Episode 28 Tokengated Commerce

Episode 28: Tokengated Commerce

Episode 28

Tokengated Commerce

Alex Danco works on systems and crypto at Shopify. We cover why Shopify is investing in tokengated commerce, why this concept hasn’t been more widely adopted, and the differences between someone's identity and a token holder.

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[00:02:16] - [First question] - What Shopify itself is as an ecosystem and service

[00:05:14] - An example of interoperability and the power of platforms outside of Shopify 

[00:07:02] - How interoperability and platforms come together

[00:12:08] - Where a constraint-standard resulted in failure 

[00:14:26] - Why Shopify is so heavily invested in tokengated commerce

[00:17:10] - Lessons learned about the scarcity function of tokens and how they’ll work

[00:20:34] - Whether or not Shopify will be building their own crypto wallet  

[00:24:48] - The important role blockchains play in tokengated economics

[00:28:16] - Overview of the mechanics and offering Shopify is building 

[00:32:16] - Tokens help establish protocol adoption

[00:34:27] - Which blockchains and protocols will be mostly used in Shopify’s endeavor  

[00:36:33] - Why can’t it be key-gated instead of tokengated

[00:39:00] - Conjuring demand and how Shopify will create demand for their new system

[00:45:46] - The differences between someone's identity and a token holder

[00:47:55] - Signals that suggest tokengated commerce will be a big thing 

[00:51:02] - Why this concept hasn’t been more widely adopted already

[00:54:39] - When there will be a solution to easily create and distribute tokens

[00:56:39] - Where things will go from here 

[00:59:35] - Reasons why this might not have taken off in five years

Tokengated Commerce

Introduction

Patrick
Our guest today is Alex Danco from Shopify. Alex is our first triple crown guest, having first appeared on Invest like the Best in 2019, Business Breakdowns on Shopify in 2021 and now, Web3 Breakdowns. Our conversation today focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. Given the market turmoil in crypto assets, we talk about true use cases of tokengated commerce, and why blockchain technology is unlocking something that was not possible otherwise. Please enjoy my conversation with Alex Danco.

Interoperability and the Power of Platforms

Patrick
Alex, we're going to talk about something very specific inside of Shopify that you've been working on a lot, which is a great specific excuse to talk about some much bigger broad trends. The topic is going to be tokengated commerce, which is an interesting term that probably no one's heard before, and we'll get there. But I think to begin, I've done a lot of work with Tobi, with you, with others explaining Shopify over the years, it's an ecosystem that fascinates me. Maybe you could, from your perspective, give a quick level set on what Shopify itself represents before we can get into this really interesting new topic.

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