This video is part of an educational series where “The Dogefather” Jackson Palmer explains the basics of cryptocurrency and its surrounding issues. Interested in getting into Bitcoin, blockchain or other digital tokens? Tired of being confused every time those words appear? Watch these short clips and you’ll have a much better idea of what’s going on.
Also watch: Episode #1: What’s a Cryptocurrency?
Episode #2: What’s an ICO?
Everyone’s going crazy about ICOs in 2017. What are they and what’s the big deal?
“ICO” stands for “initial coin offering”. Many startups are creating their own tokens, selling off a percentage, and allowing holders to trade them on the open market. The idea is that enthusiasm for the project will increase the tokens’ value, raising funds for both the company and token buyers.
In this episode, Jackson starts by explaining Ethereum and why it matters in the ICO space. Ethereum is a platform for “smart contracts” which can have all manner of different functions — but are often used to create the tokens used in ICOs.
So is all this a good idea? Is a token’s price based on real value and expectation, or simple greed? Is all this activity happening too fast, and is anyone concerned if it’s a bubble? Watch the video to hear Jackson’s take.
Who is Jackson Palmer?
Jackson Palmer is well-known in the cryptocurrency world, mainly for creating Dogecoin in 2013. Based on an internet meme featuring a shiba-inu dog, DOGE was intended as a community-oriented money for people who didn’t want to take their blockchain too seriously. Around since 2013, Dogecoin has a cult following and at several points in its history, has had a serious nine-figure market cap.
Jackson’s “regular” job is Group Product Manager, Creative Cloud Entertainment at Adobe. He lives in the San Francisco Bay area.
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