# Fundamental Infrastructure

By [jer979](https://paragraph.com/@jer979-2) · 2022-09-28

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The biggest problem that I found in the article, [Composability in the Context of Defi](https://www.coinclarified.com/p/composability-in-the-context-of-defi/) which I touched on in [Smart Contracts that are Too Big to Fai](http://blog.neverstopmarketing.com/?p=103533)l, was the implied assumption that the “fundamental infrastructure” of DeFi is existent.

> “Systemic risk increases the more a platform moves away from fundamental infrastructure elements such as Ethereum for Smart Contracts, IPFS and the Dat Protocol for Storage, and Chainlink for reliable off-chain data.”

That’s just nonsense.

Ok, so that may be a bit hyperbolic, as they may be “fundamental infrastructure elements” today, but it’s like saying that a 1-lane dirt road between New York and Washington, DC. is “fundamental infrastructure.”

My point is that today’s infrastructure is **nowhere** **near** what is going to be required if we are going to upgrade the financial system of the world.

In the US, we talk about upgrading our roads and bridges infrastructure. Less obvious is how we need to upgrade our financial system infrastructure.

An example.

My son is becoming quite industrious this summer. I’m proud of him for that. He’s earning some money.

The other day, he asked for help in connecting Venmo to his bank account.

Once we verified the password, he was required to wait 2 days (3 actually, since one was a bank holiday) until he could prove ownership of the bank account by confirming the amounts of the $.02 and $.01 deposits they had made.

In 2022, why should something like that take 2 days?

It shouldn’t.

It should be a digital signature, provable by private key ownership.

But it’s not…yet.

That’s because we are now entering the deployment phase of crypto/DeFi technology.

If you want to read THE book on the topic, it’s Carlota Perez’s [Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages](http://amzn.to/2ad1tQo) ([review here](https://blog.neverstopmarketing.com/book-review-technological-revolutions-financial-capital/))

We had the Big Bang when Bitcoin was released in 2009. We had the frenzy (ICO boom/DeFi summer/NFT craze). Then we had the crash.

I said to someone the other day, “I realize now that Radix is going to take me a decade.”

In 10 years, the “fundamental infrastructure,” I believe, will be there.

And it’s going to look nothing like what we have today.

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*Originally published on [jer979](https://paragraph.com/@jer979-2/fundamental-infrastructure)*