Chronicle of Crypto Thought (1997 – 2022)

People will not pay for technology, but pay for stories that carry technology and innovation. The key to the prosperity of Crypto is not how novel technology it is, but the traditional innovation behind it, the overthrow of the centralized order, and the impact on economic art. Trends in political rethinking.

In this article, we will review the important “stories” in the development history of Crypto in chronological order. This article discusses about 40 articles in total, with a full text of about 15,000 words, and the recommended reading time is about 50 minutes.

1997: Before it all started

The Sovereign Individual —— James Dale Davidson / William Rees-Mogg

One-liner: Sovereign individuals will rise.

If Avalanche inspired the concept of the Metaverse, then The Sovereign Individual inspired Bitcoin.

This is a book that sees the future of the world. The book talks about the future is disorder, digital technology will make the world more competitive, inequality and instability will greatly increase, society will become more divided, and the government will gradually shrink.

The book sorts out the fundamental logic of human social structure, and points out that with the development of digital technology, the monopoly of traditional organizations on violence, knowledge and wealth will gradually disintegrate, and decentralized and sovereign individuals will rise.

The book makes some precise predictions about Crypto, electronic warfare, and smartphones. They envision an encrypted digital currency that is unique, anonymous, verifiable, and can be traded in a borderless global market. This Probably inspired Satoshi Nakamoto’s Bitcoin. In a bear market, it is recommended for everyone to read.

1997 was a year of chaos and disorder, a state of nothingness before the big bang of the Crypto universe, but the idea of ​​Crypto has already begun to germinate.

2008: Birth of Bitcoin

Bitcoin: A Peer-to-Peer Electronic Cash System – Satoshi Nakamoto (Creator of Bitcoin)

One-liner: Bitcoin is a peer-to-peer electronic cash system, the origin of Crypto.

There is nothing I can generalize about this white paper, everyone should go and review and intensively read the Bitcoin white paper from time to time.

The mysterious man who goes by the pseudonym Satoshi Nakamoto created a peer-to-peer electronic cash system that gave birth to the blockchain in 2008. Bitcoin sparked a “paradigm shift that now supports a multi-trillion dollar industry” and brought the world Demonstrates the relationship between sovereignty, finance, and liberty that has sparked thousands of changes and innovations. Even after more than 13 years, we can still draw from its concise language, easy-to-understand concepts, and brilliant design absorb nutrients.

The white paper of Bitcoin in 2008 can be said to be the Bible of Crypto, and Bitcoin also seems to be endowed with religious meaning, and has been resurrected countless times, the phoenix nirvana.

No one can tell who Satoshi Nakamoto is, just like we can’t understand what “Tao” is. Then, Bitcoin was born, Bitcoin is “One”, the initial state of Crypto, which seems simple but transforms the cryptography into The essence of learning and technology are all integrated into one. Then continue to “two give birth to three, three give birth to all things”, create all things and find their own harmonious state.

2008 was the first year of Crypto, the year of enlightenment, the year of the birth of Bitcoin and Crypto.

2011: What Bitcoin

Bitcoin — Fred Wilson (Founder of Union Square Ventures)

One-liner: Bitcoin is a very interesting investment opportunity.

Fred Wilson mentioned in this article his endorsement of the concept of Bitcoin, arguing that the idea that Bitcoin as a currency is based on confidence in algorithms and networks is very good.

He said that in his view and his colleagues at USV, an alternative currency built on a fair and transparent network is an idea on the horizon. He thinks Bitcoin is worth watching, but a real decoupling of currency from government would have major implications, so Still be cautious, but still a very interesting investment opportunity.

Regarding the price of Bitcoin at that time, he commented that it can be said that Bitcoin has failed (it actually went from $29 to $13), and it can also be said that we have just passed the period of inflated expectations, and the price has returned to the real value of Bitcoin. Interestingly, the current price of Bitcoin is above $30,000.

Chronicle of Crypto Thought (1997 - 2022)

The comment area of ​​this article is also extremely exciting, we can see what people thought, questioned, and debated about Bitcoin in 2011.

2011 was the year when visionaries explored Crypto, Bitcoin began to gradually attract the attention of pioneers, and they believed that the main role of Crypto would be an alternative currency to replace the central bank.

2013: Bitcoin is fun

Coinbase – Chris Dixon (founder of a16z crypto)

One-liner: Coinbase will be an important infrastructure for Bitcoin.

Chronicle of Crypto Thought (1997 - 2022)

In this article, Chris Dixon reveals the contrast between the media’s understanding of Bitcoin and the technologists’ understanding of it. The media mostly see Bitcoin as a scam, while in Silicon Valley, Bitcoin is considered by geeks as a major Technological breakthrough.

He pointed out that the Internet has provided space for the Crypto system, but has not successfully completed the transmission method of electronic cash. Bitcoin solves the problems of high transaction fees and rampant fraud in electronic cash services. At the same time, Bitcoin is a new technology that can be developed. platform, he predicted potential applications such as micropayments for subscription and advertising fees, machine-to-machine transactions (sounds entirely smart contracts), and financial services for everyone (sounds entirely DeFi ).

At the end of the article, he believes that Bitcoin needs a killer app to spread its spread, so he announced a16z’s lead investment in Coinbase. He believes that Coinbase can significantly accelerate the proliferation of Bitcoin, while bringing the Internet into a new phase of invention and opportunity.

Why I‘m interested in Bitcoin —— Chris Dixon

One-liner: Bitcoin may revolutionize financial facilities.

More than ten days after the last article was published, Chris Dixon expressed his reasons for his interest in Bitcoin. Some people think that Bitcoin’s popularity is simply because of the support of libertarians, Chris Dixon agrees with many of Bitcoin’s early days The proponents are all libertarians, and many important computer movements are supported by ideology.

He does not believe that the ultimate purpose of Bitcoin is to replace the Federal Reserve. He believes that if we want to use technology to change finance, we must not only build new services on the existing basis, but completely rebuild a new system and new order .

He initially thought Bitcoin was a speculative bubble and Internet gold. But he suddenly realized that Bitcoin was rebuilding the entire payment industry. He was very optimistic about the application of micropayments.

He concluded by emphasizing that the only way technology can improve finance is to rebuild a new service that does not rely on other existing facilities. Bitcoin is a very effective way to improve and an experiment worth running.

2013 was the year of Crypto’s early infrastructure and cognitive construction, when Coinbase received an investment from a16z. As the public’s attention to Bitcoin increased, two opposing voices began to emerge, and some people firmly believed that Crypto was a scam, and visionaries began to have a clearer understanding of Bitcoin and began to think about the future of Crypto.

2014: Bitcoin Matters

Why Bitcoin Matters – Marc Andreessen (founder of a16z)

One-liner: Bitcoin is disruptive.

“A mysterious new technology has emerged, seemingly out of nowhere, but is in fact the result of two decades of intense research and development by almost anonymous researchers. Political idealists project a vision of liberation and revolution onto it; the establishment Pie elites project contempt and contempt at it. Techies, nerds, on the other hand, are petrified by it. They see great potential in it and tinker with it all night and weekend. Ultimately, mainstream products, companies and industries Commercialized it came along; its impact became far-reaching; later, many wondered why its powerful promise was less evident from the start.” What technology is Marc Andreessen talking about?

The personal computer in 1975, the internet in 1993, and, he believes, bitcoin in 2014.

Chronicle of Crypto Thought (1997 - 2022)

Marc Andreessen, a guy who really knows the web (he wrote Mosaic and founded Netscape in addition to a16z), sees Bitcoin technology as disruptive, decentralization, network effects, and destructive to the existing order Reshape.

2014 was still a year of heightened awareness of Bitcoin. Marc Andreessen, the “creator” of the modern Internet, laid the foundation for the understanding of Bitcoin by later generations, and the understanding of Bitcoin after that was almost the same as the future he envisioned.

2016: Ethereum is here

Ethereum is the Forefront of Digital Currency – Fred Ehrsam (Founder of Paradigm and Coinbase)

One-liner: Ethereum would be a better Crypto to invest in.

Fred Ehrsam focused his attention from Bitcoin to Ethereum. The design of Bitcoin is too perfect, any changes seem to be superfluous, and real complete applications other than wallets and exchanges cannot be born on Bitcoin. Ethereum Ethereum can provide a complete computing environment, thus supporting countless applications on the blockchain. Fred mentioned the DAO organization established on Ethereum, which was attacked a month after the article was published and led to the fork of Ethereum .

Chronicle of Crypto Thought (1997 - 2022)

As the pioneer of Crypto, Bitcoin gave birth to Ethereum. Compared with Bitcoin’s “smart contracts”, Ethereum’s smart contracts are easier to use, easier to develop, and the community is more prosperous. At the same time, Fred also pointed out that the core of Ethereum The developers are healthier than Bitcoin, the community mentality is more humble, and the direction is more consistent.

In addition to these advantages, Fred also mentioned some potential risks of Ethereum: the amount of capital is not as high as that of Bitcoin, it has not experienced a governance crisis (experienced a month after the article was published), the risk is greater because the function is more complex, and the consensus may be changed. Changed to PoS (although still not changed after five years), and network expansion is very difficult (this problem has been slowly solved by various Layer2).

Fred did not make a conclusion on whether Ethereum and Bitcoin are competing or complementary, he believes that the potential of Ethereum is huge, he is not “loyal” to any particular chain, and only wants whatever brings the greatest benefit to the world.

Fred concluded by saying that the rate of change in Crypto is accelerating. Crypto’s vision is very big, to create a better trading network for the entire world. Crypto, like the Internet itself, is not a company that sells a product, but a series of companies that will one day connect every A personal agreement. And, like the Internet, it will take longer to develop, but the impact will be huge.

There is also an article he wrote a year later in 2017, the main content is: the  blockchain is the base layer of the Metaverse.

Fat Protocols – Joel Monegro (Founder, Placeholder VC)

One-liner: Protocol > Application.

Joel Monegro explores a point in the Fat Protocols article, that is, in the structure of Web2, the value of protocol-based applications is very large, and the value of protocols is very small, and this situation will be reversed in the blockchain.

Chronicle of Crypto Thought (1997 - 2022)

The value of the protocol layer in the blockchain accounts for a larger proportion, which gives a huge improvement in the openness, data sharing and interoperability between protocols. For example, protocols such as Bitcoin and Ethereum (of course, such as one or two years later) The value of Uniswap and AAVE, etc.) is greater than the value of the application on the chain, and the application is more successful, people will feel that the potential of this protocol has yet to be explored. The token economy has played a very positive role in it. The speculative behavior of the protocol will make the application ecology on the protocol more prosperous.

In 2016, with the slow rise of Ethereum, people have more imagination about the “network” of the entire blockchain. The construction of the blockchain is no longer limited to infrastructure such as wallets or exchanges, but It is to start thinking about what kind of protocol can be constructed based on a complete environment. At this time, Tao has become the spirit of encryption, one has become a project creator, the second is a community, and the third is an ecological participant.

2017: Crypto given Token

This year’s ideological trend is particularly intense. In this article, I only make a brief summary of each article. If you have time, you can read it intensively to gain knowledge.

Side Story: Uniswap in 2017

Hayden Adams was fired by Siemens at the time, he was sad, and went to his good friend Karl Floersch (who worked at the Ethereum Foundation at the time). The good friend congratulated him, mechanical engineering is a sunset industry, Ethereum is the future, Hayden should go Try to write a contract. Hayden said that he can’t write code. Karl said that learning is enough, anyway, not many people knew about Ethereum and smart contracts at that time. Karl successfully persuaded Hayden to play Ethereum, and Hayden studied for two months Solidity and JavaScript, decided to make a big project, to do the decentralized exchange that Vitalik mentioned in many places. At the end of 2017, Hayden made a Demo, which is Uniswap.

Chronicle of Crypto Thought (1997 - 2022)

Value of the Token Model —— Fred Ehrsam

One-liner: Token value is reflected in governance, monetary policy, adjusting incentives.

Fred Ehrsam explores the value of token models in this article.

He believes that the value of the token is mainly reflected in: governance, monetary policy, adjusting incentives.

At the same time he pointed out that, like early internet startups, some tokens don’t make sense. For every 1 big success, there are 3 small successes and 100 failures.

The fundamentals of the token model are valuable and powerful, allowing the community to govern the community itself and the economic system, and unite the community in powerful ways that allow open systems to flourish.

Thoughts on Tokens — Balaji Srinivasan (former Coinbase CTO, former a16z GP)

One-liner: Token > Equity.

Balaji Srinivasan first made a point at the beginning of the article: Tokens are not equity, but are similar to paid API keys. Compared to traditional financing means, tokens represent higher liquidity, a larger audience, and also provide The financing of some new types of projects has opened up space.

Chronicle of Crypto Thought (1997 - 2022)

He then goes on to explain why the token will be more and more successful from 2017:

  • Four years of infrastructure construction have laid a solid foundation
  • Tokens are more diverse and flexible than the blockchain’s native currency
  • Token buyers are actually buying private keys (more private and secure than traditional methods)
  • Tokens are similar to paid APIs (representing access to a service)
  • Tokens are the financing model for all new technologies (open source organizations, small projects, DAOs), not just for startups
  • Compared to traditional finance, tokens cannot be diluted
  • All Americans can buy tokens
  • Anyone surfing the web can buy tokens
  • Token liquidity is particularly good
  • Tokens will decentralize financing
  • The token model is a better business model than free, allowing early users to gain
  • Token buyers are actually investors, just like bloggers on the Internet are actually journalists in the new era
  • Tokens keep technology ahead of business
  • Tokens are directly regulated by the holders themselves
  • Tokens may be used for payment or some VIP services

He concluded that the field of tokens is still very early and likely to fluctuate wildly within a few weeks. But the world is changing, and tokens represent a 1,000-fold increase in value in the future.

Crypto Tokens: A Breakthrough in Open Network Design —— Chris Dixon

One-liner: Tokens will be a must-have design for public networks.

Chris Dixon talks about the role of tokens from Bitcoin and Ethereum tokens in this article: Tokens can govern and fund open services, align incentives among network participants, and the network effects of tokens give The whole system brings a positive cycle.

Chronicle of Crypto Thought (1997 - 2022)

Crypto tokens are currently niche and controversial. If current trends continue, tokens will soon be recognized as a must-have design for open networks, combining the social benefits of open-source protocols with the financials and architecture of closed networks Combined benefits. Tokens are a promising thing for those looking to gain access to entrepreneurs, developers, and independent creators.

Analyzing Token Sale Models —— Vitalik Buterin

One-liner: A good token model is important.

Vitalik Buterin analyzes the token models of several projects in the article. Vitalik takes Maidsafe, Ethereum (I analyze myself), BAT, and Gnosis as examples, and summarizes some good token sale models: 1. Determination of valuation 2. Certainty of participation. 3. Restriction on the amount raised. 4. No central bank. 5. Efficiency of sales.

Vitalik suggests three other clever ways to do token sales, 1. Reverse Dutch auctions and use unsold tokens as airdrops or donations; 2. Keep remaining tokens for automation Form to solve the “central bank” problem, such as using it as a pool; 3. Carrying out capped sales, limiting the number of purchases per person, which requires KYC. Vitalik also recommends that the project conduct multiple rounds of token sales, so that users have more Take more time to see which teams and projects are worth investing in.

Cryptocurrency’s Netscape Moment —— Elad Gil (Solo Capitalist)

One-liner: 2017 was Crypto’s Netscape moment.

In Crypto’s Netscape Moment, Elad Gil compares the 2017 ICO boom to Netscape’s IPO as the real beginning of the internet age and the crypto age.

Chronicle of Crypto Thought (1997 - 2022)

In 2017, Crypto entered the moment of Netscape. In his opinion, Bitcoin has really become digital gold, the ecology of Ethereum has expanded the entire encryption market, and ICO has raised a lot of funds for projects, in addition to Crypto and machine learning There is no other good start-up market, there are countless stories of getting rich, and capital is constantly pouring in.

Permissionless —— Alok Vasudev

One-liner: Permissionless is important.

This article by Alok Vasudev is very short. His main point is that Permissionless of Blockchain and Crypto is what he finds the most exciting feature of them.

Linux is Permissionless, Web is Permissionless, and PC is Permissionless. On the contrary, mobile applications require Permission from Apple and Google, VR requires Permission from Facebook, HTC and Sony, AI is Permissionless at the algorithm level but the training data is controlled by a monopoly.

The blockchain is a completely open source and public database, a production tool that is not censored and not monopolized. This article actually implies the transformation of Web2 technology to Web3 paradigm.

The Slow Death of the Firm —— Nick Tomaino (1confirmation 创始人)

One-liner: DAO > Firm.

Nick Tomaino expounded a point of view in this article, that is, some projects led by Bitcoin have actually launched the concept of open source decentralized organizations (such as DAO and open source development organizations). In addition to subverting the financial system, Satoshi Nakamoto created Bitcoin will also disrupt the corporate form.

Chronicle of Crypto Thought (1997 - 2022)

Economists generally agree that corporations exist for two main reasons: to minimize transaction costs and to pool capital and people. Corporations have been the preferred form of collaboration for decades, but Bitcoin thrives without corporations , There is no company behind it, no central organization support, but through code (organizational rules) and incentives (tokens) to bring together participants including miners, developers, and users to create value together.

Bitcoin is the first example of an organizational structure with the benefits of a company (minimizing transaction costs, pooling and sharing capital, and job security for contributors) combined with decentralized ownership, uncontrolled data, and access to The advantages of the decision-making power of checks and balances. Bitcoin provides people with the opportunity to make money on a global scale, and establishes a clear incentive mechanism, creating a new decentralized product that cannot be realized by the company (digital currency that cannot be censored).

However, the disadvantages of this decentralized organizational structure are also obvious: decentralized decision-making is difficult and slow, it is difficult to measure the real contributions of the participants, decentralization leads to a lot of abuse…

Nick Tomaino finally concluded that 2017 was the early days of decentralized organizations. In the future, this form of collaboration will penetrate into the mainstream, more and more new decentralized organizations will be established, and traditional companies will slowly transition to Crypto in the future. decentralized organization.

Big Banks And Blockchain —— Elad Gil

One-liner: Big banks don’t understand blockchain.

Elad Gil exposes a lot of real-world problems in this short article. This is how big banks have treated blockchain since Crypto entered the industry in 2013 (as far as I know, until 2021, there are still many Chinese banks and Financial companies are still like this):

  1. Form a blockchain team.
  2. Let the blockchain team make a private chain, and it is always in the Demo stage.
  3. Let the CEO be able to brag about the blockchain team, saying “we have that blockchain or something, and there is a team dedicated to doing it”.

Elad also said that in order to meet the needs of customers, big banks have begun to use Crypto to develop products such as ETFs, token custody, hedge funds, and derivatives exchanges. He concluded that the rate of adoption of Crypto by banks and other intermediaries will increase. quick.

Chronicle of Crypto Thought (1997 - 2022)

Elad also made fun of these big institutions at the end, saying that the board meetings of these global banks always end with martinis, and that the martinis in New York are much better than those in San Francisco, and the ones in Boston are especially good. He also said that these board members They are all wearing suits and monocles, a bit like playing Monopoly (actually, he just wanted to talk about the monopoly of these institutions). Finally, he seriously said that blockchain and smart contracts will change the financial system outside of Crypto, but it will take a long time time.

The Meaning of Decentralization —— Vitalik Buterin

One-liner: The meaning of decentralization lies in fault tolerance, anti-attack, and anti-collision.

Vitalik discusses the meaning of decentralization. When talking about the meaning of decentralization in software, we can consider it from the perspective of architecture, management, and logic. Architecture refers to the physical distribution of servers, and politics refers to how many Humans control these servers, logically referring to whether the excuses and data structures are reasonable.

Chronicle of Crypto Thought (1997 - 2022)

Essentially, the important conditions for decentralization are fault tolerance, anti-attack, and anti-collaboration.

Regarding fault tolerance, the blockchain system actually needs to be decentralized in many aspects to be truly achieved. We need multiple client implementations, democratized technical discussion forums, as far as possible unrelated developers and researchers, mining Algorithms must reduce the risk of centralization, and get rid of the risk of hardware centralization (with PoS).

For anti-attack, a very intuitive example is, if you hold a person with a gun and ask him to pay, then he may die and no money; but if it is decentralized, you have to point the gun at ten people , the threat cost is ten times higher. The higher the degree of decentralization, the higher the ratio of attack cost to defense cost. So PoS is more resistant to attacks than PoW, because the hardware is easy to detect and attack, and the token is more Easy to hide.

The last and most complicated one is anti-collision. A simple example of anti-collision is anti-monopoly law. An example of collusion in blockchain is that large miners may come together to promote something that is not good for the network with a large amount of computing power But one of the advantages of blockchain is that the developers are not in the same company, they are not working in the same room, so they are not like traditional software companies who can change the rules at will.

Vitalik finally raised the question. The Ethereum community can quickly hard fork the network in a decentralized situation, but how to promote and further improve this good coordination?

A beginner’s guide to Ethereum —— Linda Xie

One-liner: An introduction to Ethereum.

Linda Xie teaches you how to get started with Ethereum. Linda talks about the similarities and differences between Bitcoin and Ethereum, identity and storage on Ethereum, social media, rights management, company management and fundraising applications. I believe you should already know a lot, but not here repeat

2017 is the year of ERC-20. The price of Ethereum and Bitcoin skyrocketed, and the ecology began to prosper. More and more DApps started their own ICOs, and more and more DAO organizations began to establish. We once again Into a chaotic atmosphere, all kinds of problems emerge one after another. Some people who believe in blockchain and Crypto have begun to rethink the advantages of Crypto and their original starting point.

2018: Is it a bubble?

Chronicle of Crypto Thought (1997 - 2022)

Why decentralization matters —— Chris Dixon

One-liner: Decentralization is important.

In this article, Chris Dixon, although the title is about the importance of decentralization, is mainly talking about the concept of Web3, in 2018.

Web1, 1980-2000, services built on open protocols established by the Internet community.

Web2, a for-profit Internet company from the early 2000s to the present, has built software and services far beyond open protocols. With the explosion of mobile applications, users have completely migrated from open services to these more complex and centralized services. These The technology of centralized services is very good, but it stifles innovation, reduces the interest and vitality of the Internet, and creates more tense social situations through data theft and algorithmic bias.

Chronicle of Crypto Thought (1997 - 2022)

“Web3”, through a perfect set of incentives, where technological creativity and incentive design intersect, may re-disrupt and replace the existing Web2 landscape in the coming decades. The Crypto Network combines the advantages of Web1 and Web2, providing A decentralized network governed by the community and stronger services over centralized services. The Crypto Network uses the consensus of the blockchain to update and maintain state, and uses Crypto to incentivize participants, developers and application users. The Crypto Network uses open source The way the code and community govern maintains decentralization in growth. When participants want to exit, they can sell all tokens directly, or exit through a forked protocol. The Crypto network unites network participants to realize the network together The growth of Token and the appreciation of Token. However, the performance problem of the Crypto network is still the bottleneck (of course, L2 22 can already solve this problem).

Saying that decentralized networks should and will win are two different things. Chris says the real reason they will win is: Web3 developers are building truly innovative applications. Crypto networks will win the hearts of entrepreneurs and developers (ie, there will be , the real community and people who generate electricity for love). As the protocol attracts new contributors, the ecology and maturity of the protocol will grow exponentially. The multiple positive cycles that exist in the Crypto network motivate every role of the network up and speeding up the development of the community. When the Crypto network is finally more attractive to developers and enterprises than Web2 big companies, it can mobilize more resources (the total number of Web3 developers in 22 years is much lower than Amazon’s number of employees), even faster than the development speed of large companies.

Chris also admitted that the decentralized network is not a panacea for all problems, but provides a better solution than a centralized system.

And What Has the Blockchain Ever Done for Us? —— Balaji Srinivasan

One-liner: Blockchain is already very disruptive.

Balaji Srinivasan pointed out that although the blockchain has solved countless problems at the time and created a multi-billion dollar market, some very smart people still claim that the blockchain is not good, or it is useless, or it is not good, **It is useless, think that the blockchain is a bubble, it will be short-lived.

Balaji believes that highly valuable technologies often experience relentless negativity on the way to the top. High growth is accompanied by high volatility and higher expectations, leading to a hype cycle and a period of apparent overvaluation until eventually the technology takes hold on a global scale Everywhere. Then, the new critique is no longer about fads or lack of utility, but about the inevitable monopoly, until the next disruption is on the horizon and the cycle starts all over again.

Blockchain already provided 10x improvements in at least three multi-billion dollar sectors at the time, in digital gold, international wire transfers and crowdfunding.

Chronicle of Crypto Thought (1997 - 2022)

Balaji concluded that it is only because blockchain has done so much innovation that he wishes it could do more.

Stablecoins: designing a price-stable cryptocurrency —— Haseeb Qureshi (Dragonfly Capital GP)

One-liner: There is no ideal stablecoin.

Haseeb Qureshi said a useful currency should be a medium of exchange, a unit of account and a store of value. Cryptocurrencies are pretty bad at being a store of value or a unit of account. So we need stablecoins pegged to stable assets like the US dollar.

Stable coins cannot be stable all the time, but they can remain stable within a certain range of market behavior. The key question of each mechanism is how much volatility can it support? Bubbles and air coins will always collapse, after all, we are all dead in the long run, so if A stablecoin can be said to be stable even if it only lasts for 20 years. A stablecoin mainly depends on four aspects: How much volatility can it withstand? How troublesome is it to maintain the system? Is it easy to analyze the fluctuation range? How can traders observe market conditions transparently ? The latter two points are very important and determine whether it will lead to a death spiral. The ideal stablecoin should be able to withstand huge market fluctuations, the maintenance cost should not be extremely high, it should be easy to analyze stability parameters, and transparent to traders and arbitrageurs.

How to design a stable currency? The classification of stable currency includes three categories: fiat collateralized currency, Token collateralized currency and non-collateralized currency.

  • Fiat collateralized currency: 100% stable, the most simple, the chain will not be attacked, but centralized, liquidation is troublesome, highly regulated, regular audits are required to maintain transparency.
  • Token mortgage currency: more decentralized, cheap liquidation, very transparent, can be leveraged, but will be automatically liquidated when plummets, the price is not the most stable, highly related to Token, low capital efficiency, the most complex.
  • Non-collateralized coins: No collateral is required, most of them are decentralized and independent of other assets, but they need to continue to grow, are easily affected by macroeconomics, are difficult to analyze stability, and have a certain degree of complexity.
Chronicle of Crypto Thought (1997 - 2022)

Hasseb believes that the ideal stablecoin should look like this: There is no ideal stablecoin. Instead of trying to pick winners early, we should encourage more stablecoin experimentation. Crypto has taught us that the future is hard to predict.

In 2018, the long bear market came, and there were suddenly fewer classic views and stories in this year. The losers felt that they were too wise and saw through the bubble, and the adherents still plowed deeply in the Crypto field, built infrastructure, and continued to improve Cognitive, to continue to prepare for the subsequent outbreak, they are still exploring the advantages and essence of Crypto.

2019: Crypto Winter

Yes, You May Need a Blockchain —— Balaji Srinivasan

One-liner: Blockchain is a better database for the web.

Balaji explains the importance of blockchain through a database perspective. Some developers say blockchain is just a bad database, why not use the high-performance, full-fledged PostgreSQL? Skeptics think blockchain is slow and slow Dumb and expensive database.

Balaji countered that public chains are large-scale, multi-client databases, with each user being the root user. Such databases are useful for storing shared state among users, especially when this data is valuable, such as , money.

At the same time, the data of the public chain is open and open, anyone can read all the data in the public chain to create a block browser, and anyone can use their own wallet to write to the public chain. Any user with an Internet connection can Read. Anyone with some BTC can write a transaction. Anyone with enough computing power can mine a Bitcoin block. This is what a public chain is about: every user is a root user.

The future of decentralized finance —— Linda Xie

One-liner: DeFi is the future of finance.

Linda Xie talks about the future of DeFi. DeFi aims to rebuild many of the existing financial systems (e.g. lending, lending, derivatives), but in a way that is often automated and removes the middleman. The article covers some of DeFi’s development directions as well as Some possible possibilities.


    Collateral: One of the main complaints about DeFi is the need to over-collateralize to get a loan. Who would want to lock up so much capital? It’s an extremely inefficient use of capital, and many people don’t have the extra funds to begin with. However, DeFi $500 million has been locked in (if you click on the link today, you can see that it is 75 billion), which indicates that it needs to be used. The main purpose of everyone is to leverage. Linda believes that it was still in the early days of DeFi, and there was no relevant DID. and reputation system, once there is a better identity and reputation system, the collateral requirements will go down (Lens Protocol?).

  • Chronicle of Crypto Thought (1997 - 2022)

    Composability: One of the most unique aspects of DeFi is composability, which can be inserted into each other like Lego pieces and create entirely new content.


    Assets: Linda likes to introduce tokenized versions of assets such as Bitcoin into DeFi. She imagines that traditional investors will represent different assets in tokenized form, and then conduct DeFi operations.


    Risk: Linda believes that DeFi is very risky, after all, it involves the composability of contracts and the complexity caused by various new protocols. There is also the risk of falling collateral prices, and the risk of future regulation. She believes that some decentralization can be used Integrate insurance items to hedge some risks.

Finally, Linda concluded that it was still in the early days of DeFi, but the potential was huge. DeFi enabled many people who were excluded from traditional finance to gain access to financial products and created many new financial products. Many complaints about DeFi were actually just because It was too early, and the mutual attraction between developers and users made her optimistic about the future of DeFi.

The Pseudonymous Economy —— Balaji Srinivasan

One-liner: Pseudonym economy is important.

In this talk Balaji talks about the pseudonym economy (not the anonymity economy). Pseudonyms are like your identity on Discord and Reddit.

He explores the importance of a pseudonym for a person in the real world. A bank account stores assets, your real identity stores credit and reputation, and only you can change the bank account, the reputation of the identity is for everyone but you to decide.

Balaji believes that a person’s assets, speech, and identity should be independently separated. Taking Twitter as an example, he illustrates that a person’s reputation (followers, etc.) can be transplanted into a pseudonymous identity through zero-knowledge proofs, just like the asset’s Transfer is as simple as that. This achieves a balance of privacy and reputation, successfully separating identity and reputation.

In 2019, it is still the cold winter of Crypto. Most people will think that Crypto has no room for development, and the value should be like this. The long period of indifference has caused most practitioners to lose confidence, but there are still some people who have maintained it in the valley of despair. Independent thinking, in the darkness before dawn, still insists on outputting ideas, exploring different fields and imagining the future.

2020: Crypto is ready to take off

Credible Neutrality As A Guiding Principle —— Vitalik Buterin

One-liner: Credible neutrality is important.

Vitalik Buterin discusses the importance of trusted neutrality. People are uncomfortable with government arrangements, the distribution of project tokens, and censorship and ideology. This is actually a sense of insecurity caused by the lack of trusted neutrality . We need a new mechanism (algorithm plus incentives) to ensure trustworthy neutrality.

Chronicle of Crypto Thought (1997 - 2022)

In fact, neutrality can be simply understood as fairness, but neutrality and fairness are never complete. Of course, credible neutrality is also credible, that is, the design of the mechanism can convince most ordinary people, and it is also transparent and durable.

A credibly neutral build needs to satisfy the following properties:

  1. Don’t write specific people or specific results into the mechanism (input should be more of an actor’s input than hardcoded rules)
  2. Open source and publicly verifiable (zero-knowledge proofs get this and privacy very well)
  3. keep it simple (it’s the most complicated)
  4. Don’t change too often

The validity of trustworthy neutrality is also very important. Anything we create needs to be effective, not just for trustworthy neutrality. Our things need to be really usable and solve problems.

Vitalik concluded that it is increasingly important to ensure that the system does not end up empowering the few. We can create trusted systems of rules, then we must ensure trusted neutrality, effectiveness and decentralization.

A Beginner’s Guide to Decentralized Finance (DeFi) —— Sid Coelho-Prabhu

One-liner: An introduction to DeFi.

This article is a very detailed and clear introduction to some of the basics of DeFi, as well as an introductory manual. I won’t elaborate here.

The Ownership Economy – Jesse Walden (Founder of Variant Fund)

One-liner: The economy of ownership is the web’s next big narrative.

Jesse Walden talks about the economy of ownership in this article. Variant Fund’s investment logic is also focused on the economy of ownership. He sees the economy of ownership as the next frontier for Crypto and consumer software.

Chronicle of Crypto Thought (1997 - 2022)

Most platforms today are not owned by users. As the role of the individual in value creation becomes more prevalent, the next evolution of the Internet will be towards software not only created, operated and funded by users, but also Owned by the user.

Ownership is a powerful incentive for users to contribute to a product in deeper ways, helping to ensure that the product aligns better with users over time, allowing the platform to grow and maintain creativity even more, building network effects.

From IP, HTTP, HTML, to RSS, the innovation of the BitTorrent (Innovation in Data Distribution) protocol is full of disruption. Consumers want it, so disruptive protocols appear. Crypto is also a disruptive protocol innovation that allows We can distribute value and ownership like BitTorrent distributes packets.

The core of the success of Bitcoin and Ethereum is user ownership. Miners, users and developers can truly own the platform and earn value. The economic incentives of tokens allow the development of the protocol to speed up. The typical representative of the ownership economy is Celo, Binance, Compound, Uniswap, Reddit, etc.

Software is eating the world, and the economic narrative of individual ownership is eating software.

Bitcoin for the Open-Minded Skeptic —— Matt Huang

One-liner: Bitcoin is not perfect.

Matt Huang elaborated on some of the public doubts about Bitcoin. For a thing, we must adhere to dialectical thinking, rather than digging into the corners and seeing the other side of things. Although Bitcoin has been developed for more than ten years, investors have made a lot of money Full bowl, but it’s still controversial.

Why do we need Bitcoin in this era? Because we need a new financial system. This concept of money is the greatest invention of the human mind (another one is writing). The main function of money is to store value, which gives purchasing power across time and Geographical location. Gold has long been considered a medium of store of value. The dominance of paper money and the US dollar is largely dependent on trust in government.

As a decentralized asset, Bitcoin combines the scarcity of gold, the nature of money, and digital transferability, with great potential for a store of value. It is scarce, portable, fungible, divisible, durable, and widely accepted (this It hasn’t been highlighted yet). Beyond that, Bitcoin is digital, programmable, and censorship-resistant.

Chronicle of Crypto Thought (1997 - 2022)

Bitcoin, as a financial bubble, also makes sense. Bubble assets are assets whose intrinsic value is overvalued, then all monetary assets are bubble assets, and gold is also a bubble asset. Currency can be imagined as a never-busting bubble, fiat currency, The value of gold or bitcoin is dependent on collective belief.

There are four bubbles in Bitcoin’s 11-year history:

  • 2011: 1 → 31 → $2
  • 2013: 13 → 266 → $65
  • 2013 – 2015: 65 → 1242 → $200
  • 2017 – 2018: 1000 → 19500 → 3500 USD

Each bubble burst has led to wider beliefs, expanding Bitcoin’s potential as a future store of value. But Bitcoin comes with more risks: broad acceptance, volatility, regulation, technology risk, competitive risk, unknown .

After understanding the advantages and risks of Bitcoin, we can better evaluate the risks and rewards, and understand Bitcoin better.

Creators, Communities, and Crypto —— Fred Ehrsam

One-liner: The title sums it up very well.

Fred Ehrsam, Blake Robbins, Jesse Walden discuss Crypto and creators and community.

Some of their great points are:

  • People are guessing ideas, not delivering real products.
  • Fan social activities and economic incentives are an important part of the next-generation Internet.
  • Bitcoin is financial in nature, but first and foremost a social community.
  • Financializing the creator economy is well worth exploring.
  • Fame is a self-reinforcing phenomenon, especially in the world of algorithms.
  • Creators are likely to start with distribution, not crowdfunding.
  • Having an imperfect archetype is a mental crutch that helps people adapt to a new paradigm.
  • Communities will form like digital nations or nations.

What explains the rise of AMMs? —— Haseeb Qureshi

One-liner: AMM is a great temporary stepping stone.

Uniswap is essentially a silly x * y = k market making robot. But it is already the largest DEX in the world.

Chronicle of Crypto Thought (1997 - 2022)

The principle of Uniswap is that as long as it deviates slightly from the actual exchange rate, arbitrageurs will make the exchange rate return to normal. Another stupid thing about Uniswap is impermanent loss. The pool makes money through handling fees, but loses money through impermanent losses, that is, demand Works for you but spreads against you.

Uniswap has swept DeFi with a simple 300 lines of code, using a permissionless method to provide services to anyone without requiring any oracles. Uniswap also has a bunch of distinctive descendants, each with its own merits.

Chronicle of Crypto Thought (1997 - 2022)

Uniswap cannot distinguish between retail and arbitrage, and in any market conditions, it follows x * y = k. For example, the simplest CFMM like Uniswap will win the direction of stablecoins, because there is no need for operation, integration, and labor costs. . Deploy the contract, it will run automatically, and the calculation cost and gas fee are also paid by the user (much better than Jump Trading). As long as in this case, it is enough to have 80% of Jump Trading.

Haseeb sees Uniswap beating the order book for four reasons: simplicity, less regulation, easy to provide liquidity, easy to create incentives. Still, he thinks Uniswap’s success won’t last forever and AMM and CFMM may just be a technical transition , just a temporary stepping stone.

Chronicle of Crypto Thought (1997 - 2022)

Ethereum is a Dark Forest —— Dan Robinson and Georgios Konstantopoulos

One-liner: Ethereum’s MEV is a terrible predator.

Ethereum is a terrifying dark forest with various apex predators. These predators use arbitrage bots to profit, and the term MEV was born.

Someone accidentally sent Uniswap liquidity to a contract address, and since these top predators are staring at transactions in the mempool, getting liquidity out of the contract is no easy task. The author and some contracts The engineer made an obfuscation plan and wrote a smart contract, but the rescue failed.

In the end, the lesson they learned was: the monsters in the dark forest are real, the operations on the chain cannot be made or missed, and the normal infrastructure cannot be relied on. The future of Ethereum will be even more terrible. But this future can be modified through VDF and re-modification. MEV to improve.

In 2020, a lot of things happened. The global epidemic broke out, the central banks of various countries released water to save the economy, and a lot of hot money slowly flowed into the Crypto field. At the end of the year, the cattle came. Countless fresh blood, not only Funds, as well as enthusiastic young people have flowed into the Crypto circle. The infrastructure of blockchain NFT and DeFi has been completed, fasten your seat belts, and take off to the moon.

2021: Believe in Crypto

There are many wonderful articles in 2021. Due to space limitations, this article only extracts the essence of the essence.

Surviving Crypto Cycles —— Fred Ehrsam

One-liner: How to survive the bull-bear transition.

Fred Ehrsam teaches you how to survive a bull-bear transition. We need to lead by example to focus on the mission, get the main thing right, stress-test, think about fundraising, be cautious about team expansion, confirm the news through multiple channels, and get ready for the marathon.

After each cycle, the entire market will be stronger, and in a bear market, you need to be prepared and seize the opportunity.

The Value Chain of the Open Metaverse —— Packy McCormick (Not Boring 创始人)

One-liner: The value of an open Metaverse is infinite.

Packy McCormick talks about the value chain of the open Metaverse from Web3.

Web3 is the next form of the Internet. It uses Crypto to reach consensus and standards, establishes a decentralized interoperability network through community governance, and also gives users self-sovereign identity.

Chronicle of Crypto Thought (1997 - 2022)

The current Metaverse looks more like a closed Web2 model, which is closed. The most important thing in an open Metaverse is digitization and the portability and interoperability of personal data, just as the value of NFTs is not mediated by centralized platforms, but It’s up to the user to decide.

The value chain of the Open Metaverse will be direct R&D, retailing, and marketing, cutting out many intermediate links. The Open Metaverse movement will be capitalist and idealistic.

Chronicle of Crypto Thought (1997 - 2022)

MEV and Me —— Charlie Noyes

One-liner: The principle and impact of MEV.

Charlie Noyes discussed the concept of MEV in detail. MEV stands for Miner Extractable Value, which is a measure of the profit miners can earn by sorting transactions within a block, such as copying arbitrageur’s transactions to make their own profits, which may cause other robots to initiate Bid.

MEV is detrimental to Ethereum and ordinary users. The figure below is the realized MEV benefit, and the actual MEV behavior is actually higher.

Chronicle of Crypto Thought (1997 - 2022)

At present, MEV mainly uses miners to do Uniswap arbitrage, as well as stealing funds from some smart contracts. In the future, MEV may become more and more dangerous, and miners will venture more and more into dangerous areas, leading to various different MEVs And collusion. This is an invisible tax on users, a vicious operation, and inherently destabilizing consensus.

The generation of MEV is a common problem caused by the complexity and state of the blockchain. An ideal solution is better design at the application level, or to mitigate MEV by improving security incentives (EIP-1559). MEV is a A path well worth exploring.

NFTs make the internet ownable —— Jesse Walden

One-liner: NFTs are file systems that cannot be replicated on the blockchain.

Jesse Walden thinks an easy way to think about NFTs is to think of them as uncopyable files on the blockchain.

NFTs make it possible to own digital media assets, just like owning digital currency assets such as Bitcoin. NFTs will allow creators, audiences, and developers to earn more in the marketplace of digital ownership.

A common criticism of NFTs is that NFT works can be copied. But in fact, the more files are copied and viewed, the greater the cultural value.

The value of NFT is the same as Bitcoin. The more believers, the higher the value. In the long run, DeFi is financial Lego, and NFT is media Lego. The development of NFT has just begun.

NFTs and A Thousand True Fans —— Chris Dixon

One-liner: NFTs have huge fan economic potential.

Chris Dixon cites the example of 1000 real fans, showing the huge potential of NFTs. NFTs can accelerate the trend of creators earning revenue directly from fans, providing better economics for creators, removing intermediaries, enabling granularity Price tiering allows users to truly own NFTs.

Chronicle of Crypto Thought (1997 - 2022)

A beginner’s guide to DAOs – Linda Xie

One-liner: An introduction to DAOs.

Linda Xie’s introductory tutorials are all very well written, this time she introduced the concept, application, tools, future, and potential problems of DAO.

The Most Important Scarce Resource is Legitimacy —— Vitalik Buterin

One-liner: The Risks and Potentials of Acceptability.

Vitalik Buterin discusses the relationship between blockchain and legitimacy, and how to use legitimacy.

The spending pattern of the Bitcoin and Ethereum networks is a serious misallocation of resources. The benefits to miners far exceed the cost of research and development. Although the Bitcoin and Ethereum ecosystems can raise billions of dollars, the use of funds is very strange and Incomprehensible.

Chronicle of Crypto Thought (1997 - 2022)

In many cases, tokens are not ultimately owned by keys, but by some kind of social contract (such as VC). These social contracts are legitimacy, which governs the game of social status. This concept is actually An outcome that is accepted by the public, and that one expects others to do. Acceptability may be brought about by power, by continuity, by fairness, or by procedures, performance, participation .

We can use the concept of recognizability to support the funding of public facilities and public goods. For example, NFT is a good example, which is a great boon for artists or organizations.

The Great Online Game —— Packy McCormick

One-liner: Crypto is a very fun game.

Packy McCormick discusses gaming on the blockchain in this article. Crypto is a great game, one that billions of people play online. Social media is a clear reflection of this game.

Chronicle of Crypto Thought (1997 - 2022)

The design of a successful video game requires frequent feedback loops, variable outcomes, a sense of control, a connection to the metagame (most importantly). The internet is an infinite game, play yourself on Twitter, YouTube, Discord, work, Accumulate status. For example, Musk is a good player.

Crypto is money in internet games. The more you care about your identity, the more likely you will open up new possibilities and the more you will be attracted to NFTs.

Don’t be too serious about this game, don’t wait until the perfect time to jump in, but learn slowly and accumulate slowly.

India & Crypto series —— Balaji Srinivasan

One-liner: India and Crypto are both very potential markets.

In this three-part series, Balaji Srinivasan focuses on India’s relationship with Crypto, and India’s great Crypto potential in the future.

Own the Internet — by Packy McCormick

One-liner: A complete solution to the value of Ethereum.

Not Boring deeply dissects the value of Ethereum.

Ethereum is a Decentralized World Computer, the backbone of Web3, and Internet Currency, Ownership of the Ethereum Network, Cryptocurrency commonly used in the great online game, Yield-generating, Store of Value, Bet on Web3 .

Chronicle of Crypto Thought (1997 - 2022)

The product of Ethereum and Excel is actually very similar, and can support an ecosystem of several trillion dollars. At the inflection point of ETH2.0, Packy believes that Web3 will continue to grow, the upgrade of Ethereum will proceed smoothly, and Ethereum will still be the main source of Web3. L1.

Why web3 matters —— Chris Dixon

One-liner: Definition of Web3.

Chris Dixon fully defines Web3. Web3 is an Internet that can be owned by developers and users in the form of tokens.

Why Web3 Matters and FT).

Web3 is a fusion of the advantages of the previous Web. We were early players.

Composability is Innovation – Linda Xie

One-liner: The title sums it up very well.

Linda Xie discusses the biggest innovation: composability.

The DeFi example demonstrates the composability of currency Lego. Through the use of smart contracts, Tokens can be used across various applications, from loans to derivatives. For developers, through composability, it is possible to build on other projects Build products, such as adding DeFi components to games, adding games to DeFi. The financialization of NFT also provides unlimited composability, and capital utilization. The collaboration between Mirror and Zora allows each other’s ecosystem to gain their own advantages .

Composability, like the Internet, has fundamentally changed the industry, opening up a whole new world of possibilities. It’s just left to creativity.

The Strongest Crypto Gaming Thesis —— gubsheep

One-liner: Crypto-native game.

Crypto is not an incremental innovation, but opens doors to new worlds. Gaming is a leading indicator of emerging technologies, an area of ​​relatively low-risk explorable futures, allowing for faster iteration loops.

Real Crypto-native games will use blockchain as storage, smart contracts to implement game logic, developed according to the principles of open ecology, including digital assets.

Endgame —— Vitalik Buterin

One-liner: The endgame for Ethereum scaling.

Vitalik interprets the endgame of Ethereum scaling.

Chronicle of Crypto Thought (1997 - 2022)

For blockchains like BSC, Solana, more Rollup is needed. For TPS and better user experience, these blockchains have to reduce the degree of decentralization in block production, so when we have more When there are many Rollup solutions, we can decentrally verify (running light nodes, etc.) whether the centralized nodes in the block generation stage are trustworthy from the perspective of verification.

For Ethereum, Rollup is an inevitable trend, but it will also gradually centralize in block generation. One possibility is that a Rollup dominates the Layer2 ecosystem, which is the same as the case of blockchains such as BSC just mentioned Another possibility is that a hundred flowers are blooming, and Rollups are competing and cooperating, which will lead to MEV, miners will do multiple Rollup nodes, and nodes with strong technology will gradually monopolize the task of being Rollup nodes.

These routes all lead to the same result: block production is centralized, but verification is trustless and decentralized, and censorship-resistant.

Trading the metagame —— Cobie

One-liner: The investment logic of Crypto.

Cobie made a similar point to Packy, that investing in bull Crypto is similar to playing a video game.

The game of Crypto investment mainly includes the following two fun meta-games: Ethereum and Ethereum Killer Game and NFT Project Game. These are actually two major investment trends in 2021. The biggest winner is to understand these two meta-games The game and the people behind it.

The metagame of 2020 was DeFi Summer, which turned into BTC at the end of the year, and then DeFi revival, Shit Coin, Alt L1, and retro NFTs. When players don’t identify the correct metagame, they lose. A metagame The game starts with a long-term investment, becomes popular, and ends with an endless stream of imitators.

It is also very important to understand the principles behind the metagame. For example, there was a time when Nocturne was strong in LOL, so you can keep playing this hero until he is no longer strong. It is very important to understand the difference between Avax and Sol’s DeFi, Sol and Sol and There is no big difference between Avax, but the ecology of Avax is more community-oriented, so the holders really reap the benefits.

Learning from the winners is a very important point to win the game. At the same time, observe the community. And some skills outside the Crypto field: the high probability of newly listed assets rising, on-chain analysis, whale wallet observation…

Cobie also recommends several tips for winning the game:

  • Identify metagames early and increase holdings over time.
  • After a temporary failure, take a break and turn your mind to something new.
  • Traders can use the metagame to exit or rebalance long-term positions.
  • The metagame can help decide which assets are suitable for trading with derivatives.
  • We need independent thinking to identify biases in our thinking, and this is likely to take a long time.
  • By the time the metagame is the consensus of all participants, it is too late.

The Mirrortable —— Balaji Srinivasan

One-liner: Crypto-enabled venture capital.

The concept of Mirrortable is mainly a Cryptoized Cap Table.

Angel investment involves a lot of Web2 tools (Docusign, etc.), and there are more mature and stronger tools in Web3. The current various PDFs, emails, forms are very outdated and confusing, and the maintenance cost for individuals is very high. Web3 The ideal investment process can open up the links of various investments and integrate both on-chain and off-chain components.

Chronicle of Crypto Thought (1997 - 2022)

It’s going to be a huge track (EthSign recently raised $12 million).

2021 is a year of excitement, the price of the currency has gone up and down many times, and everyone has lost their sensitivity after Edging so many times. But this is the year when Crypto has entered the field of ordinary people widely. Bitcoin can be seen everywhere on the street Vending machines, big exchange sponsorships for sports teams, and countless bans and regulations have also been slapped on Crypto’s head. The narrative of “Web3” is righteous to Crypto, and everyone feels that they are really fighting against the “Web2” oligarchic justice. Messengers (but I have to admit that most people just want to make quick money), countless grand narratives have convinced cryptocurrency investors, and various ecosystems (not just Bitcoin and Ethereum) have their own believers.

2022: An Unpredictable World

The year has not passed, it happened yesterday, so it is recommended to read these articles directly to keep up with the latest developments in Crypto.

2021 NFT Year in Review —— 1confirmation

One-liner: The title sums it up very well.

I won’t go into details in this article. But this review of NFTs in 2021, with 32 pages, is enough to prove how popular NFTs are in 2021.

Soulbound —— Vitalik Buterin

One-liner: Soul-bound NFT.

As an old World of Warcraft player, Vitalik discusses the content related to decentralized identity authentication through the concept of soul binding.

Chronicle of Crypto Thought (1997 - 2022)

If the concept of soul binding is used in NFTs, then NFTs cannot be transferred. (In fact, for some people, some NFTs are already their soul-bound things, such as richerd.eth. How can I not sell CryptoPunk #6046, this is already part of his identity, you can see this Thread for details)

Chronicle of Crypto Thought (1997 - 2022)

Vitalik explores POAP, CityDAO, and Adidas’ preemptive buy NFTs. He says a common criticism of Crypto today is that everything is money oriented, limiting the appeal and sustainability of the culture surrounding the item. In Crypto circles Implementing a scheme designed around non-transferability can solve this problem. However, making money is a big factor in attracting people into the Crypto circle, so non-transferability (meaning no hype) is related to the attractiveness and now the general design There are some contradictions.

Hyperstructures – Jacob Horne (Zora founder)

One-liner: The title sums it up very well.

Jacob Horne proposed a new concept, Hyperstructure, which will be Crypto’s new mental model.

Chronicle of Crypto Thought (1997 - 2022)

The blockchain creates the architecture of Hyperstructure, and the protocol on the blockchain is Hyperstructure. They cannot be shut down, free to use (gas does not count), valuable accumulation, incentives, permissionless, multi-party profit, trusted neutrality.

Hyperstructure will serve millions of interfaces, the value can feed back the ecology, the construction of the protocol is prioritized, the liquidity is high, the ownership and governance rights are given to the participants, and the construction cycle is long.

Jacob likens the Hyperstructure to the infrastructure of society, arguing that it will be a beautiful foundation created by the Internet age for the benefit of future generations. We are entering a whole new field, and we should embrace this unknown change.

Chronicle of Crypto Thought (1997 - 2022)

Sufficient Decentralization for Social Networks —— Varun Srinivasan

One-liner: The next generation of social networks.

Varun discusses the full decentralization of next-generation social networks, the decentralization of the network, the decentralization of name registration, and the effective incentives of early members of the project.

2022 is just beginning, but my exploding twitter watchlist makes me feel like it’s all moving too fast. In a bear market atmosphere, some PPT projects can raise millions of dollars. Different new ones Topics pop up, zk, NFT, infrastructure, Alt-EVM, DeFi, regulation… politics, economic situation, humanities… it’s crazy, but I believe it will only get crazier after that.


From 1997 to 2022, Crypto has a more and more diverse community, and various viewpoints begin to move from point to face, and the affected fields start from the Bitcoin field, and become wider and wider, expanding to humanities, economics, politics… .. Crypto spirals upward in a cycle of collapse, fusion, and rebirth.

By looking at the perspectives of the winners of the Crypto game, we found that there are in fact countless wealth codes in these long-term Foresight. Two or three years after their articles and tweets, we suddenly realized: “So it is .” The wonderful idea we came up with was proposed and discussed a lot 3 or 4 years ago.

But it doesn’t really matter, all we need to do is to learn and think. The more you learn, the more you earn; the more you know, the more you grow.

Thanks to Dan Romero for creating the Crypto Readings reading list. This article is based on the reading list.





Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-03-16 09:53
Next 2022-03-16 09:55

Related articles