Interview with Mr. Tom Cares, CEO of Coin.care (blockchain visionary).
‘ Future of Decentralization‘
1. Please introduce yourself. How did you get involve in your startup and why do you feel it’s important?
I’m a lifelong entrepreneur and currently the founder and CEO of Coin.care
I’ve been a crypto enthusiast since 2014 and came to believe in a future where everyone has their own highly-liquid currency. Instead of having to get money, people and entities issue their own. They give it scarcity and promise to make it redeemable for things, and those promises would be tracked. The goal is to shift social focus onto potential rather than one’s current abilities and their present-day value.
The most prosperous version of humanity would be one that values and nurtures potential above all else. I believe the Coin.care platform would be able to push that monumental paradigm shift.
2. How will it work?
We make it free and easy for any person or entity to create their own digital currency, which will have its own ____.Coin.care subdomain site. At a small cost they can upgrade to an ERC223 token (“Coin”), and have us serve as an immutable bank for this Coin, as well as for preexisting Coins.
Within our system, all movement of Coins is instant and free, using an auditable and immutable distributed ledger system.
We make it easy for each Coin to set their own inflation rules, and publicize what their Coin can be redeemed for, and we can list their Coin on our exchange, also at no cost.
We report on the honesty of the Coin issuers and any grievances of their holders.
Potentially, people can receive, for example, ‘x dollars worth’ of anyone’s Coin and have their own settings for what happens when they receive it. Among other options, it can stay as it is, or automatically convert to dollars, or anything; if someone’s really bullish on themselves, they might have it automatically trade to buy back their own Coin on the market – buying back your own Coins at market would become the modern analog of paying your credit card bills in full to strengthen credit.
Around all of it is a social ecosystem, where people can reveal what’s in their wallets, learn from each other, and evolve the thought-space of this economic paradigm shift.
3. Tell us about your background and travels.
I grew up in New York City. When I was 15, I decided to drop out of NYC’s best high school and move to Los Angeles by myself to try an early start at adulthood. I even got a court to declare me an emancipated minor, giving me the same legal powers as adults. I did freelance database engineering, with some other part time normal jobs, and spent all my free time at the library, studying to compensate for not being in school. I also dropped out of college twice since then, but got straight As for the few semesters I was there. I always felt school made me spend more time showing what I knew than actually learning; and it didn’t feel like they knew what things were really most important for me to know.
When I was 18, I really loved driving, so I put signs on my car advertising that I would give rides to people and they could pay anything they want or nothing at all. I was able to make $1200/wk doing this in San Francisco, working Thursday night to Sunday. There was no Uber, or even iPhone back then, and the city had a huge cab shortage.
I was really passionate about politics, so I spent Monday-Thursday at committee hearings at the State Capitol in Sacramento, and studying California public policy.
When I was 20 I ran for State Assembly. I came within 38 votes of a candidate who was my city councilman, and many people seemed really impressed with my understanding of issues. It was a great experience and afterward I accepted invitations to serve on the executive board of 2 of the largest Democratic clubs in Los Angeles County.
Since then I’ve been an entrepreneur in the areas of finance, software, real estate, and crypto trading, in the US, UK, and the Philippines. I’ve also gotten to go to Burning Man 4 times and studied entrepreneurship at Draper University of Heroes.
4. How do you feel about Burning Man?
The Burning man community is a tremendous source of inspiration for me. The creativity of “Burners” and their passion for life will aways blow my mind like nothing else can. The change I most want to see in the world, including Coin.care reaching its full potential, probably can’t happen without a lot of Burners being involved at the highest levels.
As for that playtime in the sand we do every year (‘the event’), it offers a culture shock you can’t get anywhere else and that offers very powerful perspective. The great gift of getting to go, isn’t to get to see Burning Man; it’s being able to see the world through the lens of Burning Man.
It’s also just a wonderful nostalgia for what could have been had humans not domesticated ourselves so hard.
And of course, it’s where the most brilliant people in the world plan the future of civilization. It’s worth noting that Larry Page and Sergey Brin were hard-core Burners before starting Google; and that they hired Eric Schmidt because he was the only candidate who had been to Burning Man. Black Rock City is the true heart of Silicon Valley.
At the climax of the event, they burn the iconic man in effigy as most of the 75K participants gather around celebrating what they consider to be their New Year’s Eve
5. How was your experience at Draper University of Heroes?
The program at Draper U does a surreal job at giving insight on what it takes to be a strong founder and leader of a great company. Students learn a lot about the startup world and inner workings of Silicon Valley, but they also build great relationships, learn not to underestimate their limits and endurance, and develop the mindset necessary to handle never-ending challenges and succeed on epic levels.
Mr. Tim Draper, who is founder of Draper University, teaches entrepreneurship to his students, and this picture shows Tom sitting in the orange bean bag chair.
6. What is the blockchain? Please explain why now its important.
Blockchain is essentially the advent of everyone keeping track of everything, rather than a central authority keeping track of everything. It ameliorates the need for central authorities to facilitate large-scale cooperation.
If we look at life, we see the power of fast evolution, and the importance of variation. Most notably, sexual organisms are far more advanced than asexual ones, because of the increased variation and faster evolution.
Blockchain is a complete game-changer because it allows humans to collaborate and cooperate on large scales without a central authority. The nature of a central authority is always confining and conforming. By removing the need for central authorities, and allowing mass-cooperation directly between each other, the blockchain revolution will empower humanity to socially evolve at rates never before possible.
I believe this decentralization, enabled by blockchain, will come to define the 21st century more than anything else.
7. Do you have competition? If not, why do you think that is? If so, what makes you better?
There’s certainly competition. WAVES, for example, makes it easy to create personalized coins on their blockchain.
Unlike WAVES, Coin.care won’t charge for this, but that’s not even close to what’s most important. What really matters is our ecosystem to really bring this revolution to the next level.
8. How will your service scale?
The platform will launch with some really great entities using it for some really great purposes. We expect a strong tide of entities and people wanting to follow suit, especially to claim their Coin’s desired name and start building the reputation of their currency so they aren’t left behind.
9. Blockchain is intimidating to normal people. What is your adoption strategy?
In short, we’re giving everyone a way to be a part of this in a highly-empowering way, with no risk, and have it be really fun and easy.
10. How will your service be compelling before you reach critical mass?
Even without a critical mass, I expect there to be people who can really get enthused about emailing their personalized Coins to their friends and creating interesting uses and redeemability for them.
11. What do you expect to accomplish in the next 90 days? 5 years?
In the next 90 days, we should launch our ICO for FutureCoin. FutureCoin is going to be a really important Coin to have, because it will connect all the Coins in our exchange. Someone who has, for example, EllisonCoin and wants DraperCoin, would have to trade their EllisonCoin for FutureCoin first and then FutureCoin for DraperCoin, much like trading Microsoft stock for Apple stock requires going in and out of dollars.
In five years, I think we’ll have millions of currencies and over a billion transactions per month on our platform. I know that sounds outrageous – Bitcoin is only currently doing 10 million transactions per month – but I believe the evolution of this new economic paradigm will happen at unprecedented speeds.
Most importantly, I think we’ll have started to enter the phase where it’s fairly common to for people, especially young people, to pay their bills with their potential. A lot of great projects, such as intentional communities and novel innovations will have been able to get their strong start on our platform. And I also expect major revolutions in governance to stem from this. When I think about the possibilities for our mission over the next 5 years, I couldn’t personally imagine that I could ever get myself to work on anything else.