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I posted it on the Web, which was young and silly then, and I got hundreds and then thousands of downloads, and people were offering me money to get more features in. So I thought, This seems to be a business. At the time, I was just keen on getting any sort of business off the ground. So, when I moved to the Valley, I basically pitched Peter on the following concept. There s clearly demand for moving these cryptographic operations that are poorly understood. Even though it s not rocket science to reverse-engineer this stuff, no one else had done it before me, so there s some complexity involved. The real difficult thing actually was getting an implementation of a cryptographic algorithm on a Palm Pilot, because Palm Pilots are very low power, and, back then, they were really low power like a 16 MHz processor. So, to do an encryption of a public key operation on a Palm Pilot was really expensive. There is some art involved in how you speed it up both from the user interface perspective and the math perspective. In math, you have to see how much you can squeeze out of it, and in the user interface, you have to make it feel like it s not taking that long, even though it really is taking like 2 seconds, which is a really long time. On these handheld devices, the cards that you get, you type in the password and it s done. I was able to get it to the point where it was instantaneous on a Palm Pilot. These things are all sort of child s play at this point, but at the time they were very important. Anyway, I wanted to start a company that would take this scarce skill of implementing crypto on handheld devices and then packaging it into libraries and products. The assumption was that the enterprises are going to all go to handheld devices really soon as the primary means of communication. Every corporate dog in America will hang around with a Palm Pilot or some kind of a device. What I wanted to do was capitalize on that emergence of technology. And then, of course, enterprise requires security; security requires these scarce skills; I have the skills; start a company. So that s what Peter funded. By the time he joined, we had realized that, even though the theory was pretty much logical, the move of the enterprise to handheld devices was actually not forthcoming. Kind of like the early Christians in the first century were all really hard at work waiting for the second coming. Still waiting. So it felt like the early Christians. Any minute now, there ll be millions of people begging for security on their handheld devices. It just wasn t happening. We were correct to change our strategy, since it still hasn t happened.

Livingston: Tell me about how you adapted the strategy. Levchin: Initially, I wanted to do crypto libraries, since I was a freshly minted

academic. I won t even need to figure out how to do this commercialization part. I m just going to build libraries, sell it to somebody who is going to build software, and I can just sit there and make a penny per copy and get marvelously rich very quickly. But no one was making the software because there was no demand. So we said, We ll make the software. We went to enterprises and told them we were going to do this and got some positive reception, but then the thing happened again where no one really wants the stuff. It s really cool, it s mathematically complex, it s very secure, but no one really needed it.