Euro 2.0 weekends

Can money exist without a banking system? “Sure,” say the bitcoin enthusiasts. But can we have the same kind of money that we’re used to – euros, dollars, yenis? The invention of smart contracts makes it a practical opportunity.

We are half-way through building a proof of concept for a tech savvy country to run a bankless monetary system in parallel with the traditional one. A few friends put together the infrastructure using Estonian ID system over a weekend, we’re now planning for a second iteration and you’re welcome to join if you believe you can help.



The future of money may be in the ether

Two years ago I got very excited by the idea that it will be possible to decentralise the handling of money in my small country Estonia. I’m not talking about geeky bitcoins, but the real Euros. I wrote this blogpost, chatted with bitcoin people this and the other side of the Atlantic. At the time it certainly felt do-able, but needed quite a bit of technical and cryptographic wizardry.

Now we have the Ethereum programmable blockchain. It took me a couple of hours on a Saturday morning to successfully implement a central mint and a monetary system using a public recipe, together with necessary enforcement controls to tackle money laundering and other bad things.



My own little bank

I’ve wondered lately why we keep our money on bank accounts. Why would anyone in their right mind risk their hard earned cash for bankers to invest in loans for their profit, without any return to the deposit holder.

So I set up my own little alternative to a bank. I store any small amounts left over from my monthly salary into one of the two places:

  1. German government bunds – through an exchange traded fund
  2. Peer to peer loans to businesses – through FundingCircle and Zopa



Startup = speed

A couple of months ago I wrote about remaining a startup with 100+ people. Today we are nearly 300 people and having an ever better appreciation of what being a startup means.

Startup is defined by growth. Growth is generated by the speed of the organisation … with a bit of luck. There is luck in the original idea, the supporting market condition, in the people who come together around the idea. Optimising for luck is near impossible. Hence the success of the startup after it has reached its first fragile product-market fit is determined by the speed at which the organisation can evolve the product and engage customers.

Speed of the organisation isn’t trivial. We have lots to learn from the 5-10 person pre-money startup teams, who are super focussed on their mission and are dedicating their every brainwave to making the product a success. These teams move incredibly fast. How to retain that same speed with 300+ people?