A background in computer science, tech, and a succession of traditional financial roles preceded Barney’s journey into crypto.
Working in capital markets and trading systems, he was familiar with the demand for “fairness” and the reality of varying degrees of preferential treatment inherent in trading.
It was an incomplete view of fairness where an underclass of traders are unable to compete with the micro-second access and advantages of hedge funds. Systems may express principles of fairness, but they were ultimately rigged.
The seed for Vega was born. Barney unpacks the need to restructure our financial systems and incentivize approaches that guarantee the ongoing design of fairer trading.
We need real-world utility in DeFi that can improve the service and usefulness of centralized alternatives, whilst adhering to the values of decentralization.
We’re incredibly early on that journey and several layers of abstraction away from everyday competitive use for non-natives. Further conclusions:
There is an essential need to secure irrevocable digital rights in an increasingly digital society.
The internet and technology have been a force for good in decentralization. You would have previously needed billions of dollars and legions of servers to access what’s now achievable from a coffee shop, the cloud, and a laptop.
Its evolution has largely democratized access, entertainment, and information, but it’s imperfect and unfinished. The ability to centrally control its utility has created a crater of inequality.
There is tension in a functioning society between the necessary hierarchies and the idealism of equality and freedom expressed in decentralism.
Full decentralization is perhaps unachievable, but it will become a crucial yardstick for measuring the systems, governance, organization, and rules that we accept.
What’s critical, is to cultivate a space that deconstructs unnecessary hierarchies, allows for permissionless innovation, and offers an ecosystem for decentralised finance to function independently in.
Decentralization & Necessary Hierarchy
Rigged Fairness In Traditional Trading
Shared Ideology & Different Capabilities
The Buck Stops With Founders
30:14 - 33.04
DeFi Needs Real-World Usefulness & Utility
39:30 - 43.30
Several Abstraction Layers Away From Adoption
Everyday Financial Services Are 99% Unknown
How Demand Will Drive Direction In DeFi
Enabling More Than Is Currently Possible
Product Parity & Deployable Capital
The Team & Principles Driving Vega
Vega’s Composable Tools For DeFi
Creating Our Own Chain
Transitioning From Research to Launch
Upcoming Releases From Vega
Iterating Protocols In An Uncertain Future
The Future Of Vega
Advice For New Founders