Bringing the World Onchain with Jesse Pollak from BASE | ZEROPOD

January 19, 2024

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SUMMARY

The mission is to build a global onchain economy that increases innovation, creativity, and freedom, making it easier for anyone anywhere in the world to access and live their life in a better way with more economic freedom.

• 00:00 🌐 Bringing the world on chain with Jesse Pollak, discussing on-chain resources, Bitcoin ETF approval, and the mission to create a level playing field for everyone in the global economy.

  • The speaker discusses the process of choosing the name for an onchain club, ultimately deciding on "yellow" to represent their brand.

  • Jesse Pollak, head of protocols at Coinbase and co-founder of Oak currency, discusses the concept of sharing on-chain resources and expresses his excitement to be a guest on the Zero Pod podcast.

  • Bitcoin ETF approval is a milestone towards the world coming on chain, providing more access and legitimacy to crypto, with Coinbase playing a crucial role.

  • Building a new Internet and platform for a global economy where everyone can participate and create new businesses and creativity on a Level Playing Field.

  • The ultimate mission is to bring people on chain and put them on an open financial system, leveling the playing field for everyone.

• 04:41 🌐 Building trust in onchain technology will allow more people to own crypto for the first time, leading to a journey of individuals buying and using it.

  • Building trust in onchain technology will allow more people to own crypto for the first time, leading to a journey of individuals buying and using it.

  • The process of getting people to be on chain and involved in the new economy starts with an easy first step, allowing them to gradually become part of the transformation.

  • Started using crypto through a company called Shake pay in Canada, eventually learned about self-custody, and got into crypto during the spring of the first year of college in Southern California.

  • The speaker learned about Bitcoin from a person who quit their job as a lumberjack to join Coinbase, and later started a company working in crypto but ultimately didn't work out.

  • Jesse Pollak reached out to Olaf and eventually joined Coinbase to work on crypto after the team decided to sell to Twillo, and he was recognized as one of the most influential people in crypto for 2023.

• 09:42 🌐 BASE aims to bring the world on chain, accelerating decentralization and creating a global onchain economy for innovation and accessibility in the crypto space.

  • The speaker feels honored to have been recognized for the collective effort of the team and community in bringing something into the world, and acknowledges the unexpected impact of their work.

  • We need to bring the world on chain, with plans to make onboarding new people simple and easy.

  • Accelerating decentralization, driving down fees, making smart wallets the default, and bringing coinbase and others on chain is a complex process that may seem like gibberish to everyday people.

  • The goal is to create clarity for the Builder community and provide a roadmap for them to come and build alongside BASE.

  • The mission of BASE is to build a global onchain economy that increases innovation, creativity, and freedom, allowing anyone to access a new economy and participate in financial, creative, and gaming products.

  • The mission of BASE is to bring innovation and accessibility to everyone in the crypto space, addressing scaling issues and focusing on user experience and freedom.

• 16:54 🌐 Connecting people to a better economy through new technology can drive global change and prosperity, with the importance of creating clarity and a shared vision for the future, and the decision to bring Coinbase on chain as an L2 solution.

  • In 2023, there is a widespread feeling of disappointment and distrust in the economy both in the United States and globally.

  • Connecting people to the possibility of a better economy through new technology can lead to more freedom, happiness, and well-being.

  • The speaker discusses the importance of creating clarity and a shared vision for the future to drive global change and prosperity.

  • Road maps are more of a suggestion in a decentralized ecosystem like Bas, and ethereum's decentralized nature means it will change its mind and be slow moving, which people often don't understand.

  • Coinbase chose to go with an Ethereum native L2 instead of their own L1 chain, as the concept of L2s didn't exist when they previously considered launching a chain in 2018 and 2020.

  • The speaker discusses the decision to bring coinbase on chain, the challenges faced, and the solution of building as an L2 to stay connected to the broader crypto ecosystem.

• 22:26 🌐 Coinbase's pragmatic approach to scaling Ethereum with BASE, focusing on bringing millions of people on chain, collaborating with open source, culture, and governance bases, and investing in a vision beyond one blockchain.

  • We were pushed to create a platform that contributes to something bigger, and despite initial nervousness, people have been supportive of our intentionality and approach to building base.

  • Coinbase has been pragmatic for over a decade, focusing on finding the best possible future for scaling Ethereum with BASE.

  • Contributing to bringing millions of people on chain into reality by using the op stack and building on a wider base of builders working together on a larger picture.

  • Open source code base, culture base, and governance base working cooperatively to create something bigger than any one of them, with a focus on governance and the belief that working together can create something greater than what any one of us could create alone.

  • The speaker discusses the collaboration with optimism and the announcement of retroactive public goods funding round three, highlighting the eligibility of other super chain projects and the equal opportunity for funding.

  • Believing in and investing in a vision beyond one blockchain is a strategic risk that is already paying off in significant ways.

• 28:00 🌐 BASE is collaborating with OP to develop the super chain, facing challenges but finding success in driving specific projects, reducing fees, and decentralization, with a focus on bringing more projects and games on BASE and supporting migration and grants for builders.

  • Collaborating with OP to develop the stack and build the super chain, instead of just using the OP stack and building on top of it.

  • Bas has faced challenges in working with different organizations and teams, but they have found success in helping teams own and drive specific projects end to end, such as EIP 4844.

  • BASE has developed span batches to reduce fees on existing op stack chains and is making progress on decentralization, cost, and scalability with a dedicated team.

  • Developers are excited about bringing on more projects and games on BASE, with a focus on casual mini games and onchain mechanics.

  • Nouns Builder migration is happening, with audits enabling people to migrate from L1 to L2 and grants being given to support those building on base, such as Yellow Collective, with a focus on the color yellow and the creation of culture.

  • Thousands of artists are earning hundreds of thousands of dollars on chain, showcasing the new global onchain economy and the level of creativity, innovation, and excitement of people building on base.

• 38:58 🌐 Optimism's retroactive funding and fast grants are transforming the ecosystem, enabling creativity and innovation, while BASE and the Optimism Collective reward positive impact and public goods.

  • The base team received a grant for the yellow collective, which will be used to fund contests and commissions for artists and creatives in the nouns and Bas ecosystems, and the impact of retro pgf and other grants programs is discussed.

  • Optimism's focus on retroactive funding and opening it up to everyone building on the super chain will enable more creativity, activity, and innovation, leading to a transformative impact on the ecosystem and the world.

  • Learning from optimism, BASE has been doing prop house rounds and fast Builder grants to complement and move quickly, with a focus on retroactive grants to encourage Builders to keep building.

  • Grants are given every six months with restrictions, but fast grants can be given in three to five days to support builders in their projects.

  • Ambitious, creative, and entrepreneurial individuals can contribute to BASE and the Optimism Collective, where impact equals profit, creating a new economy and world where positive impact is rewarded.

  • The speaker discusses the appeal of nouns and their focus on public goods, and expresses curiosity about what drew them to nouns.

• 45:03 🌐 Building on chain enables 10x impact, transparency, and composable systems, while fostering a positive force in the community and finding purpose at the intersection of personal interests and new technology.

  • The speaker waited six months to find and purchase a snowman pixel art at an auction.

  • The speaker discusses the alignment of various projects in working towards a future where technology enables a collective and meritocratic mindset, and the creation of a new Internet native organization to bring people together and do good in the world.

  • The speaker discusses the rapid growth and transformation of the world economy, particularly in the technology space, and the importance of being part of the innovative and creative community.

  • Building on chain allows for 10x the impact, leverage, composability, and transparency, accelerating the speed at which financial and social systems are being rebuilt.

  • Focus on nurturing and supporting early participants in the yellow collective to create a positive force in the base ecosystem, and continue to bring people in and be positive forces in the community.

  • Jesse Pollak discusses the importance of bringing the world onchain, the concept of onchain stories, and the idea of finding purpose on chain at the intersection of personal interests and new technology.

INSIGHTS

Building a Global Onchain Economy

• 🌍 It's about building a new platform for the world where you a new economy where everyone can come on chain.

• 🌍 Bringing people on chain is about putting people on an open financial system and leveling the playing field for everyone.

• 📈 "It's gonna be successful because thousands of people all over the world believe in that mission and then come together to execute against that road map."

• 💡 The mission is to build a global onchain economy that increases innovation, creativity, and freedom, making it easier for anyone anywhere in the world to access and live their life in a better way with more economic freedom.

• 🌍 Upgrading the current economic system through new technology can create a bright opportunity to get people excited and energized about the future economy.

• 🌍 The goal is to create clarity for ourselves and for all the people we're building with of where we're going so once we all know that and once we all believe in that future we'll find a way to get there.

• 🔥 The intentionality and approach of BASE has been well-received, with people welcoming them to come build with us.

• 🤝 Retroactive public goods funding round three is the first round where other super chains were eligible, putting their money where their mouth is.

• 🌐 The idea of creating a new kind of Internet native organization that uses new technology to bring people together in a new way and experiments with proliferating a positive meme while doing good in the world.

Impact of Retroactive Funding on Creativity and Innovation

• 💰 Thousands of artists earning hundreds of thousands of dollars on chain all over the world, a great example of the new global onchain economy enabling more creativity and freedom.

• 🎨 The grant from the base team will fund contests and commissions for artists and creatives in the nouns ecosystem, making an impact right off the bat.

• 🌍 Optimism's focus on retroactive funding and opening it up to everyone building on the super chain will enable more creativity, activity, and innovation in the ecosystem.

• 🌍 The fast grants at BASE can be turned around in three to five days, providing quick financial support for builders to keep innovating.