Categories
Uncategorized

Hiring a Research Analyst

I’m very excited to announce that Variant Fund is growing the team. We are hiring a data-driven Research Analyst to work closely with me on new investments and supporting the portfolio in their efforts to build The Ownership Economy. To join the team, you should: Be a detail oriented self-starter, intellectually curious, with strong, demonstrated […]

Categories
Uncategorized

The Ownership Economy: Crypto & The Next Frontier of Consumer Software

One of the most stunning things about the technology we consume everyday is the degree to which it is built, operated and even funded by its users. The device you’re using to read this post, the software that’s displaying it, the server hosting this content and so much else on the internet are built with […]

Categories
Uncategorized

How does DeFi cross the chasm?

For a category that was unnamed and barely existed only two years ago, the growth in #DeFi is incredibly impressive. But within the crypto community I don’t think it is controversial to point out that DeFi is primarily used by insiders and enthusiasts, and mostly for speculation on crypto itself. I say this without negative […]

Categories
Uncategorized

Crypto’s Business Model is Familiar. What Isn’t is Who Benefits

Many entrepreneurs and investors think that crypto projects can’t capture value because they are based on open source code. The thinking goes that if you develop open source code, someone will come along and copy it, luring away your users and any potential for revenue. That doesn’t seem like a good foundation for a business. […]

Categories
Uncategorized

Narrative Economics

Originally published as a Twitter thread, here is my high level reading/summary of  @RobertJShiller’s book: “Narrative Economics” 👇 Narrative Economics is the study of the viral spread of popular narratives that affect economic behavior.   The book explores historical examples of how stories go viral, referencing epidemiology to explain why contagious narratives can become epidemics […]

Categories
Uncategorized

Progressive Decentralization: A Playbook for Building Crypto Applications

Crypto founders have a unique challenge in front of them. In addition to building a product that people want, they also need to consider how that product can successfully run in a decentralized manner — that is, as a protocol owned and operated by a community of users. This is a difficult challenge because much […]

Categories
Uncategorized

Layers (not eras) of blockchain computing

Last year, I wrote a post: 4 Eras of Blockchain Computing, which introduced composibility (the lego-block approach to software) as a killer feature of blockchains. Recently, my view evolved so here’s a thread & new model for thinking about the ecosystem👇 Rather than the distinct eras, a better framing is Layers of Blockchain Computing. This […]

Categories
Uncategorized

Incomplete Contracts (and Scaling Crypto)

One way to think about various kinds of crypto projects is through the lens of contract theory. An axiom of this area of legal scholarship states: “all but the simplest contracts are incomplete”. That is, contractual arrangements cannot anticipate every possible outcome or set of actions, given complex and dynamic changes in the world the […]

Categories
Uncategorized

Past, Present, Future: From Co-ops to Cryptonetworks

Today, some of the most valuable corporations in the world today are “network operators”. Thanks to network effects, these platforms become more valuable to existing users as each new user joins. Network effects are innocuous at first, but can cause concern at scale if platforms enter an “extractive” phase in their lifecycle. My partner Chris […]

Categories
Uncategorized

4 eras of blockchain computing: degrees of composability

At a16z crypto, we’ve talked a lot about how crypto networks are analogous to cities in that both cities and crypto networks benefit from bottom-up growth on top of shared infrastructure. A traditional business is generally best positioned setting up shop in a location with existing residents, utilities, law, security, and a vibrant market economy. […]