Santiago Velez, entrepreneur and digital asset investor for Block Digital Corporation & AD, Inc., welcomes Jack O'Holleran, co-founder and CEO of SKALE Labs, for a wide-ranging conversation on risk structures, governance, regulation, and the ecosystem today. In 2017, O'Holleran became excited about Web 3, particularly decentralized ownership and democratized business models. For Web 3, end users may be using it similarly as they would with Web 2; however, due to Web 3's core technology, the business model, profit, and sharing properties are all different. While exciting, O'Holleran quickly realized that it was not scalable. He concluded that, rather than build hardware and applications, he could leverage his strengths in building middleware, infrastructure, and software to drive applications and bring a service to solve scalability problems in the Web 3 space. Filmed on May 21, 2021. Key Learnings: Particularly with Ethereum, scalability comes with limitations such as transaction throughput, fees, and cost—it may cost hundreds of dollars to execute a smart contract. Regardless of whether a protocol is POS or POW, the constraints are due to the blockchain only being a single layer 1 chain. The SKALE team has been able to achieve a solution that effectively allows for transactions to run on "individual lanes on a highway" rather than all transactions on a singular lane or chain. Ultimately, what SKALE is trying to accomplish is for its network and Ethereum's to augment and support each other.
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