 What I wanted to talk about today is the concept of a killer app and how we're going to find the killer app in this space. It's a topic that comes up with Bitcoin also. One of the most common questions I get asked is, what is the killer app? Do you have some thoughts about what is the killer app in Ethereum? Replacing Bitcoin isn't the correct answer, by the way. This is an interesting question. When people look out at the landscape of all the possible applications that might exist, whether it's in Bitcoin or Ethereum, they map out what you think might be a space. That's not always the first thing that will happen. Some applications require prerequisites, infrastructure, or a large concentration of users in a specific geography. Or they require an industry that has a lot of users working together to adopt a technology. You don't get the same applications in the beginning of technology as you do after it's matured for a while. Think about the internet for a while. I was around in the early days of the internet. I remember in 1992, everybody knew that video-in-demand was going to be an app. At least no brainer. You don't really need a lot to figure out that video-in-demand will be a killer app. I remember the first video conferencing demonstration I participated in. It involved two rooms, about £2 million worth of equipment, and a connection over fiber between the University of London and the United States. It was the culmination of a two-year project, and it was pretty much what you would do today on a Skype call. Video-in-demand is obvious, but not yet. Not going to happen any time soon. Netflix or something like that, the ability to do that, certainly not going to happen any time soon. When you're thinking about the killer app, it's not simply the set of applications that might possibly be implemented. It's also, what can be implemented with what you have today? What requires the least infrastructure investment? What requires the least density of users? Yet, it provides a viable solution to a real problem. That's the question I spend a lot of time thinking about. In Bitcoin, we kind of see where that is going. There is an intersection of high-value cross-border payments that are particularly difficult. There are currency controls difficult because your government is not printing $100 trillion bills. Difficult because you have very high fees or low opportunities for banking. That's a sweet spot. The reason it's a sweet spot is because it doesn't take much to be better. You can be slow, and all you have to do is not be as slow as the banks. You can be expensive, and all you have to do is not be as expensive as the banks. You have a viable solution to a real problem, and all it takes to adopt that solution, is to send her in the recipient's participate. You don't need massive infrastructure to do that. What is, in fact, the killer app for Ethereum? In Bitcoin, we have gone off the rails. Everybody has gone blockchain crazy. Let them call it blockchain, says the t-shirt, making fun of this idea that everything is a blockchain. I think there used to be a database, but it is now a blockchain. Suddenly, magically, it acquires these capabilities and utility-sensorship-resistance-neutrality-borderless operations, which are not really the characteristics of a blockchain. There are characteristics of specific types of blockchains, but if you just take a database and shove some hashes in it, that does not the mutable blockchain make, but it makes some good money for consultants. Everything is a blockchain. What is happening in Ethereum? Everything is a DAP. App plus D. DAP. Let's DAP this, DAP that, DAP the next thing. Let's DAP everything. Everything DAP. DAP the world. Which is kind of the same thing, and also it attracts all the wrong kind of attitudes, the wrong kind of people. The sharks start circling. They are like, there is money in the water. There are VCs throwing money at stuff they don't understand. We have a hype tournament. It is the new web 2.0. Let's run for it. Let's take what we were doing before, slap blockchain in front, and now what we are doing is cool, and most importantly, fundable. Let's take what we were doing, slap DAP in front, and what we are doing is now fundable. There is a danger there. You are seeing it already. I want to be too harsh on the Enterprise-Ethereum alliance. These are not your friends. The idea that all of these enterprises are going to bring their magnanimous attention down to your technology, and make it suddenly shine in their enterprise applications, for the most part, what they are interested in, is forking the code and creating closed, boring versions of it that they can sell to management. As long as you are not doing anything disruptive, they are going to ride the Ethereum pony for a while. But eventually, mark my words, there is going to be a time when what you do is disruptive and interesting enough, that they are going to say the magic words. We are interested in the technology behind Ethereum. DAPS, not Ethereum itself. Sound familiar? Mark my words. That is going to happen, unless you don't really do anything interesting. But if you do, that is what is going to happen. So again, what is the killer app? Because it is not a DAP. What I think it is, is the DAO. The DAO is dead? Long live the DAO! What is the essence of Ethereum? To me, it is smart contracts. Where do people usually use contracts? Most contracts I have ever signed, or written, are for business-to-business interactions. I sign some contracts as a consumer, but I do far more contracts through my businesses. Contracts of what makes businesses wrong. There is a particularly interesting aspect to that, which is that private-commercial contracts between two businesses are not subject to anybody's regulation. I can choose what jurisdiction I want to operate in. I can choose my choice of law. As long as it is an affair between my corporation and another corporation, nobody's business will be right in that contract. That is a wide-open space. It doesn't defend regulators. It doesn't get into the side of business and government. It is just kind of neutral. It is nice. There is a particular type of contract that is the most interesting, which is the very basic contract. The first contract you should do in any business. What is the first contract you should do in any business? Articles of organization. It is the, hey, partner, don't screw me over and run away with all the money contract. It is how you make sure that the people you are forming, this association, this venture, this vehicle, are going to behave the way you expect them to behave. That is the first contract. The corporation itself is a contract. That contract is the most critical contract, because that is the opportunity where Ethereum can reinvent what it means to be a corporation in the modern world. The very essence of a corporation, the decentralized autonomous organization. That is the killer app. It is the space that regulators don't care about, for the most part. It is the space where you have the greatest freedom to invent completely new systems for humans to organize on a massive scale. It is Ethereum's moonshot. It is the possibility of taking this to a whole new level, taking it into a moon orbit, if you like. There is a problem with that. That is, the going into moon orbit requires rocket science. Writing smart contracts to organize corporations is rocket science. What is the essential understanding of rocket science? It is that fundamentally there is very little difference between a rocket and a bomb. In terms of fundamental chemistry, a rocket is a very large exothermic reaction. The difference between a rocket and a bomb is that a rocket is a controlled exothermic reaction, where all of the output is directed in a very specific direction. Think of that as governance. It is a bomb with governance. That is the difference. A rocket is what happens when you do governance on explosives. The problem is that when people see the awesome power of a rocket most of the time, they are really excited by the big boom possibility, the explosive side of things. This also applies to smart contracts. In smart contracts, money is the fuel. The smart contract is governance. The rocket science of a smart contract is ensuring that the fuel of money that is managed by the smart contract doesn't blow up in your face. When you are doing rocket science, it is very disappointing when Stevie, your neighbor, decides to strap a lawn chair to 150,000 kilograms of highly explosive fuel and says, I shall conquer human spaceflight. They know that governance is so important. And what happens when you build that form of human spaceflight? The problem is it will forever mar the idea of human spaceflight. From that moment on, anybody who is searching for the term human spaceflight will go online, and the first result will be a YouTube video of Stevie Boy creating a ginormous crater in their backyard and turning themselves into Stevie Mist. Because while they had the kinetic energy captured in 150,000 kilograms of highly explosive fuel, they forgot about the governance. And the governance is the killer app. It is how you take funds and manage them, how you take the energy of the community and manage it, how you reinvent the corporation. Every time you think about writing it down, there is this little siren call that says, we could raise a lot of money with this thing. Resist that call. Because the way you achieve the awesomeness of a modern orbit with Ethereum is by very careful, very conservative governance that iterates and matures over a long period of time. That is a killer app. That can change how we do corporations. But in order to do that, you must make sure not to put too much fuel. If you try to build an Atlas V on day one, you will make a big crater. And you will keep doing that for as long as you decide what the first step is, moon orbit. Let's not do moon orbit. How about low-earth orbit? How about getting off the launch pad? How about a horizontal, harnessed engine test? That is really the challenge with Ethereum right now, but also the tremendous opportunity. The killer app is smart contracts that redefine the modern corporation, the DAO, the decentralized autonomous organization. But if you go search for the DAO, what do you find? Stevie Boy blowing himself up into a giant crater. So it is actually really the opportunity to do the killer app, because the opportunity to put a lot of fuel into that engine overlooks the maturity of the governance. What we need is a lot more work on the maturity of the governance. But those who do that work, it's going to take 20 years to get the overnight success. But one day, that vehicle is going to go into a moon orbit. Thank you.