I think we'll see a crypto operating system where everything from your messages, payments, identity, authentication etc will all be on blockchains.
@naval: "The unstoppable and un-snoopable phone"
In the future, there will be one canonical social protocol with all the social data. The future YouTubes, Clubhouses, and Twitters will all be built on the winning social protocol. (We don't know yet which one will win.)
Ultimately, there will only be one Social Protocol.
— Naval (@naval) January 14, 2021
More from Crypto
So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
2020 was a game changer for Ethereum.
The vast majority of its success was fueled by #DeFi.
Here's what happened in 5 Tweets 🔽
1) Governance Tokens 🪙
Projects gave complete ownership of billion dollar protocols to their users, often using retroactive airdrops.
Early adopters earned tokens for past usage, and token-based voting now dictates all technical
2) Liquidity Mining ⛏️
Power users were the first to earn on-going distribution by providing liquidity.
$COMP sparked the wave, with $BAL coining the term a few weeks
3) Yield Faming 🌾
Projects coupled liquidity mining and governance tokens to boost 'yields' by combining lending rates with an incentive layer.
APYs peaked as high as 1M% during 'DeFi summer', leading to a 'food coin' craze like $YAM and
4) Fair Launches ✅
Who needs investment when you can launch using yield farming?
@iearnfinance debuted $YFI with no formal funding, seeding a community treasury for self-sustainability.
The notion of a core team and community became one and the
The vast majority of its success was fueled by #DeFi.
Here's what happened in 5 Tweets 🔽
1) Governance Tokens 🪙
Projects gave complete ownership of billion dollar protocols to their users, often using retroactive airdrops.
Early adopters earned tokens for past usage, and token-based voting now dictates all technical
It pays to be a web3 power user.
— Coopahtroopa \U0001f525_\U0001f525 (@Cooopahtroopa) December 9, 2020
Five networks that issued retroactive airdrops to value added actors \U0001f4dd
2) Liquidity Mining ⛏️
Power users were the first to earn on-going distribution by providing liquidity.
$COMP sparked the wave, with $BAL coining the term a few weeks
BAL is live!
— Balancer Labs (@BalancerLabs) June 23, 2020
The 435k BAL for liquidity providers of the first three weeks of liquidity mining (145k per week) have just been sent out to the wallets used to provide liquidity on Balancer.https://t.co/pkXFzwzPVC
3) Yield Faming 🌾
Projects coupled liquidity mining and governance tokens to boost 'yields' by combining lending rates with an incentive layer.
APYs peaked as high as 1M% during 'DeFi summer', leading to a 'food coin' craze like $YAM and
Check out @Cooopahtroopa's latest post for all the #DeFi farmers out there \U0001f468\u200d\U0001f33e
— Zerion \U0001f3e6 (@zerion_io) June 26, 2020
Turns out @synthetix_io & @CurveFinance were ploughing the fields long before $COMP & $BAL came along.
Learn how to put your #crypto to work with this #yieldfarming 101 \U0001f4b8
\U0001f449 https://t.co/zYUKtqx3BK
4) Fair Launches ✅
Who needs investment when you can launch using yield farming?
@iearnfinance debuted $YFI with no formal funding, seeding a community treasury for self-sustainability.
The notion of a core team and community became one and the
2/ What is a Fair Launch?
— fair launch capital (@fairlaunchcap) August 26, 2020
A FL enables founders to bootstrap new crypto networks that are earned, owned, and governed by their community from the outset.
In this dynamic, everyone participates on equal footing\u2014there is no early access, pre-mine, or allocation of tokens.
1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets
https://t.co/PbjQkSlTT3
@quant_network are collaborating with MIT in the creation of ODAP
$QNT
2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"
Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces
3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...
4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"
You can read more about the gateway protocol ODAP in this 21 tweet
5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:
✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
https://t.co/PbjQkSlTT3
@quant_network are collaborating with MIT in the creation of ODAP
$QNT
2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"
Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces
3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...
4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"
You can read more about the gateway protocol ODAP in this 21 tweet
See this 21-tweet thread about the creation of an Internet scale protocol to move digital assets involving Quant, MIT, US Government, Intel, Juniper, Payment and Telecom companies \U0001f447https://t.co/n7VGIIlAvq pic.twitter.com/mTUEmCMFZM
— Seq (@CryptoSeq) December 22, 2020
5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:
✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
