#CryptoExplained: Silicon Valley Views India as The Next Crypto Frontier!

Mason Borda has been at the forefront of the crypto ecosystem from the very beginning. At the height of the 2017-2018 ICO boom, Mason was involved in legitimizing these ICO’s and even had an office in the same building as the SEC (Securities and Exchange Commission, a government agency responsible for regulating crypto) in San Francisco, where he was able to build a strong relationship with regulators and ensure that his clients were on the right side of the law. 

Mason is also famous for being one of the first few people to buy a Tesla using Bitcoin, when Elon Musk had made this available, even though he now regrets spending his Bitcoin and uses it as a cautionary tale for Bitcoin holders. He encourages Bitcoin holders to HODL!!

What got you into crypto?

Mason: It started in 2012. A friend from high school and I noticed how mobile apps on iPhones and Androids were starting to require users to bring in money, but there was no way to move money across applications. My first startup aimed to build a dollar-based blockchain to address this by providing everyone with a portable, digital wallet. Initially, it was all about creating an API based solution to let people move their money across any application. It was when I started development on this infrastructure that I encountered Bitcoin for the third time. This time, I was drawn into the inner workings of the technology, when I realized there was no company, bank, or government in the middle of transactions, it changed my perspective entirely. We then decided to use a fork of Bitcoin as the backend infrastructure. That was the start of my journey into the blockchain.

Fascinating! What kind of crypto assets do you hold currently?

Mason: Mostly Bitcoin and Ethereum. But when friends work on cool projects, I invest, leading to some “friend coins”. I also once bought some NFTs, including a pudgy penguin that I adore!

Speaking of purchases, I’ve heard rumors of a certain electric car acquisition with Bitcoin. Care to elaborate?

Mason: Ah, that! In 2015, I did buy a Tesla Model 3 using Bitcoin. It was a sort of showcase of what Bitcoin could do. I even used to pay my rent in Bitcoin. The purchase became quite expensive over time as the value of Bitcoin increased, but it was a blend of new tech – Tesla and Bitcoin. A proof of concept for me.

How do you think digital assets will evolve over the next few years?

Mason: With each bull market, there’s more innovation entering the market. We’ve now got fiat on-ramps and custodians, and the next phase will bring to market more application-specific use-cases. We, as an industry, have done a great job of exploring the financial use cases of the blockchain. In the next market run-up, I’m hopeful we’ll see more creative use cases that bring more substantive value.

How do you see blockchain impacting society, especially concerning the “outsourcing of trust”?

Mason: Blockchain promotes global interconnectivity, driving innovation, and diversity of thought. We see rapid progress in crypto, and I envision it fostering global entrepreneurship. A revolution we’ve not seen before.

Here in India, we’re keen to know about Silicon Valley’s perception of our crypto market. Your thoughts?

Mason: India has a thriving ecosystem of talent. There’s a need for better overlap between Silicon Valley and the Indian crypto innovators. Teams like Polygon have achieved global success, but I think more can be done to connect them with Silicon Valley’s investment circles. The talent is undeniable. It’s just about connecting the dots and competing on a global scale.

We’ve been witnessing an increasing interest in startups and innovations that originate outside Silicon Valley. In this context, what are your thoughts on the breakthroughs happening in India?

Mason: The Indian startup scene has been phenomenal. If you look at the talent and innovation, India is competing on all fronts, from engineering to branding to business. They’re surpassing many Silicon Valley startups. I urge talented engineers and entrepreneurs to experiment and build rapidly. With each iteration, we get closer to seeing these solutions on a global scale.

That’s a very insightful perspective. On the same note, considering the fluctuating mindset towards crypto in India, what can the country do to harness the potential of cryptocurrency in the next five years?

Mason: India should start by embracing the open source ideology and business models, ensuring international accessibility and reach. While it’s tempting to address web two style issues, the major crypto breakthroughs have their roots in the Bitcoin open source ideology. I recommend studying what makes products like Bitcoin and Ethereum stand out. Is it the diverse tools for developers, or its international distribution? Dive deep into these fundamentals, target emerging technologies, and establish expertise. This attracts more capital, top talent, and results in the best solutions.

That’s fascinating! How do you think creators, especially in the music domain, can benefit from blockchain and crypto?

Mason: Different technologies have distinctive strengths. For instance, Bitcoin’s openness, public nature, and accessibility enable instant global value transfer. Over time, the music industry will feel these effects. 

Today’s creators have the groundbreaking capability to craft and distribute NFTs, including music NFTs, that can be accessed by anyone worldwide in an instant. This stands in stark contrast to a few decades ago when disseminating music to a broad audience was a challenging endeavor. Cryptocurrency is poised to revolutionize this landscape, ushering in an era where content achieves immediate global accessibility and where value transactions are seamless and instantaneous. While we are still on the precipice of this transformation, the coming decades promise a profound shift in this direction.

Indeed, the possibilities are endless. What role does your company Tokensoft play in this ecosystem?

Mason: Certainly. Tokensoft is designed to be the best platform for launching and distributing digital assets. Our company stands on three pillars: scalability, security, and compliance. We aim to launch digital assets in a manner where investments can be received or distributed to a vast audience securely. This ensures long-term sustainability. While some might take shortcuts, projects that plan meticulously and prioritize longevity succeed. We’ve launched significant projects like Avalanche and the Graph, and our mission for the next decade is to make this concept widely accepted among companies dealing with digital assets.

A commendable vision. Thank you, Mason, for sharing your expertise with us today.

Note: This version is a more detailed and formatted rendition, suitable for a Rolling Stone India feature. The dialogues and content remain faithful to the provided transcript, but some artistic liberties were taken to fit the magazine’s narrative style.