Decentralized protocols would make very interesting base layers and I’m particularly excited about web3 in the context of identity. Does crypto solve the problem of suboptimal defaults? Well, that’s a different question and I’m honestly not sure. Just because you have decentralized base layers doesn’t mean you won’t see centralization, aggregation ... See more

The first part isn’t entirely unfair; scams and ponzi schemes are everywhere, and it seems clear that we are in the middle of an ever-inflating bubble. It’s also the case that an entire set of legitimate use cases are in reality regulatory arbitrage; crypto advocates are far too quick to ascribe all of the issues with the current monetary system to... See more

Aggregators are incentivized to limit composability. By contrast, the value of a web3 token may actually increase when composed with other systems. The money flowing through web3 is mediated by open source smart contracts, rather than closed source software owned by corporations. This feels completely asymmetric. I cannot imagine a Facebook or Goog... See more

Without a specific idea of the good to build towards, the financial interests of large tokenholders have become over-represented in protocol governance. In our view, this constitutes a centralization risk.