So the idea is that by restoring trust to previously assumed useless items, you're squeezing more use out of them? Gupta: You're tying the object back to the story. The object and the object's data get reunited. But I would think that things like laptops only make up a small slice of landfills….
Gupta: Oh yes. I mean, landfills…it's entirely things like plastic cups and napkins. Gupta: The landfill problem is not the problem we're solving here. The problem we're solving is all of the people who want laptops but can't afford them. There's a huge unfilled need for stuff in society. And we're not reaching that need because the stuff is being roped into landfill rather than being roped into people who want to buy them.
And this is only the first of the three things we do. So the asset passport is the first brick. The second brick is a thing called an Automated Custodian, or an automated title holder. And the third is Smart Property Register. This is all pretty abstract. How do you explain this to a mainstream audience? Gupta: It's a lot of moving parts because it's in the abstract.
Because you look on eBay. And you click on the asset passport link. And it comes up with a valid asset passport. And you put a nickel into the insurance contract. And then you buy the object. In the next version, you take out the insurance contract, you push money into the smart contract. Now you own the object. So what happens is we gradually blockchain-ize more and more of the transactional space, until eventually, what you wind up with is an API attached to every physical object of value, and you can just push data and money into the API to control the asset.
Gupta: I think we will have a limited form of that done in the next year for sure, and very plausibly this year, depending on our fund-raising. We're going to go through areas where there are big glaring problems, and work our hardest at solving those problems.
So for about a year, it's going to look like a really, really weird high-end flea market. So you buy a bunch of fly fishing gear. You spend about a year and a half fly fishing. Then you discover that fly fishing is kind of time consuming. Ah, right, this reminds me of how in the s, everyone bought dumb infomercials for things like Thighmasters and then the Thighmasters languished in the attic, never used.
Gupta: [Laughs. So all of that stuff, you buy it as an experiment. I'm the kind of person who does this all the time. And the liquidity crisis on the second-hand sale costs you 50, 60, 80 percent of the object's value, often to the point where it's no longer worth trying to sell the damn thing. They spend a minute and a half looking it over to verify the condition. Patagonia stamps your asset passport and now you sell it on eBay. Gupta: Yeah, that's right. And a lot of those people will be experts in the field.
So if you're doing things like collectibles —. What would you say is the biggest risk for not scaling? Gupta: You know, [P. So we might wind up in a position where we rule very lucrative corners, like French wine older than 30 years. But younger wine than that, people are just willing to take their chances.
So it might be something where we get stuck at the high end, and it's hard for us to push that. Gupta: If you make the secondary market efficient, the goods are used till the end of life. How many of our goods are actually used till the end of life?
Most of it winds up sitting in attics, or being thrown away. Or it winds up in thrift stores, where it sells for 1 percent of what it's worth. So all of that structural inefficiency goes away when you just maintain a record of what the damn thing is. See what I'm saying? Gupta: So think of those inventory screens that you get in [Massively Multiplayer Online games]. And that's just how property should work. Now take your refugees camps. All the property in the camp is tagged, which means we don't need 14 millimeter wrenches.
We need three. Because when you need one, you can send a message directly to the person who currently has it, and you can pay the contract price for buying or renting a wrench from them. Gupta: What we're talking about doing is unpacking the destructive part of consumer society, the part where we make things usable and throw them away like they're junk — when they're not junk — is a vast unnecessary river of damage.
We've got enormous numbers of poor people in this society that would love access to that stuff. But eBay is so flaky. And charity shops are such an enormous waste of resources that a lot of times people are just throwing stuff away. The actual conscious , active re-utilization of things that people no longer desire is incredibly slack.
And if we tighten that up, there's no environmental impact associated with the satisfying of those human needs, because all the impact was when the thing was first made. The second, third, fourth, fifth and sixth uses, these are free environmentally. Gupta: Yeah. We nearly fell off our goddam chairs when we figured this out. What slice of the pie could be cut with this? Gupta: So right now, the main barrier to entry is that no one is taking it seriously. In the long run, I expect that we'll have 10 to 20 percent of the market, which is basically five to ten times the size of Visa.
We're certainly not going to be the last people in the world to do this. In a March 20 Medium post " Reliably solving the ventilator crisis? The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. Jeff Wilser. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy. So the first wave is fine arts? And the second wave is cameras, cars, electronics? And the third wave helps out refugees? How does that work, exactly? How is that different from, say, eBay?
Not much, really. How does Mattereum crack the problem? How did they get paid? Vinay Gupta. Gupta: Yes, absolutely. I don't think that's been fully appreciated, from what I've seen online. What do you mean?
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