Executive Coinbase Jesse Pollak on the basic token to come – and why we can trust the company’s blockchain

To understand why the Pollak project is loaded, it is useful to return to 2015 when, in the depths of a cryptographic winter, some began to rally to the expression “blockchain not bitcoin”. The idea, popularized by an emerging corporate faction of the cryptographic industry, judged that it was better to leave the technology of the blockchain to banks, IBM and other established actors.

The plan turned out to be a miserable failure. Blockchain projects supported by banks like R3 have increased large sums of money, but have failed to take off, as criticisms – mostly for the most part – have indicated them as glorified databases that would give preferential processing to the one who owned them. It turned out that Bitcoin style decentralization had a lot.

Pollak says that this time of corporate blockchains, or at least basic, is different. He has a point in the fact that Pollak is a real native of cryptography, and not a blow from the business sector, and that the design choices of the basic chain reflect a decentralized ethics.

“We don’t want to recreate old systems with new technology. From the first day, we focused on decentralization. Not only speak – we have taken real measures. First of all, we built the base as Ethereum L2, not an isolated chain. Second, we built an open level on the OP battery. Third, we went from stadium 0 to the technical decoration of stadium 1 earlier this year in collaboration with optimism and others.

Pollak stressed that the base code is open-source and that the chain aspires to be a linux style ecosystem used by many different crypto manufacturers. He said that this is a great reason why Coinbase plans to launch a token on the basis – like a way to align the incentives and the decentralization of the tokens.

Coinbase began to float the idea of ​​a token last month, and if it is advancing, it will arouse significant interest from manufacturers and speculators. So how and when will the basic token arrive?

Pollak was prudent in his response, saying that Coinbase is determined not to precipitate the deployment of tokens, and that he does not plan to announce a release date anytime soon.

However, he admitted that token launches have a troubled history and that they have often served to enrich their donors to the detriment of the wider community linked to the blockchain. In response, Pollak said that Coinbase walks carefully, while working with projects on the basis that have issued their own tokens in a responsible manner, including an aerodrome called a “fully fair launch”.

The tokens are unique, so there is no one size, he observed. On the VODcast, Pollak also discussed three of the most popular applications to emerge on the basis, and how some of them have started to keep the crypto long -standing promise to help creators earn a living. You can watch or listen to the whole conversation on Spotify, Apple and Youtube.