AVA Labs CEO Emin Gün Sirer AMA recap
Recap of AMA that happened 3/24/20 in DAO Makers telegram chat, most of the questions were submitted before hand to make the session as smooth as possible. If you want to educate yourself about AVA make sure to check out our article or community driven medium blog.Emin Gün Sirer introduction:
I built the first crypto currency that used proof of work back in 2002. That was 7 years before Bitcoin. It’s very well-cited among academics, but it was too early. And Satoshi had other innovations that he added. I worked on making crypto more secure, on making it scale, on characterizing its decentralization, and also on Layer-2 protocols. Most recently, I put my tenured position at Cornell on pause and founded Ava Labs, to build a new crypto platform that actually achieves the goals that everyone else has been talking about so long.
Q: The market has proven that newly launched blockchains are not in demand since most are below ICO price. The best performers now tend to have a business model built in the token so that there is some real demand for it. What is your business model or concept for making real demand for the token and not just people betting to hodl?
A: Excellent question and excellent observation. Many new coins have tanked after their ICO. But the reason for that was pure greed. Many projects sold far too many coins to VCs, who then dumped the coins on retail. They had no protections, no timelocks, no limits of any kind. We have raised the smallest amount of any project to date, and we have run an incredibly lean & mean project. But the real question here was about the business model. Let me try to address that. The main purpose of the system we are building is NOT to compete with USD, and it is NOT to build a world computer. We are not trying to compete with these existing plans. I respect BTC and ETH, and wish them great luck in their endeavors. We are building the best digital a...