Kyle samani ethereum

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kyle samani ethereum

By Kyle Samani. March 30, | 4 minute read. 18 months ago, Ethereum was the only Layer 1 asset ledger that mattered. Today, there are over a dozen major. Kyle Samani, Co-founder and Managing Partner, joins us back on the show to share not only how Multicoin has changed since then, but also the cryptoasset. He's already backed some of the most prominent startups, including ethereum competitor Dfinity, which has raised a total of $ million. Forbes Lists. 30 Under. HOW TO MAKE MONEY ONLINE WITHOUT INVESTING A DIME

Why did you come up with that rule? The rule is important because if and when things are going wrong, that's when we need to be supporting our portfolio founders. Typically, things go wrong in inconvenient times — there's just a way that tends to happen.

We care about our founders, we work with them during the week and we don't like being passive investors. What kind of projects will survive the so-called crypto winter? Our portfolio companies are very well capitalized. I'm not worried about it. What kind of project will attract your interest? Everything that's differentiated and unique. We are not sector-specific investors. We invest across [decentralized finance], NFTs, games, consensus algorithms, data [decentralized autonomous organizations], consumer social.

We invest in every sector. As long as an entrepreneur has a unique view on how that sector is evolving, then we're excited. You need to be long-term oriented. That hasn't changed. The thing that's changed most about founders is, as a lot of the core technical problems are being solved the next generation of founders are not what I would call crypto natives. The founders [early to crypto] were curious. They learned about it. And we're very excited about a lot of those guys because those are the founders who are going to take crypto into real world industries.

What advice would you give to someone trying to make it in crypto? Do not look at the price. The single most important thing you can do is not look at the price. I talked with Laura Shin. And she mentioned you in the interview.

And she said there's no set way to do all these things in crypto. I very strongly agree. Multicoin has become successful because we ignore what everyone else told us to [do]. Everyone else told us to sell Solana and buy Ethereum. How did you make that decision?

I don't think Ethereum after seven years has a real scaling strategy. I have believed that for quite some time. It is now June I still believe that. It took a lot of conviction to say the number one market share smart contract platform is fundamentally broken, and they do not have a plan. Saying that publicly made a lot of people very angry.

They were unable to do so. They were therefore lying to themselves. And we called everyone out. And we said no, we're gonna hold our SOL. We bought a lot more. And we held it. And it was one of the greatest venture investments of all time. You have to be willing to ignore what other people say. You need to do what you believe is right. You need to reason from first principles, other people's opinions do not matter.

What was his a-ha moment with the realization of the opportunity we have ahead of us in crypto? What does Kyle know now that he wishes he had known when he started Multicoin? Crypto Investing in Why does Kyle believe the crypt investing landscape is less collaborative than ever? What are the biggest challenges of token issuances today? Is Kyle concerned the volatility in the market will harm institutional investor sentiment for crypto?

Constructing a Crypto Portfolio in Why does Kyle not believe in temporal diversification? Why does sector-centric company diversification suck?

Kyle samani ethereum free horse racing betting strategy

WHAT IS A BITCOIN ADDRESS LABEL

One is if you look at the pace of decentralization of Bitcoin versus Ethereum, obviously Ethereum decentralized a lot faster. Right, no one knew what any of these things were — there was a lot of education that had to happen, and such.

So 13 or 14 months later, it was like they went through the DAO hard fork, and you know, like there was nothing on the chain, other than the DAO and the hard fork of the DAO. And a whole bunch of things have changed. But the nature of comparing time is time is compressing. Where like the pace at which these things can decentralized is a lot faster now than it was then. If you look at the Solana today, this is crazy to think about. Saying Ethereum is not a security, or Eth is not a security.

If you look at the state of Ethereum network at that time, Uniswap did not exist. Maker did exist, 0x did exist, I think Kyber had maybe just launched, like v1 or like was about to launch v1. And like EtherDelta was around and that was about it. There was like a few million dollars in stablecoins, not that much even in stablecoins on the system.

And then I think if you project that forwards, the non linearity gets even more interesting. What I think is gonna happen, right is like, you know, these permissionless DeFi crypto thing is, right? And obviously, a lot of people around the world are paying attention to this stuff right now.

And this is true for both kind of finance companies as well as banks. None of them have done anything yet on a public chain. But my point is no one actually has done anything on a public chain. Most interestingly, the one company that got close was Reddit, and they like got really excited about like doing a point system thingy. They like did this big public bake-off right, last summer. And that was nine months ago, that happened — it was about nine months ago. When I think about what can happen over the next 9 to 24 months, I know all these companies are looking at doing crypto things.

The first time that happens, that blockchain is now the most likely to become the largest blockchain in the world. That perception is gonna change very fast. I think the pace at which these things can change is extraordinarily small, and the momentum can shift. Kyle Samani So the right frame to think here, I think, is not one of control. It was it was phenomenal. Where he basically said that, the conversations increasingly inside of companies because of GDPR, because of all these hacks.

Is data an asset or data liability? And you keep seeing these hacks if you just keep seeing all this stuff happening, like Cambridge Analytica. Hasu And how do blockchains settle that? Kyle Samani Yeah, so I mean, what blockchains provide is the substrate, such that you can design applications where users own the data, they own the state, whether that state represents money in the form of a social token, or something else, or whether that represents, you know, your Telegram messages or whatever.

Now, is Telegram going to move over to some decentralized system soon? No, because the scale of messaging is too large. You know, can you get that over in decentralized capacity? I think Vitalik probably right that on, the longer your horizon, the more that data is liability, not an asset. And so what do companies do? And then anything related to kind of social tokens and creator economy stuff, all that feels very ripe for this kind of thing.

I do think probably the social media, and socialization companies are probably the most interesting for this design space. And so this is just a clever, regulatory arbitrage for Reddit to imbue value in their systems without becoming a money transmitter. So I think all these vectors are very interesting for big companies to start to engage with the stuff.

The other comment, I would say, just generally is, with most new technologies that are orthogonal to a lot of existing things, they tend to seep into the world in ways that are very, not predictable. The Internet being kind of the best example of this.

The only question is timing. The question is just a function of timing. I think one is that for businesses that are, you know, Gen Z native, internet native, millennial native, there is a huge growing interest in the idea of a social collectible, Internet-of-value thesis.

Because what advantage do you get? Do we use a newer chain? What features do we want, what what user experience do we want? And it took a lot of people a long time to figure out what to do. But a lot of the core ideas were there from day one, things like forums, things like chat. And even things like CRMs and databases, and those things, like all those core ideas have been present from, you know, early 90s.

And, you know, I look today and kind of the obvious ones are DeFi and digital collectibles are like the two really big obvious ones. But the number of places you can insert those those core primitives. Anything is measured in billions of daily active users. And the companies that already have distribution will, in fact, be the primary distribution for the stuff.

And not all of them will adopt, will adapt correctly, for sure a number of them will fail. In fact, most of them are founder led, and those companies are likely to rejigger their products. Hasu Yeah, I mean, personally, I think that the vision of decentralized social media is very compelling.

In the sense that sort of the state is public and uncensorable, and users can choose between different interfaces, that may have different amounts of, different levels of moderation. And those can then be regulated.

Like in the Web 3. And then about what you said earlier, I think that this is maybe a one of the most interesting aspects of DeFi, sort of removing liability from financial service providers. So there are two reasons why regulation exists, right. One is like for the incumbents to keep sort of competitors out, but also it really to protect, like, consumers and, you know, just protect the economy itself from sort of moral hazard and so on, and contagious sort of effects.

And I feel like this part, you can really, at least the second part, you can really get around by using smart contracts that, you know, just in general, this concept of a company tying their own hands. I mean, if you can do that, then all of a sudden a lot of need for cumbersome regulation disappears. Hasu Yes, exactly. So okay, so we talked about sort of what it takes for developers to adopt this. And definitely the user experience and general transaction costs and some minimum level of decentralization are definitely big parts of that.

But another that we have seen that is a very potent network effect is sort of the execution environment and programming language for developers and all the tooling around that. And Solana uses I think a Rust based execution environment. Can you talk a bit about that and how you think that the advantage of the EVM is not already insurmountable? Kyle Samani Yeah, Solana has a custom runtime called Sealevel.

It compiles to LLVM. That stuff is well below my understanding of kind of core like, how circuits switch, and how memory is stored and how processors transact things. So you have kind of this abstraction with the virtual machine, and again, because of the depth technical depth of virtual machines is beyond me, and probably beyond the scope of this podcast.

So one of the core insights that the Solana team had was to say, look, we need to be able to get — one of the really interesting things to think about in these networks is you have a fixed amount of computational space. And you have literally billions of people trying to theoretically share this fixed amount of resource space. Given that, you need to optimize every ounce of performance out of the system to make sure that you can run at the limits of what the hardware can actually do.

And so one of the core things that the Solana team recognized early on, was that the EVM was just not, in any way kind of optimized to take advantage of hardware, both in terms of just efficacy on a kind of a per instruction basis. But even more importantly, in terms of parallelism. And this is probably the most important difference between the EVM and Sealevel, which is that Solana natively supports parallel transaction execution. And so those things should transact in parallel.

The problem in kind of a blockchain is that, like you have this completely open state, and anyone can submit any transaction into the state at any time. And any transaction can theoretically modify any part of the state. Kyle Samani Exactly, whatever, plenty of examples you came up with.

In , however, the tides will change dramatically when these new blockchain protocols go live. In the blog, Wilson said that he expects the next generation platforms for smart contracts to pose a challenge to Ethereum that will push the leading platform to improve its protocols. Upgrades like the Constantinople and Serenity are typical examples of such improvements.

Ethereum will have to speed up its development if it is to hold its position in the industry. Both investors, Samani and Wilson said that the new generation platforms, Cosmos and Dfinity will pose a challenge to Ethereum. However, they failed to recognize the potential threat posed by the already existing Tron platform.

Already, the Tron virtual machine is experiencing incredible levels of adoption. This number is increasing by two to three new applications on a daily basis. Sun said that thanks to the upcoming niTron conference and accelerator program, the platform is eventually going to support up to DApps. True, this number is far from what is currently supported on Ethereum.