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Building Trust on the Blockchain: The Importance of Mental Models
- 1. BUILDING TRUST ON THE BLOCKCHAIN: the importance of mental models getclef.com/mental-models
- 2. I’M THE CEO OF CLEF MY NAME IS b @BRENNENBYRNE @GETCLEF GETCLEF.COM getclef.com/mental-models
- 5. A “bitcoin” A REAL coin • Physical money • Discreet, each one is different • Cannot be divided • Printed by US Mint • Abstract money • Not discreet, only aggregated • Divisible to 8 decimals • Created as reward for miners vs. getclef.com/mental-models
- 6. A REAL coin & A bitcoin • Store monetary value • Can be sent between two people • Can be traded for one another getclef.com/mental-models
- 8. A BITCOIN ”wallet” A REAL wallet • Object to carry money • Only knows about own money • Not used in sending money • Finite limit of money stored • Set of cryptographic keys • Uses ledger, all transactions • Signs money transfer • Can store unlimited Bitcoin vs. getclef.com/mental-models
- 9. A REAL wallet & A BITCOIN wallet • You need them to spend money • If you lose them, you lose money • They are personal to you getclef.com/mental-models
- 11. A BITCOIN ”miner” A REAL miner • Digs ore from earth • Only unearths new material • Constrained by geography • Sells material for reward • Solves math problems • Critical for existing material • Constrained by electricity • Rewarded for work directly vs. getclef.com/mental-models
- 12. A REAL miner & A BITCOIN miner • Spends time and money • Gets chance to reap rewards • Competes for scarce resource getclef.com/mental-models
- 14. BITCOIN IS MOSTLY AN INNOVATION OF METAPHOR, NOT TECHNOLOGY. getclef.com/mental-models
- 17. getclef.com/mental-models technical knowledge • Universities are hotbeds of activity • Ideas improve, change quickly • Solutions tested by early adopters • Concepts remain technical The period after invention where a new idea is researched, vetted, and explored by experts.
- 19. abstracting complexity getclef.com/mental-models • Technical jargon is weeded out • Ideas stabilize, best win out • Applied to real-world problems • Mental models cover up technical The maturing period for a new technology. Complex topics are simplified and packaged.
- 21. consumer adoption getclef.com/mental-models • Media delivers clear value prop • Price and market are segmented • No technical education required • Spreads much more quickly Audiences become familiar with the mental models and the technology can go mainstream.
- 22. BITCOIN IS JUST ENTERING STAGE 2. getclef.com/mental-models
- 24. MENTAL MODELS all day getclef.com/mental-models
- 25. MENTAL MODELS all day getclef.com/mental-models • Turn your steering wheel • Swipe your credit card • Warm up your shower • Withdraw money from an ATM • Microwave your food • Type at a keyboard
- 26. how to MENTAL MODEL getclef.com/mental-models
- 27. how to MENTAL MODEL getclef.com/mental-models • Private keys are safer than passwords • Phones can do crypto key-based auth • Most of us are used to physical keys
- 28. HOW CAN WE FIT CRYPTO KEYS INTO PHYSICAL KEY METAPHOR? getclef.com/mental-models
- 31. getclef.com/mental-models “With Clef, the often painful process of logging into a site feels, admittedly, a little bit magical.” TWO FACTOR NORMALLY TWO FACTOR IN BITCOIN clef <1% how to MENTAL MODEL 15% 50%
- 33. getclef.com/mental-models MENTAL MODEL rules • Stop teaching your customers • Meet them where they are • Improve what they care about • Remove all jargon
- 34. getclef.com/mental-models JARGON checklist • Private Key (or Public Key) • Multi-signature (Signature at all) • Blockchain • Cryptography • Decentralized • Cold storage • Consensus
- 36. BUILDING TRUST ON THE BLOCKCHAIN: the importance of mental models getclef.com/mental-models