-You can also make commitments to other network participants such as developers. There's no platform that can change the rules, take rates, APIs, etc.

'-If you look at a lot of the issues people have with social networks, I would argue a lot of it comes from a mismatch between the nature of these networks and the legacy corporate structures that govern them.

For example, BTC's value is enabled its scarcity. This scarcity is ensured through the code and design of BTC itself. There isn't a central party that can change the rules on users and take the supply beyond 21m coins.

-Another new capability is that the code can actually hold money

-Compound, for example, is a lending protocol built on ETH with $10b+ of crypto available for borrowing. The creators could go away tomorrow and the code will still run.

-Tokens can be used as network currency. For donating, for buying things from the creator, etc. It can also be used for investment. If you think a band is going to blow up, maybe you buy their coin.

-Think of blockchains as a new kind of computer that enable new capabilities

-Chris believes in 10 years we will have billions of ppl interacting w blockchain apps daily

-The primary new capability is the ability to write code that allows you to make commitments about how a system will behave in the future