Key Points from the Conversation between Dr. Gavin Wood and Bullish CEO Tom Farley

JAM Protocol

• JAM is the next version of the Polkadot protocol, currently in the development stage.
• JAM can not only execute the functions of Polkadot but also do more.
• JAM leverages the complex cryptoeconomic mechanisms underlying Polkadot, but aims to provide a more general environment.
• JAM has currently progressed to version 0.3.5 of the gray paper, approximately half completed.
• The goal is to launch the JAM protocol in the summer of 2025.

Development of Layer 1 Blockchains

• Bitcoin and Ethereum are not exceptions; they also need to follow the same survival rules.
• Ethereum primarily relies on its technological foundation and smart contract platform services to compete.
• The community is not particularly sticky; what is truly valuable are the innovators, not the extremists.
• Future Layer 1 may gradually concentrate around specific trade-offs, forming a few major blockchains.
• The market needs to provide investment opportunities for blockchain protocols that truly drive revolutionary innovation.

Current Status of the Cryptocurrency Market

• Currently, the number of Layer 1 is too high, which may hinder industry development.
• Tokens have become a tool for large-scale speculation, polluting the market.
• A large amount of "dumb money" chasing short-term gains is detrimental to the construction of long-term valuable projects.
• Many new Layer 1 projects receive high valuations in funding, but future cash flows may be close to zero.

Gavin Wood's Perspective

• JAM represents an essential advancement compared to the smart contract model.
• Integrating various chains is reasonable without major technical compromises.
• Retaining a few global tokens may be inappropriate and could limit innovation.
• The market needs to provide investment opportunities for truly innovative blockchain protocols.