The content here is for informational purposes only, should not be taken as legal business tax or investment advice or be used to evaluate any investment or security and is not directed at any investors or potential investors in any A16Z fund.

For more details, please see A16Z.com slash disclosures.

Welcome to the A16Z podcast.

Sonal and I are sitting here with Adam Ludwin.

Adam, welcome.

Thank you.

Adam is one of the co-founders of chain.

And you guys are a blockchain technology provider to large financial institutions.

And right there, I think this is interesting because you're not a Bitcoin provider.

You're not sort of involved in that ecosystem in the same way, at least. So let's launch into

blockchain and Bitcoin and where we are today and what the distinction is and how those two

things are being applied in the marketplace? Sure.

Well, Bitcoin was the first fully functioning digital asset the world has ever seen.

And a digital asset is one that is minted, created natively at the outset as a digital

token.

So a Bitcoin is a digital bearer token.

And a bearer token is something where the ownership of that asset is defined by

whoever has it in the moment.

So whoever bears it.

So if I have a dollar bill and I hand it to Sonal, there's no question of who owns that

dollar.

She now owns it. But but with digital the way digital

...