November 30, 2023

BLOK Capital: Revolutionising the Fund Industry. How was the idea born?

During August — November 2022, the idea was born whilst I was deep diving into Decentralised Autonomous Organisations (DAOs) and ultimately what it takes for them to be successful.

I was extremely fascinated by the concept of an organization being run autonomously and governed by the people, by the community.

No middleman between you and your assets.

I was keen that the whole world could participate in the use of blockchain technology and to be able to confidently invest in Crypto.

With the collapse of FTX, it was clear it was time for a change and to work purely on a solution that was fully decentralised, including the projects governance.

To achieve this, it became abundantly clear the Web3 User Experience (Web3 UX) was simply not capable of delivering the projects requirements, namely, pure decentralisation and self custody unless a user was extremely experienced in Crypto.

It also was clear that the protocol needed to be able to pay gas fees on behalf of a user to simplify the user experience and enable novice users, the billions of web2 users, to be able to start using Web3.

I began to deep dive into Web3 UX and found improvements in Smart Contract Wallet Accounts, but felt it still was not enough progress to onboard the billions of people, the novice users, onto the Blockchain.

On further deep diving, I came across the Ethereum Foundations, ERC 4337 protocol in development as a document, which was formally released 6 months later in May 2023.

I was convinced ERC 4337 and account abstraction was the answer to solve the issues that concerned me with the current problems with the Web3 UX and also came across another feature of ERC4337 in Session Keys. I was now aware that another party could be given a cryptographic key to a specific function on a user’s Smart Contract Account. This opened up more opportunities in the types of applications that could be deployed on the blockchain.

In Late 2022, With a thorough understanding of DAOs, ERC 4337, Paymasters, Bundlers and Sessions keys on one whiteboard session while trying to improve governance smart contracts, the idea suddenly appeared.

All the dots were connected, and very quickly, further deep diving was underway that it was now possible to revolutionise the entire Wealth Management or Fund Industry.

I believe our protocol uses every square inch of ERC 4337 and that we are one of the worlds first protocols to be doing so, if not the first.

why should we send our money to fund managers when all we want them to do is grow it?

The concept of Gardens and Gardeners came forth almost immediately as an analogy and the Vision was written the same day which is the same as today in the Whitepaper.

Our Vision:

To create a DeFi protocol that enables decentralised wealth management for all walks of life, to reduce the wealth gap and drive financial inclusion.

Leave a Reply

Your email address will not be published. Required fields are marked *