Haste Arcade’s Joe DePinto talks about Web 3.0 and microtransactions on the Friendly Bear podcast

0

Haste Arcade has been one of the most successful apps on Bitcoin SV so far. This week, Haste co-founder Jo DePinto spoke with David Capablanca on the Friendly Bear podcast about Web 3.0, micropayments, and Bitcoin SV.

Introducing Joe DePinto

DePinto gives a bit of his background. He was born and raised in Los Angeles and played baseball at the University of Southern California. After college, he was drafted and played in the Chicago White Sox farm system.

While performing there, DePinto met his business partner Dan Wagner, and the pair had their first business idea called barpay—an app that would allow them to order food and drink from their hotel room at any time.

DePinto’s journey into Bitcoin

It was while developing the Barpay app that DePinto discovered Bitcoin. He learned that it was possible to perform near-instantaneous transactions for fractions of a penny, eliminating much of the friction such as fees associated with using credit cards.

Focusing on the app kept DePinto and his partner interested in Bitcoin. They saw it rise from the prices of 2015 to the high of $20,000 in 2017. However, they also noticed that the fundamentals of Bitcoin were being lost and a new narrative of “digital gold” took over.

As disagreements grew within the Bitcoin community and splits occurred, DePinto says he has always supported Bitcoin most helpfully. Initially it was Bitcoin Cash (BCH) and then Bitcoin SV (BSV).

The idea of ​​Haste Arcade

Coming to understand the capabilities of Bitcoin eventually led the duo to arcade of haste. They realized that Bitcoin’s extremely low fees would allow them to build an arcade where users could spend a penny (or a few), whereas this would not be possible using the credit card network.

Other features, such as the ability to split a penny in “a hundred different ways”, have led to unique features such as Instant Haste Leaderboard Payouts, allowing users who finish on the game leaderboard to get a fraction of every penny someone bets when they fail to beat their high score.

“That’s what Satoshi was talking about originally…peer money,” DePinto says.

DePinto says they’ve looked at other blockchains, such as Solana, and while it’s capable of fast transactions with very low fees, the infrastructure isn’t quite up to par yet. “We need at least 100 outputs from a single transaction,” he explains, telling us that when they spoke to the developers at Solana, they could do about 30 outputs per transaction.

What is Web 3.0, according to DePinto?

Capablanca asks DePinto for his vision of what Web 3.0 is and what it means. Since his listeners are primarily interested in trading, they may not be familiar with the concept, so he is eager to hear DePinto’s explanation.

DePinto recalls that the current model of the internet is one of data collection in which the user is the product. According to him, the user should make money from their data, and Web 3.0 enables this, taking the existing model and overturning it, even allowing the user to get paid for watching ads rather than watching ads. be automatically subject to it.

Elaborating on other potential differences with Web 3.0, DePinto says scrolling by paragraph when reading articles online rather than replacing the subscription model could take off and be one of the first use cases. real. Micropayments allow this, and at the moment they are simply not possible on BTC and Ethereum. “They can’t do micropayments,” he says, telling Capablanca that micropayments are the backbone of Web 3.0.

Capablanca immediately gets the use case, mentioning how many financial traders use Substack subscriptions to provide trading advice and other information. He sees how paying for what you read rather than subscribing to a bunch of content you might not use is a more efficient model.

Where are we compared to the Internet in 1999?

Capablanca asks DePinto for his thoughts on where Web 3.0 stands today versus the Internet in its infancy. He wonders if there might be potential use cases that we can’t even imagine yet, just as things like booking a flight on a cellphone seemed unimaginable at the time.

DePinto says it’s still early days, and one of the reasons he and his partner wanted to develop Haste Arcade was to make Bitcoin simple for everyone to understand. He says the next thing is to help people understand tokens, which he says will become a big deal once companies understand them.

He then explains how Haste tokens work. They are distributed daily as a percentage of daily spend and can then be used to claim prizes and discounts, or they can be redeemed.

“We minted 200 million tokens for a total of 2 cents, and they’re now trading at half a cent,” says DePinto, explaining how he thinks companies could turn their loyalty points into redeemable tokens. coming.

DePinto also believes that NFTs will be an important part of Web 3.0. He’s not talking about the kind of useless NFTs such as those from the Bored Ape Yacht Club that sell for hundreds of thousands, but rather utilitarian NFTs. He gives the example of baseball jerseys tied to a new game in Haste Arcade; when the user receives the jersey, they will also receive a digital copy of it in the form of an NFT, and they can let their characters wear this jersey in the game.

Using a baseball analogy, Capablanca asks DePinto what innings we’re in on blockchain technology. DePinto responds that we’re “down the first run, maybe in the middle of the second run.” He says it’s still very early and he reminds us that when the internet was launched, people didn’t really know how to build on it. He thinks blockchain technology is still at that time. He doesn’t think the “digital gold” narrative helps with that, but people are starting to rediscover Bitcoin’s original purpose.

Concluding the interview, DePinto tells us that we can try Haste Arcade on hastearcade.com and can currently play it for free.

Watch: The BSV Global Blockchain Convention Panel, Marketing, Loyalty Programs and Blockchain

New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.

Share.

About Author

Comments are closed.