CoreDAO takes a uniquely Bitcoin-aligned approach. It extends the Bitcoin Network’s incentive alignment beyond the defense of merely the Bitcoin asset. Now, the Bitcoin Network also contributes to securing Core, in a way that also reinforces its own security, and therefore the security of the Bitcoin asset, Said “Rich Rines”, In an exclusive interview with BitcoinWorld , We discuss the journey of Rich Rines, Initial Contributor to Core DAO & shed some light on What is CoreDAO is all about,
Can you tell us about your journey into the crypto space and what led you to become an initial contributor to Core DAO?
My passion for crypto started in 2013 when Bitcoin’s concept of a non-sovereign store of value, or digital gold, blew my mind. My full-time journey into crypto really began during the 2017 cycle, where I witnessed incredible innovation in the blockchain space. At the same time, I realized that the innovation was almost exclusively happening outside of the domain of the space’s most dominant asset, Bitcoin. That recognition led me to Core’s mission around scaling Bitcoin in a novel way, bridging the gap between Bitcoin and the crypto innovation we’ve experienced over the past decade.
How did your experience at Coinbase shape your perspective on blockchain technology and the future of cryptocurrencies?
Working at Coinbase, I witnessed firsthand the immense innovation, demand, and potential within the crypto space. So much was and still is happening that is reinventing how we think about finance and ownership in the digital age. One key takeaway was that, despite all the attention on the shiny new blockchain technologies pushing boundaries, Bitcoin always remained king. It became clear to me that Bitcoin isn’t going anywhere and that long-term-minded projects should build with this reality in mind. Building with Bitcoin is what will truly unlock the potential of this industry. Furthermore, Coinbase excels at providing a seamless and user-friendly experience, which is crucial for mainstream adoption. Relatedly, my time there also highlighted the lack of decentralized counterparts that are comparably user-friendly. As the crypto space evolves, it’s going to become increasingly important to foster user-friendly experiences for decentralized solutions, ensuring that the core principles of blockchain technology—decentralization and security—are preserved without compromising on accessibility.
What are the unique features of Core DAO that distinguish it from other blockchain projects, and how has BTC staking been integrated?
Core takes a uniquely Bitcoin-aligned approach. It extends the Bitcoin Network’s incentive alignment beyond the defense of merely the Bitcoin asset. Now, the Bitcoin Network also contributes to securing Core, in a way that also reinforces its own security, and therefore the security of the Bitcoin asset. The primary apparatus behind this alignment is Core’s Satoshi Plus consensus, which delivers rewards to Bitcoin miners and Bitcoin stakers in exchange for their participation in Core’s security. On top of that security alliance, Core then hosts a fully EVM-compatible dapp ecosystem specially designed for the Bitcoin asset. On Core’s scalable, Bitcoin-protected blockchain rails, the Bitcoin asset becomes fully unlocked. The strongest decentralized currency finally meets decentralized finance. One of the most unique parts of Core is the Non-Custodial Bitcoin Staking part of Satoshi Plus. Non-Custodial Bitcoin Staking allows any Bitcoin holder to earn passive yield on their idle Bitcoin without giving up custody of their private keys. The Bitcoin never leaves the Bitcoin blockchain and yet it is able to earn yield through its contribution to Satoshi Plus. Users simply lock up their Bitcoin using Bitcoin’s native absolute time-lock feature and use that locked Bitcoin to elect Validators to secure Core. Bitcoin staker participation in Satoshi Plus further decentralizes the voters of Validators and promises to substantially increase the economic security alignment between Core and Bitcoin.
You’ve been described as a 0-1 builder. Can you share some key lessons from your entrepreneurial ventures like Element Wallet and AutoReach?
The first thing that comes to mind is to move fast. The crypto space is rapidly evolving, and speed is crucial to stay ahead. In the world of open-source blockchain tech, part of moving fast is not reinventing the wheel. Leverage what others have started and fit pieces together in novel ways. What matters is finding that unique combination of pieces that people really want. Understanding user needs and addressing them effectively can set a project apart. That ethos is particularly important for Core, as a truly product-focused chain in the Bitcoin scaling space. Shipping features that people really want, like non-custodial bitcoin staking and a full BTCfi ecosystem, is the most important thing for a growing protocol. Combining user-focus with an emphasis on behaving honestly and maintaining integrity is also essential; trust is a valuable currency in both traditional and decentralized ecosystems. All that being said, it’s still the early innings. There’s much to be done and much to learn, which is both a challenge and an exciting opportunity.
Your work emphasizes fee markets, scalability, parallelism, and decentralization, especially with Bitcoin. Can you elaborate on your views regarding Bitcoin’s dominance and the sustainability of Layer 2 solutions?
The Bitcoin Network is the most secure and decentralized network ever created, largely due to its simplicity (technologically, monetarily, etc). Designed with the sole purpose of turning physical energy into digital gold, Bitcoin stands as the definitive hard money asset, a unique result of perfectly aligned incentives among globally incentivized parties. However, this simplicity comes at the cost of scalability. The Bitcoin network itself cannot host complicated smart contracts and dapps, as its primary focus is aligning incentives to defend Bitcoin. The future of Bitcoin scaling must be more creative than other chains that were designed from the start to be hyper-scalable. Layer 2 solutions depending on Bitcoin for data availability or settlement face significant challenges due to Bitcoin’s inherent nature. Recognizing Bitcoin as an incentive-aligning mechanism, we can expand these incentives to external, parallel, and symbiotic systems. This is precisely what Core is doing—extending Bitcoin’s security apparatus to power a smart contract platform, allowing the Bitcoin asset to be used effectively while maintaining its core principles.
Core has seen significant growth. What strategies or growth programs have been most effective in achieving this rapid expansion?
The growth Core has experienced is largely emergent, resulting from a globally distributed array of Core DAO contributors, all dedicated to fostering decentralized development and growth. Core isn’t one group or person. It is a global community of people who believe in the mission of scaling Bitcoin in a truly Bitcoin-aligned way. In terms of the genesis of that community, it began with having a fair launch. Core’s fair token distribution and launch have been essential in attracting loyal users from the start. Those early initiatives to get Core started were largely successful in captivating audiences that were both new to and in need of blockchain technology. On top of that foundation, Core’s tech has proven resilient and valuable for many users. The design of Core has embodied a long-term view and initiatives around its development have doubled-down on that thinking. Core has focused on garnering a loyal following and building products people use like non-custodial Bitcoin staking which has nearly 5,000 BTC as of this publication.
How do you foresee the future of blockchain technology, particularly in terms of Bitcoin’s role and the broader adoption of decentralized solutions?
The history of blockchain technology has been a story of two worlds: Bitcoin and everything else. The future of blockchain technology will be the merging of these two worlds. The method through which this occurs is separating the bitcoin asset from the rails. The Bitcoin rails will serve as a leading security provider to the broader ecosystem. The broader ecosystem is then where the bitcoin asset can be truly unlocked. Bitcoin can finally enjoy flexible block space and scalable smart contracts under Bitcoin’s protection.
On a personal note, how have your experiences in Boston and San Francisco influenced your approach to problem-solving and leadership in the blockchain space?
Studying at Boston College sparked my curiosity around blockchain technology and laid the groundwork for my career. After graduating, moving to San Francisco was invaluable. Surrounded by like-minded, tech-focused individuals, my passion for Bitcoin and blockchain technology evolved from a hobby into a profession. In San Francisco, I learned how startups go from 0 to 1 and the challenges they face in scaling. These experiences have been crucial, especially in the complex and novel world of crypto. The traditional startup ecosystem taught me essential lessons in problem-solving and leadership, which I now apply in the blockchain space.
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