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!
This morning
@a16z
crypto published our first annual State of Crypto report. 📊
It shows how far crypto has come — and how early we still are — in building the next generation of the internet. Here's a 🧵 of some highlights.
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.
Magi 🟠 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.
🔢 client diversity = robust decentralization
🧩 more languages = more engineers
🦀 Rust = safe and fast
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.
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 ☀️
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
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.
Seeing many false claims about a16z crypto's voting power in Uniswap Foundation governance. Let me clear it up:
🗳️ We delegate ~40m votes to outside groups (with no conditions on how they vote).
⚖️ We vote with 15m tokens (less than half what we've delegated to others).
The Farcaster ecosystem is growing, with already a dozen interfaces and clients, and many tools — some of which even extend the network's functions (without fragmenting it).
We made an `awesome` repo to help track it all. Contributions welcome!
"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."
There are some competing ideas about what "metaverse" means that reflect different visions for the future of the web.
Here's our take — and a chart with key differences.
ao’s programming model is very elegant
all system messages are signed & saved in one place so all network participants can verify what’s real, agree on a canonical state, and continue advancing the state machine with new messages semi-independently ♻️
really impressive work
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.
Some of my favorite coding/engineering games sorted in increasing order of how literally they involve programming:
♻️ Loop Odyssey
🚄 Satisfactory
🌐 Dyson Sphere Program
🪨 Mindustry
🏭 Factorio
💾 Shenzhen I/O
🔥 Bitburner
🟡 Screeps
📔 TIS-100
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
,…
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. 🔥
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 👇
@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.
@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.
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 𝘸𝘩𝘰 is doing 𝘸𝘩𝘢𝘵, and 𝘸𝘩𝘦𝘳𝘦.
But now there's
@nansen_ai
.
@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.
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 “Pay to Win”
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…
@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.
Our latest crypto research post, from
@lera_banda
and
@danboneh
— we unpack danksharding and data availability sampling, which would radically decrease the cost of storing data on Ethereum, and propose an improvement.
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.
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 item’s metadata (w/ calculated rarity scores). Powered by
@AlchemyPlatform
. 🧵👇
@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, “You know something is profoundly wrong with our economy when Big Tech has a higher take rate than the mafia.”
@a16z
@cdixon
The underlying tech and experimentation continues to advance — even in "crypto winter" — renewing optimism and interest as new building blocks emerge.
The result has been consistent long-term growth despite periods of volatility.
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 Kamakawiwoʻole (whose version of Somewhere Over the Rainbow you have probably hear) is a Midjourney creation right from Reddit.
We've developed a new lookup argument called Lasso 🪢 that is already 10x faster than halo2, with a clear path to 40x.
→ the result is much faster SNARKs ←
With clever tricks, Lasso can prove ISAs (EVM, RISC-V, MIPS). We call this general application Jolt ⚡️, and it's coming.
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.
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.
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 it’s bots.
LLMs have fully poisoned the internet, it’s so over
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 we’re launching with $54m in funding led by
@a16zcrypto
We’re building the “Git for IP” to unleash the full creative potential of the internet. Here’s how 🧵👇
Binius pairs exceptionally well with Jolt, and it’s a top priority on our roadmap. The simplest, most performant zkVM will get much, much faster.
If you’re interested in helping implement Binius in Jolt, please reach out!
Music can set up the right headspace for a great book — 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.
@a16z
1st Takeaway: We're somewhere in crypto's 4th “price-innovation” cycle. As
@cdixon
and I first outlined in 2020, there is an underlying order to the chaos in crypto markets.
If you're interested in learning more about metamorphic smart contracts, see this post (and accompanying tool) by
@blauyourmind
— the clearest I've seen yet.
Explainer:
Tool:
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.
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?
@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.
Noticing a new 500ms delay isn’t that unusual. Being willing to shave yaks in obscure dependencies until you find and destroy a world class threat that isn’t your problem — heroic. 🫡
Spruce is building the full stack of open source tools and interop standards needed to unbundle the login, and rebuild from first principles.
I'm proud to be working with
@wycdd
and
@obstropolos
to make identity more private, secure, and programmable.
@a16z
@cdixon
Prices invite interest
→ driving new ideas
→ leading to new projects and experiments
→ creating new protocols and assets.
This feedback loop has propelled the industry through multiple distinct waves since Bitcoin’s inception in 2009.
This is why we're developing ⚡️ Jolt, our open source proof of concept reference implementation free forever public good love letter to crypto ZK VM.
"Working code is worth 1000 posts."
Tell your smartest friends who want to start something in crypto to apply to CSS. It's the best place to start your journey.
If you're unsure if CSS is right for you, send me a message.
Applications are now open for Crypto Startup School 2024, taking place this spring in London, UK.
Crypto Startup School is twelve-week accelerator designed for the specific needs of web3 startups, featuring lectures and mentorship from industry experts, talks from founders,…
It is a failure of the imagination to believe that people can never directly control their digital assets and data.
Cryptography favors the defender, and we are only in the beginning.
@a16z
@cdixon
@opensea
@RitchieTorres
3rd Takeaway: Crypto is making a real-world impact. For underserved and unbanked populations, crypto offers new paths to financial inclusion. And it’s much more than just a financial innovation – it’s a social, cultural, and technological.
The same is true for crypto. 90% of the unfeasible but good ideas I hear are primarily limited by compute.
- UX solutions
- onchain games
- graph data structures (social/attribution/reputation/ownership)
- complex markets
… all compute constrained.
Compute is all you need.
For a given amount of compute, ViT and ConvNets perform the same.
Quote from this DeepMind article: "Although the success of ViTs in computer vision is extremely impressive, in our view there is no strong evidence to suggest that pre-trained ViTs…
Introducing - On-chain royalties made simple 🥳
Royalties are a big part of the NFT eco-system, but they can be confusing and painful to manage. We aim to change that today.
1/ Read on for details about our open source and collaborative initiative 🧵👇
Connect directly to Ethereum with onboard
@ethnimbus
and Helios light nodes
Trustless. Liveness. Never worry about 3rd party downtime again
Only on ethOS
This is one of my favorite new protocol designs, fresh out of our research lab. With FDE, you could set up a trustless market to buy data. Could be useful for:
💜 expired 4844 blob data
👁️ other forms of data after statelessness
⚖️ model weights?
Token design is an emerging field that can feel more like alchemy than chemistry.
Our Head of Engineering,
@eddylazzarin
helps make sense of the design process by sharing some common patterns and pitfalls.
The simplest thing — adding a VERIFY_SNARK opcode to the bitcoin protocol — would make bitcoin totally programmable and free to move all over the internet.
All of the things Satoshi envisioned become possible again.
Today, 35+ VC firms, with another 15+ companies, representing hundreds of billions in capital have signed the voluntary Responsible AI commitments from
@ResponsibleLabs
(RIL), the non-profit I co-founded. As Chairman of RIL, I’m proud to unveil this today with tech leaders and…
@jessewldn
@mdudas
@mhdempsey
Nobody is writing essays defending the concept of “fake tech to mask token liquidity schemes”.
But people are defending memecoins while the industry is struggling on multiple fronts.
Well, this is it. The last day to apply to CSX in NYC. It's the best crypto accelerator in the world.
And with next gen infra online, regulatory strategies improving, and UX evolving — there has never been a better time to build.
Link in the next post.
Low cost AI-generated news site that:
- Reads all other articles before creating a synthesis.
- Actually links directly to primary sources it can find.
- Writes serious headlines that reflect the underlying content.
- Never buries disqualifying facts at the end of posts.
I've had a GPT-3 based bot in a group chat since September. It has become noticeably more equivocating and didactic despite many prompt redesigns. It's nearly useless now.
Open source is the only way to preserve the flame.
Jason is one of the greatest professionals I've ever worked with, and anybody would be fortunate to have him as an advisor.
Welcome to the team, Jason — we're lucky you're with us!
I’m ecstatic to share that I’ve joined
@a16zcrypto
as an operating partner, to work closely with the founders and CEOs of our portfolio companies as they navigate the journey to finding product-market fit and build their businesses and teams.
@haydenzadams
Recall why JSON (and even HTTP) won on the web against more efficient binary encodings: legibility to devs is often more valuable than small efficiency gains.
Legibility, security, and flexibility all compete with efficiency. Removing events is probably too much.
@ylecun
Democratizing knowledge has incredible benefits. If you believe this, why not share the LLaMA weights publicly?
Sharing only with governments and academics (requiring a form to be filled out!) was nonsense.