All of a sudden, in the midst of the global pandemic, the word "creative economy" started to emerge in the startup world, and we thought our time had come to shine. Little did we know that the crypto bull market would attract a plethora of founders backed by massive funding rounds, taking over the media landscape as leading brands in this nascent design space, with all sorts of platforms from web2 subscription services, to NFT marketplaces, to social tokens.
Our generative AI vision did not make sense to investors. They passed and stated that there is no need for decentralization in the AI space. They thought we were trying to attach our startup to the hype around crypto, which was happening a lot back then. It took two more years for everyone to understand the vision, after the big hype around ChatGPT and the concerns over AGI supremacy. As we were running out of Amazon credits to train our generative AI and the crypto space was booming, we had a big idea.
“What if the value of Newlife was not the AI piece, but the algorithmic reputation for creators? And what if we could use this algorithm as a substrate for the whole internet, allowing applications of all kinds to instantly query the creative reputation of a creator to enhance their own algorithms, but also their marketplaces, social networks, blockchain governance, DAOs and all sorts of apps and platforms.”
That's how the idea for Newcoin was born. In June 2021, we organized a private sale of tokens and recruited a team of 7 engineers to build the Newcoin protocol. While everyone was selling millions of dollars of crypto-assets volume, we knew that it would end the same way as the ICO craze in 2018, and that the world needed an algorithm for social consensus.