While attending the Binance Blockchain Week in Dubai, in October of 2025, I got to meet Jay Rae. Even though we’d just connected, Jay and his partner, Diana, welcomed me warmly. We conversed about their role in spreading mass adoption of Bitcoin and growing the Web 3.0 technology, and I told them about my work in educating people in jails and prisons. They agreed to support the effort, by participating in a video call when we both got back to our home base. Jay and Diana are based in Barcelona, Spain. But they travel to different countries around the world—an example of how the internet truly erases borders and opens opportunities.
I knew their story would intrigue our audience, which includes people who are striving to reinvent themselves.
Jay’s journey into cryptocurrency began under unusual circumstances during his university years in Scotland. He discovered Bitcoin in the early days of Silk Road, an online marketplace that gained a lot of attention–especially after the government arrested its founder, Ross Ulbrecht.
The experience resulted in a major financial disappointment, because the U.S. government seized many users’ Bitcoin, including Jay’s. But it also opened his eyes to the revolutionary potential of digital currency. Instead of giving up, Jay studied the market cycles, bought more Bitcoin, and found ways to use blockchain technology to build a new career.
His takeaway is powerful: struggles don’t have to be the end of the road. They can become catalysts that push us to learn, adapt, and build something positive—exactly the mindset he hopes to share with people. I am grateful to him for participating in a video call, which will allow Prison Professors to share his wisdom with people in custody, or other people who are looking for inspiring stories on how to reinvent themselves.
I asked Jay to help our audience understand the evolution of the Internet, from from Web 0 to Web 3.0. He shared a document that outlines how the internet has evolved over decades. Here are the key points:
- Web 0 / Web 1.0
- Born around 1989 with Sir Tim Berners-Lee’s creation of the World Wide Web.
- Pages were static and mostly “read-only,” resembling online encyclopedias.
- Web 2.0
- This era introduced user-generated content and social media platforms (Facebook, YouTube, etc.).
- People could interact, comment, and upload data, but a handful of large companies controlled user data.
- Web 3.0
- Focuses on decentralization, user control, and peer-to-peer interactions.
- Blockchain technology enables smart contracts that allow users to transact and trust each other without traditional middlemen.
- Cryptocurrencies serve as the “internet of money,” while artificial intelligence, virtual reality, and augmented reality push new frontiers in communication.
Jay emphasized that these web evolutions tie directly to changes in finance. The more we move into a digital world, the more we need digital forms of currency—whether that’s Bitcoin, Ethereum, or other blockchain-based tokens.
Blockchain Basics: Layered Technology and Security
One key insight Jay offered is the concept of layers in blockchain:
- Layer 0: Interoperable frameworks (e.g., Polkadot, Cosmos) that connect multiple blockchains.
- Layer 1: Main blockchains (e.g., Bitcoin, Ethereum) that provide the foundational ledger where transactions settle.
- Layer 2: Solutions built on top of these main blockchains to improve speed and lower transaction costs (e.g., Lightning Network for Bitcoin, various “rollups” for Ethereum).
Despite misconceptions, blockchain transactions are highly secure because once data is recorded, it becomes a permanent entry that is visible and verifiable by anyone. Bad actors do exist, but the technology itself is far more transparent than many traditional financial systems.
Tokenization: A New Era of Assets
Jay delved into “tokenization”—the process of creating digital tokens that represent ownership in a wide variety of assets, from real estate to stocks to art. This evolution aligns with:
- Decentralized Finance (DeFi): A system of financial tools that operate without typical banks or middlemen.
- Traditional Finance (TradeFi): The long-standing infrastructure of paper money and institutional lenders.
DeFi introduces the concept of self-sovereignty, where users directly control their assets and data. With tokenized assets, anyone with an internet connection (and appropriate know-how) could potentially invest, trade, or own fractional shares of assets anywhere in the world.
AI Meets Blockchain: The 5th Generation of Blockchain
We’re not only in the third evolution of the internet (Web 3.0); we’re also in what Jay calls Blockchain 5.0. This latest generation combines:
- Decentralized ledgers (blockchains),
- Smart contracts (programmable agreements), and
- Artificial intelligence (advanced data processing and automation).
Although some fear AI, Jay believes that combining AI with transparent, secure blockchains can create major advances in healthcare, logistics, payments, and more.
Key Takeaways for People in Custody
- Learn the Language: Even if you can’t invest financial resources right now, familiarize yourself with terms like blockchain, cryptocurrency, DeFi, and tokenization.
- Stay Adaptable: The digital economy is expanding. Skills in reading, writing, math, and critical thinking will empower you to succeed in any evolving sector.
- Look Ahead: The time in prison can be used for personal development. By studying emerging trends, you position yourself for future opportunities—just as Jay turned an early setback into a pathway for growth.
My Gratitude and a Final Note
I’m grateful to Jay for spending his time explaining these complex ideas in a way that sparks hope and curiosity. His journey—from adversity with early Bitcoin to building a modern web3 career—proves that, with resilience and ongoing education, anyone can emerge stronger and more knowledgeable.
Self-Directed Learning Question
- How can you use your current challenges as motivation to learn about evolving technologies—like blockchain and digital assets—so you can rebuild and add value to the world once you return to society?