2/ Phases of a deal (1) search: buyers & sellers finding each other, (2) negotiations, (3) performance, (4) post-performance incentivization
1/ Successful Internet companies can usually be characterized by the phases of a deal (economist’s “contract”) they improve the most
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3/ Google, Facebook: search (advertising to match buyers and sellers)
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4/ eBay: search (matching buyers & sellers), negotiatns (auction), but for resulting performance prblm (paying small sellers) needed PayPal.
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5/ Amazon: search (matching buyers & sellers), performance (retail distribution oriented around home delivery).
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6/ Uber: search (riders to drivers), negotiation (pricing algo), performance (route maps). AirBnB: search (matching houses & travelers).
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7/ Yelp + ratings on aforementioned sites: post-performance review & incentivization + buyers search for next sellers.
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8/ In total, trillions of $ of value have been created by using internet to improve the way people make and perform deals with each other.
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9/ Smart contracts: intentionally apply tech to enable more kinds of deals between more far-flung & differently lawed & cultured people
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Based on examples - to be big you have to start with search.
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Search was deal phase that internet connectivity & geolocation improved the most. Perhaps other phases more valuable to tackle now?
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Thank you. I hope to take this knowledge and apply it to future project investments.
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The 4 points your referencing is just the fundamentals of business/trade, internet or the year 82 AD, all the same
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Nick Szabo is regarded as the father of smart contracts for having written about used term "smart contracts" as far back as early as 1994
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Corporations provide trust. Although we focus on the convenience. If you didn’t trust uber to show up and charge you the agreed upon amount. You would use a less convenient more trustworthy alt. In time, smart contracts with less rent seeking will be provide this service.
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cc. @harrycancook
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How do blockchain smart contracts enforce stipulations? Are contracts cancelled if parties neglect terms? How is compliance monitored?
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Enforced with additional smart contracts that pay others to enforce... and eventually smart hardware, AI, IoT...
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Bit of a blanket stmnt though... Anyone with $ intent is "looking" for something, it doesn't mean that it makes these co's search biz's
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