Big updates from Agoric!
- just launched Phase 1 of the Agoric Beta
- currently in Phase 2 of our Incentivized Testnet
- incentivized testnet had 6,300 applicants!
The beta extends alpha with some key future elements of the Agoric economy.
Beyond the Bet launch, Agoric has built an Ethereum Ecosystem Bridge, Oracle Support, Core Economy and Security System Structures (Staking model), and several DeFi components (legos) including examples of loan contracts, options, and an AMM in preparation for the march towards Mainnet.
Why we invested: The Team
It might get repetitive to hear but it doesn’t make it any less true. The Team.
As early stage investors we are always obsessed with the team and establishing conviction on teams. Agoric was no exception, but the team here is undoubtedly world-class and if anyone can achieve their “eat the world” level ambitions, this is the group to do it.
Agoric’s team worked on smart contracts before the Bitcoin white paper was published, for example this seminal paper called Capability-based Financial Instruments by Mark Miller from October 2001, published in the 4th International Conference on Financial Cryptography which cites the seminal work of Nick Szabo in 1997 entitled Formalizing and Securing Relationships on Public Networks.
Emphasizing the contributions of Agoric Chief Scientist Mark Miller in no way should detract from the contributions of founders like CEO Dean Tribble who has been a long time collaborator with Dr Miller and an accomplished technologist and computer scientist.
A nice quote from Agoric co-investor Zooko Wilcox, a thought leader in his own right, on the thought leadership of this team.
How we met
Evan met Dean in February 2019 at Stanford’s Blockchain Week, where he recalls the following:
“I met Dean at a post-conference event after he spoke on the last day of the conference. We had a discussion around the limited number of developers that could build securely on Ethereum at the time, the security tradeoffs of identity-based access models, what needed to happen to open this space to a larger developer base, and how Agoric was going to do it. Oh, and we talked about whiskey too. I gave him my card, and he reached out to set up an initial meeting a week later.”
Here is a link to an interview on the MikoBits show between Miko and Dean Tribble.
The Thesis: API Economy
Increasingly all Enterprises have become technology platforms and blockchains provide both a payment reconciliation ability through tokens as well as an automation function in smart contracts. We believe that the peak of the “API economy” is yet to come and will only be achieved by incorporating these technologies.
In order to fulfill this vision of a complete API Economy, we looked for the following key elements:
This combinatoric reusability thesis is supported here by Zaki Manian of Tendermint who called Agoric “Node.js for DeFi”.
We see Agoric as a combination of Node.js, React Framework and most importantly NPM, the Node Package Manager. Instead of resorting to the security and combinatoric complexity of Solidity, security assertions in Agoric depend on the framework and hence produce much more dynamic reusability and therefore developer productivity.
Analytic Data from the space
The present-day dominant programming model for blockchain is the Ethereum Virtual Machine (EVM) and Solidity programming language. Obviously ETH has the most mature toolchain and developer ecosystem of all blockchains and is home to most significant DeFi and NFT projects.