Eddy Lazzarin π π
@eddylazzarin
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The industry is mature enough that we can categorize tokens based on their legal, economic, and technical properties. Not all tokens are created equal. Some projects even describe their token as a Network Token or memecoin when it's really Company-backed. Links below β―
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Sucks so bad that we asked for flying cars and all we're getting so far is supercomputers in every pocket, machines that can seemingly think, worldwide internet coverage from a cloud of satellites, verifiable computing in zero knowledge, programmable sovereign money, private.
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This morning @a16z crypto published our first annual State of Crypto report. π. It shows how far crypto has come β and how early we still are β in building the next generation of the internet. Here's a 𧡠of some highlights.
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We need an open source, multi-device, end-to-end encrypted messaging app that doesn't rely on phone numbers.
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I'm excited to share our new zero knowledge cryptography canon. Part 1: links for beginners, deep cuts on the history of zero knowledge, and cutting-edge developments and tools.
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we donβt know how we do know how
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Magi π is a new OP Stack client for the Optimism ecosystem. Written in Rust, we hope it serves as a fast alternative to @OPLabsPBC's op-node. π’ client diversity = robust decentralization.𧩠more languages = more engineers.π¦ Rust = safe and fast.
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In one year, Ethereum has grown from settling ~$373m per day to over $9b per day. 24x year over year growth, with only 14 transactions per second. I'm Optimistic.
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When memecoins have a moment, people who know better make tortured rationalizations. Normally they might see casino behavior as zero-sum or short-term, but fomo can use the full intellect to justify itself with elaborate stories. gm to people building crypto's real potential βοΈ.
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0/ @a16zcrypto's engineering team has released open-source tooling to serve devs, builders, and users in the crypto ecosystem. Six of our freshest libraries relate to:. - Symbolic testing.- Light clients.- Auction design.- Private airdrops.- New social networks.- Trusted setups.
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Today we're sharing our biggest open source release yet: Jolt Alpha, our zkVM built new from the ground up. The UX is excellent and it's time to share what we've learned. In short: it's fast and concise. Learn more below!
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Crypto skeptics should explain how they think weβre going to solve this problem. I donβt think it can be done seriously without crypto.
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It's true that "not all tokens" are created equal, but the right way to classify them is according to their technical, legal, and economic properties. How they work determines what they are β not just the vibe or name.
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Instead of a pitch deck, why not make an extremely detailed `vc.txt` that investors can throw into an LLM to ask questions?. Probably not a complete pitch replacement, but you can ensure VCs have no excuse for arriving unprepared. Bonus if the VCs share the question transcript.
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1/4 NFTs are programmable. Because we're early, NFTs today tend to be very simple. But they can contain complex, mutable state to enable interactivity with people, programs, and other NFTs. A beautiful example is @fiveoutofnine's on-chain chess engine.
I finally deployed my on-chain chess engine NFT: where you play against the smart contract. 59 moves max per game, 59 games max. Engine, art, metadata are all 100% on-chain. I spent at least 200-300 hours on this project since October. Mint is free.
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Seeing many false claims about a16z crypto's voting power in Uniswap Foundation governance. Let me clear it up:. π³οΈ We delegate ~40m votes to outside groups (with no conditions on how they vote). βοΈ We vote with 15m tokens (less than half what we've delegated to others).
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Community airdrops by rough market value on day one:. βοΈ $ENS βΒ 25m tokens @ $26.30: $657m.β $DYDX β 75m tokens @ $11.16: $837m.π¦ $UNI β 150m tokens @ $6.90: $1,040m.π΅ $APE β 150m tokens @ $10.52: $1,578m (current price).
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The Farcaster ecosystem is growing, with already a dozen interfaces and clients, and many tools β some of which even extend the network's functions (without fragmenting it). We made an `awesome` repo to help track it all. Contributions welcome!.
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"App Store policies are draconian and expensive."."Goodreads has no incentive to be good."."Reddit undermines its mods, users, and 3rd party clients at every turn."."These API changes are killing my project."."The Fediverse is broken."
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To asses Makerβs finances, it takes one click. To asses a bankβs finances, it takes a congressional committee.
Imagine being able to see all finances of a multi-billion dollar lending platform and thinking DeFi is 'shadowy' or 'faceless'.
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Lord, give me the confidence of legislators writing laws for things they don't understand.
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Interest in memecoins will come and go, and I'm optimistic that real products/protocols will develop in the end. But we shouldn't pretend that the casino doesn't set us back. Deterring great founders and giving ammo to politicized regulators has a profound effect.
@mdudas @mhdempsey Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. I see the damage every day. You should too.
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There are some competing ideas about what "metaverse" means that reflect different visions for the future of the web. Here's our take β and a chart with key differences.
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aoβs programming model is very elegant. all system messages are signed & saved in one place so all network participants can verify whatβs real, agree on a canonical state, and continue advancing the state machine with new messages semi-independently β»οΈ. really impressive work.
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Probably one of the most underappreciated distinctions in crypto right now. And core to our industry.
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born too late to explore the oceans, born too early to explore the stars, born just in time to watch machines change from toys to gods.
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Some of my favorite coding/engineering games sorted in increasing order of how literally they involve programming:. β»οΈ Loop Odyssey.π Satisfactory.π Dyson Sphere Program.πͺ¨ Mindustry.π Factorio.πΎ Shenzhen I/O.π₯ Bitburner.π‘ Screeps.π TIS-100.
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We're watching this, too. The market is a factor, but since the app layer of crypto is becoming more active we're curious how much crypto dev is now happening outside of the open source infra repos reflected here. Take four of our recent funding announcements: @blackbird_xyz,
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I'm excited to announce @samrags_ has joined @a16z crypto to focus on engineering, token economics, and protocol design. Here's one of his first projects: a mechanism for distributing airdrops to people for off-chain contributions in zero knowledge. π₯ .
People should be able to airdrop tokens to their community without asking them to doxx their financial history. We built this using native Ethereum zk-proofs with supporting examples and libraries. Details π.
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Noticeable uptick of people pricing things in ETH, valuations in ETH, raising in ETH.
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@mdudas @mhdempsey Memecoins alter how the public, regulators, and entrepreneurs see crypto. At best, it looks like a risky casino. Or a series of false promises masking a casino. This deeply affects adoption, regulation/laws, and builder behavior. I see the damage every day. You should too.
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@PleasrDAO is engaged in an artistic performance about memes, the financialization of culture, and the new powers of collective ownership in the early days of web3.
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unedited footage of Science of Blockchain Conference in NYC today
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1/ DeFi is deeply different from traditional finance because there's so much more to analyze. For example: wallet addresses don't exist in exchange analytics, but without them, you can't understand πΈπ©π° is doing πΈπ©π’π΅, and πΈπ©π¦π³π¦. But now there's @nansen_ai.
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We formally verified Ethereum's new Pectra system contracts βΒ using Halmos β with <1000 lines of code. Links to @daejunpark's work below β―
External reviews of the Pectra system contracts has been completed by @a16z, @sherlockdefi (Blackthorn), @dedaub, @plainshift and @sigp_io. Thank you for helping keep Ethereum secure! Full reports can be found in the Pectra System Contracts Audits repository, linked below. 1/2.
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@a16z @cdixon @opensea @RitchieTorres Our analysis estimates how much web3 is paying out to creators compared to web2. Last year, each NFT creator averaged $174,000 in revenue, while Meta paid out $0.10 per user, Spotify paid out $636 per artist, and YouTube paid out $2.47 per channel.
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Recall that one of the stated reasons OpenAI chose to hide o1βs reasoning was for safety. Keep this in mind as absolutely zero harm comes from seeing DeepSeek-R1βs reasoning.
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An engineer, an economist, and a lawyer walk into a bar to talk about tokens. The engineer says, βA token should be classified by its function in a network.β. The economist says, βNo, it should be classified by its economic underpinnings.β. The lawyer says, βIt should be.
The industry is mature enough that we can categorize tokens based on their legal, economic, and technical properties. Not all tokens are created equal. Some projects even describe their token as a Network Token or memecoin when it's really Company-backed. Links below β―
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as a kid I loved Magic: The Gathering. after months of practice at middle school I was ready for an official tournament. I was eliminated in the 1st round by a 35 year old who had four copies of *every playable card* (thousands) in a rolling bag. the moment I learned βPay to Winβ.
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I have a theory but itβs not pretty.
I'll never understand why in an industry so rife with actual scams regulators like to go against the legit projects.
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βMan dedicated to learning which things accelerate and decelerate aging learns something.β. How is this headline a dunk? This is the entire point. We should instead be frustrated that longevity science is so underdeveloped.
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Something interesting about this pump: no oneβs even inventing a reason. Thereβs usually at least one popular bogus explanation.
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Here we classify the token categories, before going a little deeper in the next article on Network tokens (the king π) vs. company-backed tokens (not so much).
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@mhdempsey Besides undermining the long-term vision of crypto that has kept so many of us in the space, memecoins aren't very technically interesting. It shouldn't be a surprise that they're not attractive to builders.
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It's the beginning of the month, so we've updated our State of Crypto Index. As part of this update, we've also made improvements to two measures: (1) mobile wallet users and (2) developer library downloads. (1) We reexamined the source for our mobile wallet data and after
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Narrative violation: #1 chain measured by Mgas/s (the correct measure for throughput) is @ProofOfPlay β by a long shot. @mattvv and his team have pushed L3 to its limits. Maybe surprising but games have long been a source of innovation in software.
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If youβre afraid of learning assembly, play TIS-100 and try again. Itβs a delight and youβll learn so much.
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Here's my explanation (from the @a16zcrypto podcast) how a privacy-preserving "Proof of Human" system can help limit spam, fraud, and impersonation attacks while enabling AIs and humans to coexist productively on the internet.
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Our latest crypto research post, from @lera_banda and @danboneh β we unpack danksharding and data availability sampling, which would radically decrease the cost of storing data on Ethereum, and propose an improvement.
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"Utility tokens" aren't really a category. "Adding utility" doesn't change a token's classification: what matters is the underlying economic reality of where the value comes from.
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When will we see the first 1-person unicorn? A company led by one human who manages an organization of specialized AIs. When will we see the first 0-person unicorn? An autonomous program on a crypto network that can fund and grow itself.
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π we need more TUIs and data dense displays π
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Payments has been one of the goals of crypto from the beginning. The pieces are finally coming together.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist and watch the demo (h/t @Solana) from Sessions.
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Hiding Likes has advantages but it cripples Xβs de facto reputation system. β¬οΈ bots/scams buffed.β¬οΈ privacy buffed.β¬οΈ Liking authentically buffed.β¬οΈ learning peoplesβ interests nerfed.β¬οΈ identifying real content nerfed.β¬οΈ finding X cliques nerfed.
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Airdrop and reward farming is completely professionalized. We don't appreciate its scale because every algorithmic feed struggles to hide it from us. And advances in AI mean identifying humans through behavior alone is cooked. π₯. Here are the three methods of defense projects.
Just visited one of the most sophisticated phone farms (30,000 phones) in [redacted] to grasp the scale of which crypto airdrops are attacked. Their client list is long. This was a wake up call. Change is inevitable.
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@a16z @cdixon 2nd Takeaway: Web3 is far better for creators than web2. Compare ~100% take-rates on FB and IG to @OpenSea's 2.5%. As U.S. Congressman @RitchieTorres has said, βYou know something is profoundly wrong with our economy when Big Tech has a higher take rate than the mafia.β
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Riveting live demo of NFT Analyst Starter Pack from cloning to data extraction. (This is actually riveting to me.)
Introducing the NFT Analyst Starter Pack. Enter a contract address, and with one command generate CSV extracts for all token transfers, historical sales, and each underlying itemβs metadata (w/ calculated rarity scores). Powered by @AlchemyPlatform. π§΅π.
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@VictorTaelin Hacker News is very weak these days. Comments occasionally have insights but are usually very rigid, critical, and lacking creativity. The HVM and Bend will be challenging for them until itβs thoroughly digested and extremely concrete.
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Open source software powers the web, yet authors rarely capture much of the value they create. Because code is non-rivalrous and freely shared, the standard feedback systems βΒ markets and prices β are limited. For open source to evolve, we need technology to capture complex.
Today we're coming out of stealth and announcing a $10M fundraise to accelerate Open Source Capitalism.
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@a16z @cdixon @opensea @RitchieTorres @goldfinch_fi @soundxyz_ @helium @SpruceID @ethereum @solana @0xPolygon 5th Takeaway: We're still so early. We estimate Ethereum has 7-50 million active users. Compared with internet user growth, puts us somewhere around 1995 β 10 years before 1 billion users and web2 really started taking shape.
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Looks smooth so far. Unbelievable. Congratulations and well done to the ETH 2 researchers, client teams, core devs, and all other contributors.
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"Tokenomics experts" who simply "work" with you to determine "token allocations" are a complete waste of time. A made up pie chart is not real work.
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AI = how machines can think.crypto = how machines can own.AI + crypto = how machines can think on their own.
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It may still feel distant, but we aren't far from the internet devolving into a place where *most* content has been generated (or can be generated on demand). Every robust method to prove the origin or history of content involves cryptography and blockchains.
It isn't just AI generated text that is starting to bleed over into search results. The main image if you do a Google search for Hawaiian singer Israel KamakawiwoΚ»ole (whose version of Somewhere Over the Rainbow you have probably hear) is a Midjourney creation right from Reddit.
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We've developed a new lookup argument called Lasso πͺ’ that is already 10x faster than halo2, with a clear path to 40x. β the result is much faster SNARKs β. With clever tricks, Lasso can prove ISAs (EVM, RISC-V, MIPS). We call this general application Jolt β‘οΈ, and it's coming.
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"you can't buy a sandwich". ackchyually since a pizza is an open-faced sandwich.
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Brian is the right choice for this critical job β and he understands crypto. Working with him has been incredible and we will all be lucky to have him as a leader in our government. Congratulations Brian!.
It is my great honor to be nominated by President @realDonaldTrump as the next Chairman of the Commodity Futures Trading Commission, where I had served as a Commissioner in his last administration. The @CFTC plays a critical role in maintaining robust hedging and price discovery.
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Blockchains heavily rely on Merkleization. If you build a database that natively exploits this, there are serious performance benefits β really impressive work from the @LayerZero_Core team. It would be great to see people benchmark these tools for their specific apps to better.
Introducing Quick Merkle Database (QMDB), a high-performance verifiable database optimized for blockchains. β’ 2.28M state updates per second, 1M TPS (benchmarked transfers per second). β’ Benchmarked with workloads up to 15B (10x Ethereumβs 2024 state) and proven capacity to
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With great respect to OpenAI, arguments that GPT-4 and even GPT-3 were unsafe to open source aren't believable. It appears that open source models β let alone deliberately "uncensored" models β have not caused identifiable harm. Closed source drastically limits innovation from
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We voted for Multi-Collateral Dai this weekend: @MakerDAO is continuing to push the boundaries of open finance and open governance.
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How bad does this need to get before all networks need to integrate a private proof of personhood system like @worldcoin?.
was looking up travel medical insurance on reddit and noticed a bunch of really negative reviews for all the companies. it fooled me for a second until i noticed the names and how similar the reviews are. realized itβs bots. LLMs have fully poisoned the internet, itβs so over
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It's 2022 and only 37% of people use ad blockers. They're free and offer a faster, safer experience. Whatever explains this gap, it's a powerful force.
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You can run a Helios light client in the browser to verify Ethereum L1 + OP Mainnet + Base. It works right now. Check out demo link in the next post.
There are already amazing teams using Helios: @SuccinctLabs in sp1-helios, @eiger_co in the Beerus Starkware light client, @0x_freedom with @EthereumPhone β to name a few. If you'd like to build on or help develop Helios, please reach out. We can sponsor contributions.
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Binius pairs exceptionally well with Jolt, and itβs a top priority on our roadmap. The simplest, most performant zkVM will get much, much faster. If youβre interested in helping implement Binius in Jolt, please reach out!.
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Every time Story is mentioned the founders are engaging and explaining their thinking. Whether you agree or not, this is how to build open infrastructure.
@fede_intern @StoryProtocol Execution level: .- IP graph traversal -> flowing royalties to hundreds of parents efficiently.- Optimizations for Proof of Creativity protocol. Node level: .- Graph DB (researching).- Validator selection to allow Netflix/TikTok/etc to run validators and stream offchain info.
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Some people whose on-chain analytics work continuously impresses me:. @ASvanevik .@hagaetc + @mewwts .@MariaShen + @jubos .@richardchen39 .@jonitzler .@henrihyvarinen .@eliasimos .@teo_leibowitz .@lawmaster .@ki_young_ju .@bantg.@DarenMatsuoka.
Does On-Chain analysis interest you? .Follow:.@n3ocortex .@woonomic .@kenoshaking .@_Checkmatey_ .@Negentropic_ .@mskvsk .@nic__carter .@typerbole .@dilutionproof .@PositiveCrypto .@hansthered .@whale_map .@ErgoBTC .@PermabullNino .@ki_young_ju .@renato_shira .@yassineARK.
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Creative works want to be remixed and recombined, but the current analog frameworks make it slow, expensive, and risky to build on and monetize remixes. Story Protocol fixes this with an onchain remix graph that makes composition and attribution natural.
(1/n) Introducing Story Protocol: open IP infrastructure for the internet era. Today weβre launching with $54m in funding led by @a16zcrypto. Weβre building the βGit for IPβ to unleash the full creative potential of the internet. Hereβs how π§΅π
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@a16z @cdixon @opensea @RitchieTorres π¦ @goldfinch_fi expands access to capital in emerging markets.π§ @soundxyz_ musicians have earned $2m+ directly from fans.π@helium is the first real decentralized challenge to entrenched telecom giants.π²@spruceID is unbundling web login so people can control their identities.
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Music can set up the right headspace for a great book β try out my playlist for Read Write Own. It was assembled using the most rigorous psychoanalytic methods to maximize your enjoyment of the book (checked with my wife). Also, no singing/lyrics.
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Coding with @AleoHQ's dev sandbox today. Leo is the programming language for Aleo's upcoming private blockchain. Docs look good already.
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If you're interested in learning more about metamorphic smart contracts, see this post (and accompanying tool) by @blauyourmind β the clearest I've seen yet. Explainer:. Tool:.
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We are not building a Pause button. We're building a $500b GO button.
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If an app can collect payment from a mobile crypto wallet (think quick and cheap USDC transfer), merchants could save ~30% and maintain a more direct relationship with users. The benefits of crypto start becoming very obvious.
As of today, developers can begin exercising their court-established right to tell US customers about better prices on the web. These awful Apple-mandated confusion screens are over and done forever.
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@mdudas @mhdempsey Interesting to which users? Serving a casino to a relatively small population just isn't exciting. It's probably even net negative if you consider the externalities. I'm here to build new networks to power a fundamentally more powerful internet. It's just not the same size.
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A few quotes from Porter so far:. βΌ "This is going to be the fastest zkVM [to read and understand] that I've reviewed . this is also the simplest one".βΌ "This is fantastic code".βΌ "I could have skipped [all my other reviews] and read this FAQ". Start on zkVMs with Jolt β―.
Every line of code (zkVMs): @a16zcrypto's Jolt
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What do the authors of GDPR experience every time they see a cookie consent requirement? A sense of accomplishment? Or a dreadful reminder that their mistake wastes decades of aggregate human life per day without actually protecting privacy?.
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Noticing a new 500ms delay isnβt that unusual. Being willing to shave yaks in obscure dependencies until you find and destroy a world class threat that isnβt your problem β heroic. π«‘.
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