Payments and identity are attractors for wealth, power, centralization, and all the problems that come along with those things.Aggregators emerged at the intersection of these attractors, and broke the evolutionary loop of technology, leveraging network effects to fend off componentization and freeze the evolutionary landscape in place.Now into... See more

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

In my opinion, a technological/economic/institutional architecture that can coordinate economic activity in a way that makes the firm superfluous, deconcentrates ownership and control over vital networks, and broadly distributes economic surplus to network participants according to transparent, fair and relatively fixed rules, is the killer app.... See more