn't feel community-oriented. And so I think the way that we wanted to design, get coin was to have the community that we served govern the platform, which creates a closed loop of hopefully value in growth in energy,

and I'm super proud that we didn't do launch of a token in 2017, has no one knew what tokens were good for that point. And we didn't have any governance problems back. Then. He's like fast-forward to 2021. There is 5 million dollars of funding for open source. Developers going through the platform. We have the governance problems coming over the years until the government so I can kind of helps with that. It's interesting thing about that Journey from you. I know we talked into talking and in that to a decent realization with Aetherium is. So every

part of a theorem should be decentralized by night shift, right? And actually like, I think it's really interesting, you know, a comparative project me like you and we're actually like, you know, if you are taking, if you are part of the ecosystem and more important, you know, maybe you take me to see, that's one thing. But if you're part of a culture while I kept your part of the culture of a theorem and a fundamental level, like my view of the future, is it, you should have must have a Target if you want to survive. And so I think like I do everything for you to like rough on. You feel that

for like dogmatically pragmatic, so it's might sound like an oxymoron, but I don't believe that everything needs to have it took and I don't believe that thing. Everything needs to be decentralized. I believe the common infrastructure that room needs to remain. Credibly, neutral needs to be decentralized and get coins. Trying to build public goods, funding for the world. And having that be credibly neutral and governed by the community, that serves make sense for a token. And, you know, I think it's other project that is fine after centralized. Digital infrastructure, probably like

it has Equity. Then it shouldn't have a code in a Chevy talking especially cuz like otherwise at some point it becomes rich extracting, you know, cuz I'm like, you know, the Boulder Community guy Isaac. She started the boulder blockchain meet up and my co-organizer is Michael and Kevin are back there. What's up? Yeah. Yeah, and it's so if you know the community, like I think local, can you use a really great because when you have cycles of value that are, you know, you make money and you spend money in your local community. That's a really great per cycle

because everyone is living in the community and no one's trying to externalize harm. Like, you know, the canonical examples, like a businessman who wants to dump their toxic sludge in in the river and like the community with a develop antibodies to that because we have millions of years of evolution of living in local communities. What's new to me is web-scale organizations and specifically these organizations in New York in Silicon Valley that are in all these markets where they have, always a incentive to externalize because they don't live their family. Their kids when they go

home or not in those communities into the old ways to be incentivized to externalize. And so, one of my, one of my to the Pope says that we're going to see more and more of these clothes Loops that resemble local communities in that there's, there's no incentive Textron life, could be all In the community that that we serve them is like a virtuous cycle. So again, I forgot your question, but do you like chai when everything was using the product, a bunch? And like, I think,

like, around 2, is when I started to confirm, if you want any more like, through the whole journey and actually commit to a lot of other things, they wasn't like, I have like this needs to talk, not going to stop using it cuz of what it is, but on the flip side of that, I think it's actually the reason that you want that is to build more, right? Like it is what it is. You know, what, you and the team of Bill and you could actually looking at what that product is about that Community is, you know, how can we build on top of that? You do not like, 30% bitter, but like 30 times bitter, you

know, like, I think that's really what. So not. Unlike in a little while the project for the reason you need to talk in is because it's to centralize web addresses. In this case. I think it's more about. Why haven't you talked? And we can actually multiply doesn't it make it exponential. So I think basically I view as as as someone a little bit Pioneers in using ethereum for public goods. And what I would really like to see is like a copy what we're doing with quadratic funding and expanded out of the group, open source, Diamond, open-source maximalist in, and I believe that open

source software is a fundamental good for the world and it's a public. Good five hundred billion dollars for your neck. And I like how you screwed. If I open source software in people are working on it, just have to work nights and weekends away from their family unpaid because there's no business model for it. That's effed up and so they copy what we're doing and take over doing for open source software and bring it to journalism in like privacy preservation Lobby dowels, or obviously the thing clean air and clean water against a copy, what we're doing. And one of the things that were

trying to do is Initial product had some assumptions that I think we're wrong footed. And, you know, it's his kind of centralized Insurrection rewriting, the product top-to-bottom to be decentralized and to be an open protocol that anyone can for can just like use our software product. And what I really want to do is build, he's like well documented apis for how the product works and then let 1,000 experiments place them on top of those platforms. I have access to so many developers cuz get going and like I just put them at the API and what we want to do and we can get the Slick,

fractal, Innovation, and coordination, technology that will hopefully expand outwards into the world. So that's kind of how I see the, the product Suite evolving differentiation between wanting or needing a talking, because you can actually go to what he's saying. Should I stack your invite more three? More creative? Really? It's are as in Delphi digital helped advise on the token, won't you couldn't have done it without you, so so much James. But one of the things

that we wanted to do from the start is have actually use cases for the token that would make the system, even better. And so one of the problems that we have right now is get clean, grants is that it's based on quadratic funding and basically the Match multiple for each Grant is based off of the number of contributors that contribute to it, instead of the depth of contributors took Grande has $10 from one computer, and Grant B has $10 for 10 contributors. Grandpa. Gets way more of the matching pool and we run these matching fools every quarter and I'm building up to like a problem here,

which is bigger than the horse race. In the first 12 hours of every round were people trying to get the most contributors in the first 12, 12 hours so that they can climb the rank, get the higher matching multiple and it becomes like Rich. Get richer kind of thing where the higher than that through multiple. Is that more people contribute to the higher, the matching multiple is, and so one of the things ever think about doing with the token, Is like making the initial sort for the first 3 days of the round. Based off of like, how many people are staking their GTC on this grant, to make it

climb higher than the rate rankings, which sets the initial conditions, not into this horse race, but into the initial conditions of the Sorting would be based off of the quality of each Grant according to this taken game that we design and that seems like the token is definitely making the entire system better. And we we brainstormed all these beautiful visions and then it came time to wants me to have any of the developer Cycles to build them organized at some point in the next several months on. That was just one of those ideas. Like identity problem if you want to speak to that it over.

Like so they had a potent which is what's the name of that? Use the moment you like signal on different people. Depending depends on this problem in and do since I was at an eclipse to the resistance, which is basically like if you can make up a bunch of identities and wander your $10 through 10 identities, then then the bad Grant gets the And we rely on bright idea who just wants to token today. Good for them for civil resistance proof of humanity, identi and several other decentralized identity fraud calls to build up resistance. Like, you can go in to get coins in

like, click on an individual profiles and given the point. Yeah, that's something that we've been experimenting with, but it's kind of like on the down low and haven't found it yet. Yeah, I guess I'm going to Grant. This is an example where you stay con. Other people that I've met James, why? I know he's not a civil attacker all staked ngtc on you, which then changes the crypto game mechanism of the system to just create more civil resistance. So that's another example, of where the TTC tokens, if I run away and

scam people that, like you lose you or like a clear as face slashing mechanism. If you, if you rub everyone then you bit, we brought everyone, it's take down, you burn that rep. So I so I should get you just take heed to GDC and then I can basically in the GDC Supply by what is the what is the GTC go? If I run away, then it's obviously about starting that Journey, Riley. How long would you say from like, okay, we're going to do this to. Like, I can claim my tokens

like, 2 weeks until there was from January 2019, when the, when the restructuring is, that can sense. It started in till May of 2021 was like, really the long journey of like trying to figure out what we wanted to be when we grow up but design of the token Distribution Center, which we called the quadratic lands for the memes, took about nine months. And I think we engaged you about six months before the Token Lounge. Quadratic Lions definitely want to talk to you until like for those that like hopefully I got hands up if you'd like use quadratic lens.

It's pretty good. It's like a 34. So, like, what glands was with vegetable shortening with as you went through and you had asked, you got every right to the edge off of gec, and you watch the video about what Bitcoin is an animal to the survey on Sunday. But how do you give a shit? You know, is this important? As you claimed them, folks would have liked you. So how many talk cuz you had and it heard you wanted to look at this truck talking. So and that combination of the day, one delegation and some of having

like a slime portal way before that, like 90% of the eye drops, a literally like as a notification to talk, right? Being like claim you a job, which is okay, but it's not really engaging the community in any meaningful way and certainly like you need Swap and others suffered from that off to his right, like some of that people would like claimed it as a financial mechanism and nothing more but actually like quadratic lands, just dropped it at massively. I'm not going to like to speak to that at all like Meme more than any reported the place where powered by quadratic funding and

other public goods mechanisms. We can all quit. Our corporate jobs and go work for the public good. That's the quadratic plans. That's the meme the vaporwave meme. If you ever want to extend it. Yourselves everyone. And basically, in this future, we believe that we need the consent of the governed which is the only legitimate basis for governance. And and one of the things I'm super proud that we did in the quadratic lands. The actual we could have called the thing, the token Distribution Center would have to do is make you delegate your token voting to someone in

the community that you trusted. Because we know that all of you love governance tokens, but you hate reading about governance and participating in governance and just recognizing that fact that we're all busy and U-Haul don't have time to check the garbage. Bitcoin governance forums every week. And so what we did was theirs 18,000 holders of GGC in this is a governance Tok and we recognize that 95% of you are not going to actually use it for governance. So why not delegate it to a group of people who are highly informed, that can have the consent of the governed and can make decisions on

your behalf. And, you know, if they make a bad decision you can you can revoke your your delegation to them. And I think that I think that we really did, like all of this stuff is built on the shoulders of giants, compound invented, the delegation mechanism that we use the roof work of compound uniswap. Took delegation in tokens and get a retroactive airdrop. And we did a respectable job are small. Innovation was making everyone delegate when they got their tokens, which is when we had the captive audience. And now we have a hundred percent of

the consent of the governed because everyone who got the air job is, is now produced in the governance through delegation it. So I'm pretty proud of of, of that as a, I think it's that's liquid. Democracy is, is what we, what we put into practice there and you see the starting conditions of it, cleaned out and set in. Is it all in this direction of legitimacy? I think from the start. I want to have quadratic voting in there too, but you can have everything you want. So it look with democracy was a good start things. He liked GTC, what we want that in writing. So, I like, I want to like

those delegates. I think it's been recruiting a bunch of paperwork going for foreign first sang. Hey, this is why I'm amazing. This is why I'm great and think about that sort of initial engagement. And how that went down to beans, like how he devoted to a stop to things like hesitating want someone, you know, everyone's been amazing. Has it like only 5% of people do you? No. Good. Like how well are the delegates performed. You think? I think that. They're my boss and they

should tell me how I'm performing. I should as the As distant as the founder of Bitcoin and arguably, you know, like the center or intermediary in the past. Like the whole point of decentralized governance is that the token holders should elect them and they should tell me what I'm doing and then Austin, how is Kevin doing? Fine as long as aged in their acting in a mission. First way and you know, they're helping us extend the decentralisation of Bitcoin and the impact they get coins.

Having then generally, I and I think that's great. Let's go by Matt and figure out how to do that more. Yeah, basically, alongside of get coin launching. It was also pushed in scene where a bunch of people focus on the given is like civil resistance and is like the decentralization of Bitcoin and then another 3, but she might remember. Yeah. So the extremes are basically like the vessel through which work gets done within the get going down. And and basically

what it is is a group of people in a Discord channel that have sometimes and approved application. Did you see from governance and they're working on things like fraud detection. They're working on things like increasing the amount of public goods funding in the treasury. They're working on things like coordinating the stewards and a decent. I'm a technologist it hurt. And so the ones that I'm most excited about our the decentralized Bitcoin workstream, which is taking Bitcoin grants and has a demo demo demo version of Bitcoin grants, which is hosted on ipfs in based on Smart contracts and

has known as the intermediary, which is awesome. And then the moonshot collective which is basically just the rapid prototyping work stream of the get coin. How has free money that we have this tool where you got a tip that part of you entering a secret word and we just drop you a bunch of tokens and Austin I think dropped ggcu knee down. Mi tokens Works pork and maybe one other to be bought in the mint chocolate thunder box, right? Like how much is a collective is prototyping tools

that are going to be used for token allocation to reward. The moonshot collective for building a location tools that is like a level of like the loop is working there and and basically the one that we think we wanted to do was engaged people who are showing up to the moonshot collective, calls with token distributions. And then also just prototyping new ways of rewarding people for being engaged in. The Dow is is kind of what's on a road map in the meantime and so tipped out party assist. The first example, we built in, like, 6 weeks. It was so fast. And I think that's owed to the amount of

coordination in the town of the people involved. In the Dow. We've got a hundred developer. They're working on building coronation tools, in the down. I just think that amount of scale in the fact that came together in six weeks is massive and said that, if I want to touch it on that with the underdeveloped is because it was a question yesterday from one of the check. When Associates in the other room about like one of the actual one of my questions of why these workstreams is it like as someone from the outside, you know, I really like that house. I really like get coin. I want to get

involved in the web strain. Is it actually a lot of them a flying so fast and doing so many things. They like, how do you get involved in that? You know like and what do you see as like, I guess the solutions all the challenges that like a lot of those people are going to face as your we continue to expand from 100 to 1,000 100,000 and making sure that, you know, we want to be able to run really fast, but also like the it was going to be conclusive of new ideas when your thoughts. So, those are some really hard design, constraints, and I was really good at being deep

aetherium, lure. That if you've been around since 2017, you would probably know, you know, some of the memes in the mall. In the public goods are good. In these deep Wells of value in the moonshot collective and essential as good coin in the mmm workstream. And, and like, right now, we're just building a better onboarding funnel so that people can find those in. And so, you know, I'm happy to say that there's really talented people working on coordinating that and hopefully, we're going to create really great onboarding so that people can find. So basically, like most people, I think

that I talk to you in the space believe in the mission of get coin, but they don't know how to get impacted with it. And like the kpi is like, how many people give give it cried versus how many people are actually working to help Advance the mission? And that's what that's the kbi we have to turn in our own boarding funnel funnel. I'm kind of looking. So like fire eyes an FWB and I'll ujenzi hipsters to show me what to put into my jeans. They have said, well, I'm looking at you. So it's just the look.

This hasn't happened as much yet. But like, I want to say like hundreds of thousands like millions of dollars, like go to the people that are coordinating. That's you know, what? I think, you know, how long do we have? OK, Google? How do we do this? But not like, you know, if you submit a proposal you get emoji on your disco Channel but like 50 Grand like, congrats successful proposal and I think it's really easy to look at a treasury and be like, oh man, like this is a lot of money, but like,

we still need to be really careful with it and really conscious how we spend that I'm kind of like, y'all would like to give it out. They were on a massive amount and like, imagine that, you know, if you submitted a proposal, I think a lot of people can be Lonnie not to do it and I think we may think about economic incentives. We've been pouring billions of dollars into liquidity into his electric one, hasn't because it's the community's naturally. But let you know the water ecosystems before billions of dollars into liquidity. I think we should be poured billions of dollars into like

coordination and I like that before we end, I would like to feel really quick that Austin and I are giving away a golden keyboard. Looks rare, right? Everyone. I gave a teeth Denver 2020. I gave Austin the keyboard that I used to build to get Queen prototype with clacky. You still got Takis got to go home, right? Oh, I'm in. So basically we're looking to extend this lineage, by giving it to someone who represents the ethos of a Community First mindset here at Medical. So if you tweet with the m Khan 2021, hashtag who you think really has the ethos of the community than not so late

that you enter the contest and Austin and I will be giving away the third keyboard at me, like James at minute, you said which is instead of putting billions of dollars in liquidity mining. Let's put billions of dollars in the coordination. I love that that that will be punished bags to give away its neon. Its hipster is quadratic lanzi, and my wife wants it out of my house. So please take it from me. Thank you.

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