@chainyoda
I think we both know it is not quite like that.
The founder does not suddenly abandon their philosophy and select for a 'rug'.
It is slice by slice.
They sign a warrant for a polite seed round. They didn't want to sign a token warrant. But, they are assured, this doesn't force
A small few Web3 founders, when they stand in front of the Mirror of Erised, seek the durable business. They instinctively resist the token. They believe that the token - devoid of economic content - will eventually strip their organisation of its nutritional value.
I see a
I’m thrilled to have joined BlueYard as a Venture Partner; BlueYard has been on my radar as one of the most rigorous deep tech operators in Europe and the US for some time. This gives
@BenLevy0
and me a chance to broaden our investing interests beyond applied cryptography.
Researchers from
@aztecprotocol
,
@ethereum
and
@Stanford
recently released a new Polynomial Commitment Scheme. Here are my notes (maths / science background probably needed, but little special cryptography knowledge):
Lovely to see Geometry's very first portfolio company go live today.
Zero → zkEVM in 2 years is a staggering feat.
I first met
@SandyPeng1
exactly 18 years ago when we began at the same college in the UK. So —
An English cream tea to mark the occasion!
After more than two years of building, we are thrilled to announce the launch of Scroll Mainnet.
As we open the doors to Mainnet, we want to take a moment to reflect on our journey thus far 💛
@ViktorBunin
@JTremback
Chargebacks are fraud disincentive.
Eliminate chargebacks = more fraud
No free lunch here.
Credit card adoption came from:
a. Visa/Mastercard/Amex incentivizing CC onboarding with rewards
b. Selling merchants on benefits of CC (more customers prefer CC + cash management is
Announcing our latest round of investment from A_Capital, Coinbase, and other leading institutional investors. These funds will be used to build out our developer tooling for AZTEC and add universal SNARKs to our offering. 🚀
ZeroSync 🪄 is the ZK lite client for Bitcoin, so the world can verify it; a true non-profit, public-good project. Geometry's been delighted to support them in their earliest days.
Now they're raising grants for their Swiss Foundation. Let them know if you can help.
@ZeroSync_
Very proud of the Aztec team for launching our Layer 2 testnet today after a colossal amount of innovation (PLONK, Plookup) and engineering effort, and excited for our upcoming mainnet deployment!
Today, we're very excited to release Aztec 2.0, our Layer 2 zkRollup network 🚀 Aztec is building the infrastructure for scalable and programmable private payments on Ethereum, running off the DeFi capital system💸
An early sketch of how to make crypto primitives vastly easier and safer for web developers, heavily inspired by Marc Andreessen's design of early web primitives.
Cohosting on the Geometry blog and my new blog
@tomwalpo
and
@BenLevy0
have spent a few days working with
@dawn_wallet
to sketch out a way of flipping the trust paradigm for crypto with "HTML+", pushing risk onto the browser and away from the app.
Very excited to have "emerged from stealth" at last! We'll gradually unpack the full details on Geometry's illustrious team of builders in the coming weeks. For now, please get in touch with me via DM or through:
We're hiring
#Solidity
Engineers at
@aztecprotocol
- please get in touch to help launch ZK transactions on Ethereum in Q3. Team is London-based but happy to hire remotely. Backed by
@ConsenSys
& other leading tech investors.
Geometry was known for its sparkling researchers; less known was the unique role of Arthaud. His capacity to form deep and thoughtful relationships with people across the technical spectrum was staggering to me. His next-hop destination is so lucky to have him. Good luck Arthaud!
Really excited to welcome
@relgabizon
to the company as Chief Scientist - he's no stranger to AZTEC and worked closely with
@Zac_Aztec
for several months developing PLONK. Looking forward seeing what they produce in 2020!
TurboPLONK means Universal SNARKs can now outperform Groth16 on certain circuits, and gas costs are almost identical. Brings fast privacy on Ethereum a huge step closer.
The benchmarks are out and PLONK with custom gates is ⚡️ lightning fast
2.5x faster than Groth16 on MiMC and 230k gas!
Fast privacy on
@ethereum
is coming 🔥
Thrilled to see the extraordinary Kobi, Ying Tong, Nico, Andrija and Wei Jie go independent; the world's queuing round the block to work with them! One of the elite teams of the cryptography world, and a more delightful troop you won't find.
Can't wait to see GR flourish in 2024
🪁 Hello, we have exciting news to share with you 🪁
Geometry Research is a team working on open-source cryptography, protocol design, implementation and security analysis.
1/15
I'm often said to be "anti-token".
I'm as anti-ERC-20 as I am anti-PDF — i.e. not at all.
We need a *much* better comprehension of their function and their capture, before we fling them out into the paws of retail.
A special moment seeing Scroll's zkEVM move to testnet. This breathtaking engineering project, led by
@shenhaichen
and
@yezhang1998
, in open-air collaboration with
@PrivacyScaling
, is a staggering achievement.
[Declaration:
@__geometry__
was an early investor in Scroll]
For nearly two years, we've built our zkEVM in the open alongside
@PrivacyScaling
and other contributors, and today, we're taking the next step to Goerli, the final stage before mainnet.
Our testnet on Goerli is 100% permissionless.
Here are the details:
We have successfully closed $21M in seed funding 🥳
The round was led by
@IOSGVC
,
@walden_catalyst
and
@__geometry__
This is an important step on our mission to democratize
#ZKPs
by enhancing their speed, scalability, and cost-effectiveness, making them accessible to all
1/3
It's eery, how often startups in stealth can be found suddenly pivoting to the same idea at once: a kind of neural 'murmuration'.
[I'm British and therefore can't use your threadmoji, but there are further tweets below]
@ViktorBunin
Yes, you have guaranteed correctness-at-execution - no withdrawal delays. But in the interest of balance: you pay for it with computational and calldata overhead (loading e.g. general EVM execution into the witness of a SNARK is a colossal challenge).
We're hiring for investment analysts! If you're an fanatic and avid user of Web3 applications, DM me to join me,
@kobigurk
and Geometry's incredible team of researchers
@zerohedge
Ok but to add context; that’s a 12.7% increase over 8 years in excess of inflation, or 1.5% annual credit card debt creep over inflation. Significant but not runaway just yet.
Be wary of the bear market vibe shift to seek out enterprise/tradfi adoption because consumers are scarce.
2015: "Blockchain not bitcoin"
2018: Security tokens
2023: ?
Consumer adoption usually precedes enterprise/institutional adoption of internet things
Most eloquent account on stablecoins out there.
1) why algorithmic stablecoins are born sick, curing supply today at the price of an orders-worse supply shock days or months later, and
2) how non-callability of collateralised stablecoins undermines their peg
Did a short video last night explaining a concept I've been repeating over the years: no convertibility, no parity. I explain how this affects so-called algorithmic "stablecoins" such as Ethereum's dai.
For young, ambitious thinkers.
@_ArnaudS_
is one of the great autodidacts: self-taught engineer, founder, philosopher, historian. The Polaris fellowship from
@join_ef
seems to be a rescue letter, posted to his younger self (“You’re a wizard, Harry”). It will be important.
I'm really excited to announce
@join_polaris
.
It's a programme I've wanted to build for years now, and immensely grateful to
@join_ef
for providing the environment within which to finally do it.
1/
@TQTezos
went all-out destroying their entropy in
@aztecprotocol
's MPC ceremony - well done troops! We're now in final dress rehearsal at , and the ceremony launches soon. Sign up at
I solved the Fermi Paradox with
@Zac_Aztec
only last week.
The Aliens developed life extension technologies. Their Mortality CDF is now Poisson and they’re in crisis, so they hide away in boxes.
This is why they haven’t visited, and never will.
The scariest answer to the Fermi Paradox is that there are no aliens at all.
They we are the only tiny candle of consciousness in an abyss of darkness.
The leading capital allocator in early stage technology putting its first international office in London; this is a big signal for the UK.
@RishiSunak
is creating a narrative that may not (yet) be audible to the UK electorate, but being heard loudly by the technology world. 👏
Big news to share:
@a16z
is expanding to the UK 🇬🇧
We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.
Why the UK? 👇
Come to work with our wonderful team at
@__geometry__
! Whatever your background, if you're animated by Web3 and a good technical thinker — apply. Don't be put off. We know that many brilliant people have the most improbable backgrounds, and off-beat CVs are so often the best.
We've hired a magical group of cryptography engineers. We've backed some of the most groundbreaking Web3 companies of the future. Now we're looking for two investment analysts: a small cadre of deep thinkers, to help us build Geometry's portfolio.
@LiebermanAustin
Back of an envelope decay factors:
+ av 2.4 children, 4 generations: multiply by 1/33
+ av death duties, 4 generations, say 40%: multiply by 13/100
+ av income / capital taxes 50% (not accounting for compounding drag): multiply by 1/2
Already down to $1.5m
For anyone making the handwaving assumption that FHE seamlessly reunifies the fractured state of private compute: here's the health warning in a nutshell!
Reminder that FHE does not magically solve all privacy challenges
The E stands for *encryption*. Someone KNOWS that decryption key and WILL eventually decrypt to read an output
FHE alone does not give us private aggregate statistics, compliance checks, private smart contracts
Nico’s been doing origami! Last year the Nova paper showed a way to collapse down (fold) witnesses to a given circuit and do one proof construction, not several. Nova assumed an R1CS construction, and Sangria describes an analogous technique for PLONK. Here’s the notebook entry —
New research: Sangria, a folding scheme for PLONK by
@nico_mnbl
Folding schemes were first introduced in Nova and were used to build a recursive SNARK with the lowest known recursion overhead. We apply similar ideas to the PLONK arithmetization.
1/8
Well-deserved recognition for Zac & Ariel — PLONK & Plookup have had a seismic impact on scaling and privacy in this industry, since their fortuitous meeting two summers ago.
SCRF is pleased to announce the next recipients of the SCRF Impact Award:
@relgabizon
and
@Zac_Aztec
, authors of “PlonK: Permutations over Lagrange-bases for Oecumenical Noninteractive arguments of Knowledge”
Aztec Connect, the first private bridge for Ethereum DeFi, is live on testnet.
Up to 100x gas savings with fully private transactions by default.
Private DeFi is here.
✨If you are in NYC on Monday, April 15 at 1830, we are hosting an AZTEC meetup! Do come along for an overview of the AZTEC Protocol, an opportunity to network and meet the teams integrating!🚨
Sign up here:
We're opening lots of new roles at Aztec - here are two exciting opportunities for senior engineers looking to work at the cutting edge of cryptographic innovation!
@0xngmi
How does someone without very significant savings leave their job to start a company without paying themselves and building a team, without venture capital?
Regeneration: dreams of an autonomus future
I want to tell you of a story. About complicated people, and their struggles to resolve the wreckage of their contradictions.
We are at a unique point in history and stand at the threshold of two worlds.
Calling participants for our October MPC Ceremony - South America, Africa and Australasia are underrepresented. Which blockchain figures should join us? We're under final audit. Earth view in beta:
What are the best examples of learning acceleration you've seen (both research studies and startups / orgs)?
I've had exciting results applying ChatGPT to early years learning; interested to know who's working on this.
London's a hotspot for generative learning tech just now.
First prizes go to hyszeth.eth for the Standard category and zac.creditmint.eth for the Wild category. wicketh.eth narrowly missed out on first place in the Wild category - his best submissions came just after the deadline!
Arthaud and I have been writing some blogposts to show how internet-native companies (INCs), born wholly in code, can unshackle themselves from the old formats of incorporation.
We've been thinking about ZKPs and gaming primitives at Geometry lately. First up: private shuffling, without a centralised dealer!
For our *first ever post* in the Geometry Notebook (🎉), a beautifully-written primer by
@nico_mnbl
What if you want to play secret information games... on an L2?
Inspired by the unique game of
@darkforest_eth
and the prevalence of StarkNet, we've been exploring in
@geometry
some possibilities.
tl;dr - read the series of posts by
@nico_mnbl
:
1/10
The
@aztecprotocol
team is deeply saddened to hear that Jeffrey Tarrant (
@jeffrey_tarrant
), the storied New York investor, has passed away. Having made his name seeding now-renowned hedge funds, he founded
@MOV37AI
to invest in new technologies.
I'm teaching EC pairings — but what thought originally motivated the study of rational functions over algebraic varieties? I'm after a *human-readable answer* akin to "EC addition came from the search for rational solutions".
@JensGroth3
@kobigurk
@tarunchitra
@GuilleAngeris
?!
But I wonder if Twitter is beginning to exhibit emergent behaviours, arising from a deeper wiring to which we've all submitted ourselves.
Idea-generation seems to be emerging in a more distributed fashion across the collective consciousness, from between the lines of tweets.
You’ve heard of zero-knowledge proofs.
You’ve heard of SNARKs and PLONK and zkRollups.
But you haven't gotten started, because you don’t have a spare brain dedicated to learning cryptography.
That all changes today.
Introducing Noir, the universal language of zero knowledge.
Mina zkApps with Celestia underneath ✨
@CelestiaOrg
’s modular data availability layer is coming to Mina Protocol, enabling higher-throughput zero knowledge applications and L2s
@__geometrydev__
will spearhead the integration work with technical support from
@o1_labs
🧵
After over a year of building our zkEVM-based zkRollup in close collaboration with the
@PrivacyScaling
group at the Ethereum Foundation, we are releasing the pre-alpha version of Scroll for external testers! 📜
Stable consensus will emerge where it will.
Social herding is fascinating, but not our discipline.
Declare yourself "bullish" on *any* consensus technology, and we have to assume shorthand for financial exposure: your judgement is impaired.
Therefore we have to tune you out.
The
@MakerDAO
bounties for
@EthereumDenver
are up!
- Improve the Burner Wallet🔥
- Create a novel, Dai based lending platform
- Advance the state of the art in zero-knowledge proofs
- Surprise us, build something cool with Dai!
Interesting wholesale bypass of the traditional banking system via
@MakerDAO
. Like
@YessinSchiegg
’s business,
@aztecprotocol
had its first bank account shut within weeks of opening, without appeal, despite never issuing / handling cryptocurrency — ‘blockchain’ was heresy enough.
The bank killed my company founding account.
The ETH price was too volatile, thus I contributed DAI as seed capital. The
#unbanked
company was successfully established and duly recorded in the corporate registry.
Thank you
@MakerDAO
, your DAI made my day!
Proud of the Aztec team managing to get our first zk-zk provers working — still plenty of ground to cover, but some exciting first steps into the mesmerising world of elliptic-curve recursion
@ryanberckmans
@woonomic
Or include ZKP verifiers, earn an exogenous line of income, and maintain the supply cap — not sure how long that window of opportunity will be open
Pleasure to welcome
@nicksdjohnson
of the Ethereum Foundation for
@makoto_inoue
’s Code-Up at CreditMint’s coworking space
@balderton
. Discussing CreditMint CTO Zac Williamson’s winning code in the Solidity Gas Golf Tournament.
L2/DeFi CEOs: Here's your new legal bible — succinct, detailed, clear. Waffle-free. It gets you fast to the particulars (wallets, payments, securities). Pick your topic, and in a few minutes' reading you'll have a snapshot — all without leaving the homepage. Thank you Amy!
announcing my new website: metaverse musings! it breaks down all 100+ pages of
#legal
and
#regulatory
content on
#tokens
,
#nfts
, and
#web3
#games
#fashion
in more bite-sized & easier to read pieces.
built by yours truly on an overnight flight to sfo 🤓
Listening to
@jacobcollier
& Dodie harmonise the “super ultra hyper mega meta lydian scale” on my train home.
Reaching acceptance that
@Zac_Aztec
and
@rel_zeta_tech
will never run out of naming conventions for PLONK.
The point was not to heap gratuitous scorn on token-issuing founders.
The point was to start breaking the monoculture, to question the failures of the crypto VC RL model, and push for a world in which diligent founders can break crypto orthodoxy without being starved of capital.
A small few Web3 founders, when they stand in front of the Mirror of Erised, seek the durable business. They instinctively resist the token. They believe that the token - devoid of economic content - will eventually strip their organisation of its nutritional value.
I see a
🇩🇪 We are hosting two events in Berlin this week 🇩🇪
- a community event on Wednesday at 6.30pm at
@blueyard
- a developer workshop on Thursday at 12.30pm at
@fullnode_berlin
We look forward to seeing you there!
Agreed. Armed with ZK proofs, one would (in time) expect enterprise to view public blockchains as the pre-eminent sources of global validation - guarded by antagonism, underwritten by billions of dollars of truth capital.
CEOs will soon not only be ok with using the public
@ethereum
mainnet as the root coordinator of very confidential business, but they will demand it..just as they went from
#blockchain
being verboten to being their favorite buzzword in under 6 months...once they got it.
@0xngmi
“Expand the team as it grows”; for that you need to be generating revenue. There are vast categories of companies that have very clear long term paths to revenue ,but cannot possibly build their MVP without a good number of engineers and over a timeframe of many months of
When I read cryptography papers, I like to get into the head of the author — "how did they think of *that*?".
Maybe you've read PLONK. Courtesy of Dall·e, here are the other completely standard thoughts floating through the head of
@Zac_Aztec
.
Some of these are classics.😀
Ooh this is exciting! EF is a fantastic company builder that launched Aztec, and Matt's one of the leading forces in AI safety and defence globally. Excited to see what this produces!
🚨🚨Today we’re announcing a new programme at
@join_ef
that I’ll run this July: “def/acc” at EF.
We want to fund the most ambitious founders to accelerate the technologies to make the future go well, starting with defensive AI (1/7)
@scott_lew_is
This is mostly not true I think — long run, DeFi balance sheets will transform duration just like banks and have liquidity mismatches, and panic and forced selling will travel faster not slower — collapses could occur within a handful of blocks.
What if… verifying the execution of pairings inside SNARKs can be done much faster than already known?
@AndrijaNovakov6
and
@LiamEagen
have just published a paper on this!
Let’s explore this below 🧵
1/13
For all the sickly excess of the past cycle; for all the money-in-money-out-money-everywhereism at the visible surface of this industry; there are teams like
@Scroll_ZKP
marrying ingenuity with grit, and keeping the candle alight for the 'world computer'.
What's the best / least stressful onboarding flow to a Web3 application you've ever seen? In particular, which apps make it easy for users who haven't yet generated an Ethereum address?
I’ve particularly enjoyed working with David Byrd the past couple of years through the
@Ingo_zk
board. David’s incredible hardware expertise has been invaluable. Looking forward to spending more time with him,
@ciaranoleary
,
@chadfowler
,
@jason_whitmire
et al this year.
Thinking about the “public stocks will return 7-10% over the long run” heuristic (nominal, real?).
Where is the best research / opinion on the impacts of 1) shortening lifespans of public companies in major indices and 2) companies spending more time in private hands?
And of course, I’m looking for companies building in crypto: I’m convicted, refreshed, and excited to meet startups demanding a lot more of Ethereum, willing to take technological risks.
I want to see companies building where data replication of ~5-10x is fine - bringing Ethereum into its ‘hot server’ era. Expressive, private software is coming on-chain in 2024, and will at last shift blockchain software from leisure to business mode.
@chainyoda
Yes but they mostly cannot do that. Where a VC firm has a Web3 exposure, they swiftly become a crypto VC, in the sense that they demand a token warrant, "just as a protective measure".
@sunnya97
@jillruthcarlson
@ricburton
I wish U.K. universities did this — we had a very talented intern last year who said one of the main reasons he selected Stanford over Cambridge was they have a ‘pause’ button, not just an ‘eject’
London. Trinity term nearly over, and the Lord Chancellor sitting in Lincoln's Inn Hall. And hard by Temple Bar, in Lincoln's Inn Hall, at the very heart of the fog, sits the Lord High Chancellor in his High Court of Chancery.
And he has gone full degen.
@futurenomics
Who has built an empire here? The examples I can think of (who do not look highly vulnerable to collapsing value extraction), are exchanges, I think.
I don't think we can allocate empire status to anyone, until we have a better grasp on long-term PMF.