Verified Personal Content

For the last 15 or so years, I’ve been blogging occasionally on this website. Unfortunately, towards the end of last year, I lost control of my long-term domain name, nickgrossman-dot-is (intentionally not linking to it here). This was a dumb mistake; I just missed the renewal notice and someone else claimed it. Painful lesson learned.… Continue reading

Bitcoin as Battery

One of my favorite things about crypto is that, every so often, your conception of what it is changes. Bitcoin at first was “weird internet money” and then it was “a protocol” and then it was “digital gold”. Ethereum is “ICOs”, or maybe “DeFi”, or maybe “Web3”, or maybe all three, or maybe something else.… Continue reading

Cryptographic Identity

Last week I wrote about the inherent tension between data portability and privacy, and suggested that one solution would be an exportable “privacy context” that could travel with ported data. Such an approach, however, would require a notion of identity that is broader than a single account at a single company. Rather, it would require… Continue reading

Data Portability and Privacy

Earlier this week, I spoke at a Justice Department / Stanford conference about antitrust issues in the tech sector. Our panel included Patricia Nakache from Trinity Ventures, Ben Thompson from Stratechery and Mark Lemley from Stanford. If you are interested you can watch the whole thing here: The main point I tried to make was… Continue reading

Proof of Transfer (PoX)

Last week, the Blockstack team formally rolled out their proposal for a new mining mechanism for the Stacks blockchain called Proof of Transfer (PoX). In addition to the blog post, you can read the full PoX white paper and the Stacks Improvement Proposal (SIP-007) that details the idea. PoX is a way of building new… Continue reading

CoinAlts Chicago: Fireside Chat w Sam McIngvale of Coinbase Custody

A few weeks ago at the CoinAlts conference in Chicago, I did a fireside chat with Sam McIngvale, CEO of Coinbase Custody.  CoinAlts is a conference focused mostly on the institutional infrastructure around crypto assets — legal, accounting, custody, etc.  So we started out talking about the evolving role of custody in the crypto markets,… Continue reading

What decentralization is good for (part 3): growth

Picking back up the series on what decentralization is good for (part 1, part 2), today I want to focus on one of the most exciting aspects of decentralization: growth.   In this case, when I say “decentralized”, what I really mean is “open and non-proprietary”.  The two often go hand-in-hand. Ok, so why are open,… Continue reading

What decentralization is good for (part 2): Platform Risk

Continuing on the theme of what decentralization is good for, this week I would like to focus on one of the most powerful drivers in the near-term: Platform Risk. Platform Risk is is the risk that the tech platform that you build your product/app/business/life on will become a critical dependency, will become unreliable, and/or worse,… Continue reading

What decentralization is good for (part 1): Resilience

Recently, Simon Morris, a long-time BitTorrent exec, wrote a provocative series of posts on the nature of decentralization, in the wake of BitTorrent Inc’s acquisition by TRON.  They are relatively short and a good read: Why BitTorrent Mattered — Bittorrent Lessons for Crypto If you’re not Breaking Rules you’re Doing it Wrong Intent, Complexity and the Governance… Continue reading

Crypto fundamentals

Our good friend Chris Burniske was on Squawk Box this morning. I got up and watched it.  You can see the video here. Of course there is interest in the crypto market right now, as it is falling hard. I suspect there are many out there who are enjoying the drop, waiting for the bubble… Continue reading

The dangers of unstoppable code

With real-time, interconnected, self-executing systems, sometimes when things wrong, they go really wrong.  I wrote about this general idea previously here. Yesterday, while I was writing my post on Trusted Brands, I was doing a little searching through my blog archives, so as to link back to all the posts categorized under “Trust”.  In the… Continue reading

Layers

A central concept on the internet is Layering.  Each of the protocols in the internet stack talks to the layer directly above and below it — new protocols can be added as long as they speak the language of their layer.  Protocols at one layer can be upgraded so long as they don’t break compatibility… Continue reading

Minimum Viable Economy

One of my favorite things about the cryptocurrency / blockchain space is that our conception of “what it all means” is still very much in flux. Nic Carter just published a nice analysis of how the functional narrative around bitcoin has changed over time – (roughly) from e-cash, to e-gold, to private currency, to a… Continue reading

The path to decentralization: self-destructing companies

In June, the SEC gave some of its most concrete guidance to date that cryptoassets can start out as centralized projects, possibly initially sold under securities laws, and eventually become “decentralized” and thus no longer sponsor-controlled, and no longer sold or transferred under securities laws. It makes sense that a decentralized protocol does not fit… Continue reading

just_work = true

One of my former colleagues, Rob Marianski, and I used to have a running joke — we would be building and debugging something, and he’d finally say, “Oh, so you just want me to set just_work = true?”.  That was over 10 years ago, but it still gets me every time for some reason.  (as… Continue reading

Digital scarcity

As readers of this blog can tell, I’ve been spending a lot of my time recently focused on cryptonetworks and blockchains, and in particular, working through the complex legal and regulatory issues involved. Explaining what cryptocurrencies, cryptonetworks and blockchains are is hard to do.  As Naval recently said on twitter: It is the mark of… Continue reading

Zombies eating kitties

On Tuesday we announced our investment in Cryptokitties, and, as you might expect, received a combination of enthusiasm and skepticism in response.  Bitcoin and cryptocurrencies already sound ridiculous to most people, and virtual “real” kittens made out of cryptocurrency take it a step further. But, as with many new technologies, these first use cases just… Continue reading

Cryptonetworks and why tokens are fundamental

“Cryptonetworks” can help us build a more competitive, innovative, secure and decentralized Internet.  “Tokens” (also known as cryptocurrencies or cryptoassets) are integral to the operation of cryptonetworks.  As we design new laws and regulations in this emerging space, we should keep these concepts in mind, beyond the financial aspects that are today’s primary focus. In… Continue reading

Entering the world of smart contracts

One thing that’s interesting about yesterday’s Basic Attention Token sale is how quickly it went – $36M transacted in 30 sec. Lots of people were surely disappointed as they attempted to buy into the token sale only to have their orders canceled for missing the sale window. I haven’t nailed this down for certain, but I suspect… Continue reading

Mechanics of the token sale

In case you missed it, today Brave raised $36M for the Basic Attention Token.  They had allocated 30 days for the token sale, but sold out of 1B BAT in 24 seconds. The Basic Attention Token (BAT) ICO just raised 30 million dollars in 24 seconds. VC’s didn’t even have time to put on a sweater… Continue reading