J. R. Willett launched the first ICO… but still has a day job

Tuesday 04 May 2021, 11:20 PM AEST - 1 week ago

ICOs? He held the first one. Stablecoins? He dreamed of them by accident. Vitalik Buterin tried to get him on board to help launch Ethereum, but he was too busy. He is J. R. Willett, one of the most fascinating men in the industry.

Back in 2012, Willett, now 41, felt he could improve Bitcoin by making it possible for anyone to create interoperable tokens backed by the protocol. He released a white paper that described the new model and invented a way to fund the project with a token sale. He procrastinated for the next 18 months, hoping someone else would take the bait. Eventually, he gave in and announced the Mastercoin initial coin offering, which went on to inspire Ethereum and every subsequent ICO.

It felt like I was just putting into words what was obviously going to happen — people were already talking about it, and I thought, Why hasnt someone formalized this at least a little bit? I just got tired of waiting for someone else.

In the early days, he was worried that cryptocurrency would bring about a dystopia where either the late adopters became penniless or a one-world government would form to regulate everyones transactions. Hes still worried, but things are going better than hed feared.

In the sea of exceptional and charismatic people who rise to the top of the cryptocurrency world, Willett stands out. Not in his absolutist conviction to a set of principles, not in his journey from rags to riches, not in his maniac drive to stick with a project, not in his outsized charitable pursuits, and not even in his artistic endeavors or grand visions for the future. No. Willett stands out because despite the incredible things he has set in motion, he remains a humble family man who never forgot what was most important.

The first ICO

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