Today I’ll introduce blockchain as a machine for creating credible commitments . That is, blockchain is a tool for strangers (and indeed nemeses) to make particular representations and commitments to future condition-sensitive action in a trustless way. A blockchain is a tool for enforceable, programmable promises. If this looks similar to contract... See more

It's important to understand why even the most grandiose promises are "investable" at this stage (if inadvisable under US securities law). Tokens are issued on a blockchain, which creates, at minimum, the conditions for exchange, ownership and participation, as well as more advanced rules like scarcity of supply, consensus, reward mechanisms, and... See more

The three fundamental pillars of this argument are,

1. Blockchains are differentiated from traditional finance through their strong property rights – the inalienable right to store and transmit value.


2. Centralization provides a means by which powerful entities can influence the outcomes of blockchains.


3. The value stored in a property rights system is

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