This essay is my best attempt to figure out the dimensions that could make Crypto 10x better than equity for funding early-stage projects. It’s important because it is entirely possible that in a few years time we could be living in a world where traditional equity goes the way of the dinosaur (or, closer to home, the entrepreneurial bank loan).... See more

Imagine you have a dollar to invest and you can choose between two options: a public cloud service or a layer 1 blockchain. How do you decide which is more attractive? How does a token differ from equity?  The answer is that tokens can act remarkably like equity if they are structured in the right way. In addition, tokens offer one benefit beyond... See more