A Portion of Blockchain Thoughts
Yesterday, we co-hosted the first AMA with Dapp.com, inviting Co-founder and CEO of Portion Jason Rosenstein to answer the public’s most burning blockchain questions. We’re excited to be collaboratively executing this series with Dapp.com in an effort to drive more of the crypto-curious into the artful applications and work across the blockchain space. Everyone was invited to ask about Jason’s background, current work, and future ideas in this open Q&A format – a rare opportunity to directly engage with one of the top thinkers and entrepreneurs in crypto.
With Portion’s new online and blockchain-empowered auction house and marketplace, there’s much to discuss concerning the future of art and collectibles! Now, we present to you the full and extensive discussion between Jason and those interested in Portion. You can find the original questions and replies [here].
@cyptoxisfuturex: One could tell at a glance from your impressive experience that you are a highly motivated person. Would it be possible for you to share more about your motivation in creating Portion? And what inspired you to start your own businesses while still in college?
I was inspired to start a business in college because many people were complaining that they wouldn’t have
@stonerow: What are the barriers to enter the bigger art market and have more people on board to create and trade the art on Portion? What do you think is the future of blockchain art and secondary art market? What is the art experience that crypto art may bring to the owner and the creator?
The major barrier to entry is ‘taking the cryptic out of crypto’. Right now, there are as many cryptocurrency users as internet users in the year 1994. For the rest of the population to trade art on Portion, we must obfuscate blockchain as much as possible (while still keeping it decentralized).
Blockchain and the secondary art market is one of the best use-cases for distributed technology that I’ve personally seen. The art experience that crypto art brings to the owner is that they may carry their entire collection with them in their pocket and continually collect and experience it on the go. The creator is liberated in a certain way that lets them monetize their creativity by instantly putting work up for sale on the blockchain!
have been the biggest challenges in building Portion and getting it off the ground? Any tips you’d like to share with other entrepreneurs?
The biggest challenge in building Portion was the typical startup struggle. You’re going to make so many pivots that at the very end when funding finally comes in, it may seem like a completely different company. The best tip I can share is not to become too attached to any particular concept and always let the flow take you to the next alteration.
[Startups are] literally like mining. You’ll eventually crack the code and find tremendous success.
@Avery: Someone says “the goal of a smart contract isn’t to accrue a million DAUs, it’s to accrue a billion dollars.” What do you think of that?
Very good question. Smart contracts allow many processes to be made autonomous and trustless, with a goal to give power back to the people. The goal of a smart contract is, of course, to decentralize processes and cater to the major population by liberating them from the incumbent, centralized, and usually unfair system.
@Avery: Do you think blockchain does provide useful things that benefit the industry as well as your company? If so, will you share an example or two?
The blockchain benefits the art & collectibles space very well. This industry is currently the most unregulated space after drugs. Major centralized auction houses and much of the art world rely on this to continue operating with high profits. Portion uses blockchain technology to verify authenticity, track provenance, and execute seamless payments to all parties. When successful, this will disrupt the world of art & collectibles.
@tonez889: Are you an artist? What were the previous two companies you founded? Did you sell them? Do you think we can tokenize Supreme, the brand and its products?
My mother is a professional artist, so growing up I had always been exposed to the art world. I’ve always had a knack and excitement for creativity and have sold some art pieces that I’ve made myself.
My first company was ‘Coinographer’ in 2013. We sold turn-key mining machines for people who wished to mine cryptocurrencies such as Litecoin. We never
Supreme and other large brands are beginning to get interested in the concept of tokenizing their products to verify authenticity and track provenance. There is a future world where I believe many luxury and high-end brands will tokenize their goods.
@Dexterslab: Tell me a bit more about Portion D
rops. How is cryptography being used and what can users expect to win in the future?
Portion Drops are word games where users win art, cool collectibles, and cryptocurrency. Cryptography is being used to hash the winning phrase to the word game while all user answers are hashed as well.
@steveygrams: How big is your team? Are you hiring anyone? How does your company make money?
Our team has 5 people on it currently. We are not hiring at the moment. We make a profit by taking a fee on physical assets that are bought and sold on the exchange. Additionally, with Portion Drops, users will soon pay to play a skill-based game to win high-value goods at a very low cost.
@steveygrams: What does a dApp require to be successful and a hit with the mainstream audience?
A dApp must obfuscate as much cryptography and blockchain technology to hit the mainstream audience. In the future people won’t need to know they’re using blockchain because it will be incredibly seamless. (Just like when I send you an email many people don’t know about the TCP/IP protocol)
@steveygrams: Your personal goal for 2019-2020? If a big company, let’s say Google, Instagram or Snapchat, they want you to join their blockchain creative team, will you go? And why?
My personal goal for 2019-2020 is to be empowered and at peace in every single ‘now’ moment.
I work best as a visionary when I can create my own world accordingly. I am doubtful I would join a big company like the ones you mentioned unless I was promised complete creative license.
Thanks Jason for joining us and Dapp.com on coordinating this partnered effort! Stay tuned for upcoming announcements and AMAs as well.