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To date, Silicon Valley has been known worldwide as the place to go to get your tech startup funded. Now, though, a new kind of innovation infrastructure is being built using blockchain technology and, in particular, the Ethereum platform.
Unlike Sand Hill Road or San Francisco, it exists in an abstract, non-physical realm that is secure, decentralized, and distributed across the Internet. Ethereum has all the raw ingredients needed to build startups unconstrained by physical location: a highly liquid medium for value exchange (the Ether currency), a common system for application/business logic (smart contracts), and, most importantly, a culture that encourages and supports innovation.
This is the beginning of the democratization of Silicon Valley’s innovation infrastructure, and it’s happening in an entirely virtual space.
Over the past couple of years, dozens of startups in this new permissionless ecosystem have capitalized their projects by selling their own blockchain-based “tokens” to a globally distributed crowd of early adopters. Tokens are specialized cryptocurrencies that have a utility within a given application. Sometimes it’s an internal currency necessary to pay for the services the application provides, like Brave’s Basic Attention Token (BAT). Other times it’s a…
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