As our society continues to transform into a digital format, it is reasonably foreseeable that cryptocurrencies will become more commonplace in the courtroom. In 2017, cryptocurrencies were thrust into the headlines and, accordingly, into the consciousness of the general public. Cell phones had land lines, electric vehicles had combustion engines, and digital photographs had Kodak film and Polaroids, but digitally encrypted mathematical problems created and solved by supercomputers that are utilized for financial transactions aren’t quite as intuitive. One of the reasons blockchain and cryptocurrencies can be difficult to understand is because they are truly unique concepts with no reference point or previously existing thing with which to compare them. We are currently experiencing the beginning of the next evolutionary step of our economy as blockchain technology weaves its way into the fabric of our financial and business transactions. The goodwill of a business has long been recognized as having value, 2 and digital music is now a viable commercial product. Most of these intangible things can be converted into a tangible format by printing them off onto paper, but inherently intangible assets are by no means foreign concepts to the judiciary. In the same way, electronic devices have fundamentally transformed the practice of law over the course of the last decade briefcases have been replaced by iPads and fax machines by Microsoft Outlook.Īccordingly, entirely new categories of evidence have found their way into the courtroom: e-mails to prove a contract was breached, digital videos to prove an assault occurred, text messages to prove a parent is unfit, and metadata embedded in digital photographs to prove the location or identity of where the photograph was taken. The advent of the Internet spawned new ways to communicate, do business, and commit crimes. Today he serves as Chairman of Factom, Board Member of Polymath, Board Member of Silicon Valley Blockchain Society, and Managing Director of Yeoman’s Capital – the first family office to invest exclusively in early stage blockchain projects.As our society, as well as our economy, rapidly evolves into a digital format, the law must come to grips with how to account for things that did not previously exist. The following year, David co-founded the first crypto venture fund, the DApps Fund. In December of 2013 he authored “The General Theory of Decentralized Applications,” which defined the “DApp” term for the industry. In May of 2013 he co-founded the first angel investment group in crypto, BitAngels, and in August of that year served as a Foundation board member to the first ever token sale – Mastercoin. Want to know more about David’s journey down the crypto rabbit hole and the evolution of Dapps? Tune into episode #1 of The Crypto Chick podcast with Rachel Wolfson to find out! FEATURE: David Johnstonĭavid Johnston is a serial tech entrepreneur and early contributor to the blockchain ecosystem since 2012. In a nutshell, David wrapped up these four best practices and wrote a paper in December 2013, where he explained to the world the meaning of decentralized applications. A year later, David co-founded BitAngels and quickly began to understand the four factors that have made Bitcoin such a success… How did “decentralized applications” – AKA Dapps – come into creation? In 2012, David Johnston went down the crypto rabbit hole and converted all of his fiat money into Bitcoin.
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