Crypto & DePIN

“I think end of the year composability will get solved, I want to see shared security get solved… it’ll also make Atom the center in terms of value accrual… none of this financial advice, but I think Atom is going to go top 10 easy.” — Greg Osuri, 00:41:49

“We’re going to settle using USDC, but you pay a tax to AKT holders in order to use USDC. That tax will be further used to fund the development of the platform… and part of that fees is going to be burned by actually purchasing AKT off market using Osmosis or whatnot.” — Greg Osuri, 00:53:55

“I think within a year or two years’ time you’re going to see a beautiful, interoperable — different protocols working with each other — fully verifiable, fully on-chain world. And that’s the world I can’t wait to experience.” — Greg Osuri, 00:39:32

“It’s not like a year from now — it’s literally like three weeks… Integrations will take a few more months, but I think in the next six months we’re going to see a cross-chain DAO deployment on Akash.” — Greg Osuri, 00:42:22

“Crypto is not a single monolithic layer, it’s actually multiple layers… even though the middle, the data layer, is decentralized, the access layer and base layer is clearly not decentralized.” — Greg Osuri, 00:03:45

“Smart contracts can own deployments on Akash — that means DAOs can now own deployments on Akash without a human involved… the human attack vector is eliminated… if you design your smart contract in a way it’s immutable, the deployment becomes immutable… stuff like that is going to push the boundaries of what censorship resistance is going to look like.” — Greg Osuri, 00:35:16

“On one hand you had the US Treasury that banned Tornado Cash, which is a privacy protocol; on the other hand we saw the US military, DOD, embrace Secret Network and Akash for enhancing their privacy… within 30 days of the ban.” — Greg Osuri, 00:10:56

“The bull market I believe will come in 2025. Again, this [is] my own prediction. I think it takes a year of building, solid building, before we can get the narratives in 2024.” — Greg Osuri, 01:03:50

“The new narrative is going to be — I mean, looks like it — it’s going to be real yield, I call it… because people are tired of this inflationary economics.” — Greg Osuri, 01:04:33

“There is no decentralization without open source. That is the foundation… open sourcing [is] the first step. If you can verify someone’s source code, you can be decentralized.” — Greg Osuri, 01:28:01

“He is the Stanford professor who helped Ethereum move from proof of work to proof of stake… his proposal essentially lets Akash borrow security from Bitcoin — that way we don’t need to allocate that many tokens for security, but rather actually borrow something from a better security, from proof-of-work model.” — Greg Osuri, 00:10:47

“I do have little concerns with Polygon sometimes… there is a chance the studio will go so big that they determine the protocol completely… I think there’s a heavy risk now that it may lose a decentralization nature… and if that model is going to be exported for the rest of the crypto ecosystem — which most likely it looks like it is — then we’re in big trouble.” — Greg Osuri, 00:41:00

“Proportionally there’s a lot more web3 companies, protocols, that use Akash — I think supposedly about 30% of Cosmos actually runs on Akash now… Osmosis, Mars Protocol… Stargaze… a lot of the Cosmos projects.” — Greg Osuri, 00:19:12

“One thing we did really well, which I’m very proud of… is not add incentives… our thesis was you’ve got to add incentives post product-market fit, not pre-product-market fit, or else you’ll end up in trouble… you don’t want incentives to go towards quote-unquote investors… investors should profit based on real usage, but not from mismanaged token treasuries.” — Greg Osuri, 00:30:36

“The world is kind of going to higher protectionism when it comes to GPUs… I would imagine some American GPU providers will have to know who the users are, so I don’t think there’s escape from verified users… but at a protocol level it will always be permissionless — that’s not going to change.” — Greg Osuri, 00:27:36

“I think for the next one to two years in AI, and all this excitement is going to excite people and AI is going to catch a rally.” — Greg Osuri, 00:36:31

“Crypto industry is very small… it’s not hard to see us going 100x and everything, in like a matter of, very quickly, we do this right.” — Greg Osuri, 00:57:13

“My entire career exists because of open source software, right? So, and if you were to add sustainability to open source software, you need networks. And the only data structure we found where you can have a highly sustainable networks were crypto, right? So, crypto gives sustainability to open source software.” — Greg Osuri, 00:11:06

“So I think crypto is going to play a critical role and people are going to realize that sooner than later. And now we have an incredible opportunity. AI is a new industry and a new industry that’s post crypto. So we have to bring AI to crypto. I don’t think it’s an option. It’s more imperative at this point.” — Greg Osuri, 00:30:37

“Crypto is really good at sourcing supply. Look at Helium, look at Filecoin, look at every deep [DePIN] network. Crypto is incredible at sourcing supply, not so in service demand… At tracking resources, crypto is phenomenal. At tracking demand, AI is phenomenal. So that’s where I see the marriage between crypto and AI is.” — Greg Osuri, 00:25:48

“For Akash, at the current linear modeling we did, [we] can support up to an excess of 1,000 or 1,500 A100s that’s unused at any given time.” — Greg Osuri, 00:33:10

“I believe in a world that, you know, the seamless crypto experience is a reality — and I’m not talking in just optimistic sense, but I’m actually talking based on historic evidence… TCP/IP became the most popular widely used networking protocol because, as decentralized as it is, the client experience got better and better over time.” — Greg Osuri, 00:59:12

“Is it as secure as Ethereum? Not yet. But given a chance, for next five, ten years, will [it] get better than Ethereum? Absolutely.” — Greg Osuri, 00:18:36

“We have to be honest to ourselves: is Ethereum going to be the future? Because it’s not. It is very insecure — EVM, and EVM insecurity is a root of all the exploits that we see today.” — Greg Osuri, 01:04:53

“I think that’s what we need to see: more non-crypto use cases for crypto… infrastructure. And if you don’t figure that out, I think we will not make it, to be honest with you — like, at all. It doesn’t mean the end; it means we just reverse to web2 models.” — Greg Osuri, 01:05:35

“If I were to do it again I would always use a shared service, like the Solanas of the world or the layer twos of the world today… the pattern should be using a shared service, hitting the limits of scale, and then moving to an app chain.” — Greg Osuri, 00:41:10

“Web3 and AI are a lot more related than we anticipate. I think the first thing we’re doing with crypto is we’re saving AI with chips, right? There’s really no other solution… I think Web3 will also… add the rails to AI that’s missing all the way from organization… human coordination, payments or value exchange.” — Greg Osuri, 01:12:38

“On Akash itself, [a] lease could be an NFT, right? A lease gets created every time we have an agreement… I can sell that lease in an open market, right? Now that lease becomes a tradable commodity because now I have access to H100s, right? So imagine the efficiency that brings a futures market to Akash itself.” — Greg Osuri, 01:40:01

“We already saw 250% cumulative monthly growth rate in the last 90 days since GPUs launched… we’re making a lot more in terms of revenue on demand-side fees than Helium and Livepeer and every other DePIN network out there. In fact, Akash right now makes more in fees than Ripple and Dogecoin, and Cardano I think as well.” — Greg Osuri, 01:08:21

“Looking at the demand side of DePIN networks I came to a conclusion — maybe I was wrong and maybe a lot of these DePINs are wrong — because you’re over-incentivizing to a point you’re under-optimizing for demand.” — Greg Osuri, 00:15:56

“Currently Akash makes more in revenue, or collects more in daily fees, than Graph Protocol, Helium, Livepeer combined — and all these networks are incentivized and Akash is not incentivized. This is pre-incentive… also zero ad spend.” — Greg Osuri, 00:21:42

“Progressive decentralization — it never works, not a single case, guarantee you that… You either decentralize or you’re not, from day one. Bitcoin was day-one decentralized, Ethereum was day-one decentralized.” — Greg Osuri, 00:55:43

“The whole thesis of like you need to bootstrap supply before you can validate demand is proving to be false. In fact, I’m to blame too, because I wrote a paper in 2019 titled ‘Bootstrapping a free market by borrowing from the future.’” — Greg Osuri, 00:20:58

“We believe Bitcoin is the most secure chain, hands down… my ultimate vision there is I want Bitcoin to secure Akash, because that gives Akash nation-state-level protection when it comes to security.” — Greg Osuri, 00:48:29