Multicoin Capital: Proof of Physical Work

Introduction Curve Wars highlight crypto governance. Metagovernance has far greater ramifications than the Curve Wars suggest. This article introduces metagovernance and its roots in the traditional world, as well as a specific metagovernance event with Fei-Index-Aave. I will conclude with implications and future considerations.

Nakamoto combined several prior inventions such as digital signatures and Hashcash to create a completely decentralized electronic cash system that does not rely on a central authority for currency issuance or settlement and validation of transactions. A key innovation was to use a distributed computation system (called a “proof-of-work” algorithm)

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