Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own. In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies.Hash Power is presented by Fidelity InvestmentsFor comprehensive show notes on this episode go to http://investorfieldguide.com/hashpowerFor more episodes go to InvestorFieldGuide.com/podcast.To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.Follow Patrick on Twitter at @patrick_oshagBooks ReferencedThe Sovereign Individual: Mastering the Transition to the Information AgeNostalgia for the AbsoluteLinks ReferencedBitcoin: A Peer-to-Peer Electronic Cash SystemReddit User jav_rddtSHA-256 CalculatorThe BitCoin Model for CrowdfundingFat Protocols#cryptotwitterShow NotesCHAPTER 1 – Understanding the Concept of Blockchain (3:25)4:30 – Jeremiah Lowin explains how blockchain is like a database5:14 – Bitcoin: A Peer-to-Peer Electronic Cash System5:46 – Owning a digital asset7:14 – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans13:33 – New coins popping up around data storage and utility needs like solar panels14:57 – Permission vs permissionless networks18:13 – Keeping track of scarcity and the introduction of tokens18:51 – The Sovereign Individual: Mastering the Transition to the Information Age21:55 – The role of blockchains in the informational age and the rise of more individual sovereignty23:29 - Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structuresCHAPTER 2 – Blockchain Technology (27:48)29:09 - Reddit User jav_rddt30:43 - SHA-256 Calculator31:53 - Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what make its so special35:48 – How miners create new blocks and the incentives to do so46:54 – Ethereum, the “spiritual successor” to bitcoin48:36 – How the Ether network is an ecosystem in which other tokens can sit50:51 - Naval Ravikant on alternative coins or tokens50:50 - The BitCoin Model for Crowdfunding52:35 – Fat Protocols53:22 – Blockchain as an experiment in distributed government54:47 – How cryptocurrency is more than just technology, it’s a movement54:50 – Nostalgia for the Absolute57:27 - #cryptotwitter1:00:58 - Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game1:05:21- Olaf Carlson-Wee, first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency1:06:56– Closing thoughts from PatrickLooking to work in this space - hashpowerdeveloper@gmail.comLearn MoreFor more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclubFollow Patrick on twitter at @patrick_oshag