Crypto is a tool. Transhumanism is the goal.

Balaji S

Crypto (SSI, blockchains, torrents, TOR, L2 networks among other things) never was or will be a solution to the one specific vertical like finance, gaming or travel. Conversely, crypto is the solution for coordination problem in multi-party non-cooperative games. And since games represent majority of the human interactions (from choosing a film to watch with your wife to WWII, Israeli-Palestine conflict or global warming) — therefore, crypto is so widely applicable.

You cannot trust judgement of a single individual, nor you can trust a program written by a single individual…

How reduction in transaction costs influence evolution in digital business models

Internet innovations start with the vision but they get universal adoption once there’s a sustainable business model. Google, Facebook and Twitter are are able to serve billions of users due to invention of online advertisement. Uber and Airbnb grew because of the ability to create two-sided markets. To build scalable and sustainable decentralized Web we need to understand implications of this new business model. In this post I will provide reasons why decentralized application have competitive advantage over some of the existing internet businesses.

In this article we will take a look at traditional Pipeline, modern digital Platform and uprising…

“All crypto is economics” [E. Hughes, 1993]

Crypto products are always political.

Reason: social systems, public organizations and trust mechanisms are bound by the level of their enforceability. Social contracts evolved to what they are today due to technology that was available at hand.

The single purpose of crypto technology is to enable new social contracts based on unbreakable encryption, unforgeable signatures, untraceable electronic messages, and unlinkable pseudonomous identities. [T. May, 1994]

Therefore, the success of any cropto-enabled product is a function of how effectively can it re-design existing social contracts. It might be small optimization or a radical innovation…

What are some limitations and opportunities for making profitable business in self-sovereign identity?

This is second part of the 2-part series covering self-sovereign identity technology and business models around it. First part is available here.

This article is an overview of the business models for products that are enabled by the decentralized identity and verifiable credentials. We will cover differences between centralized versus decentralized business models, value creation and value accrual mechanisms and some of the specific monetization models.

There’s been a lot of progress made during last couple of years. We already see the largest governments, corporations and institutions launching products and pilots using SSI tech: US DHS, Canada, EU Commission, Europass

How is SSI technology creating a trillion dollar market?

This is the first part of the 2-part series covering self-sovereign identity technology. First part is covering the key problems that this technology is aiming to solve and how it is being achieved, and in the second part I’m focusing on the business model and go-to-market aspects.

The first step in every economic activity is to establish trust between economic actors. Here’s a few examples:

  • For the buyer — trust in the manufacturer and seller
  • For the retailer — customer’s ability to pay
  • For the business — trust in their suppliers and contractors
  • For an employer — employee’s skills and…

Transition from in-house to the cloud meant just starting to use someone else’s computers. It naturally created gatekeepers and controllers of the internet: both governments and FAANG.

Transition from the cloud to decentralized infrastructure IS NOT about having more computers or having them in different places. Fancy cryptography (and fancy game theory) take care of the ability to control and trust the computation results.

However, what’s absolutely required for success of the decentralized internet — is to replace rules and rules creators with decentralized governance. That is, to use open-source incentives schemes and mechanism design to guide the system’s evolution.

VCs love beautiful stories and bankers love beautiful numbers. The reality is that good financial analysis is always about a combination of the two. Otherwise, bankers end up having Lehman Brothers, and VCs with Theranos.

So, the present value of Bitcoin primarily depends on the available liquidity — because the supply is practically fixed and the demand is extremely unstable (aka Hype). Hence the price is equal to the function of (1) the current block reward and (2) liquidity on the market. …

The Parler social network was removed by the App Store, Google Play, and Amazon shut down their servers.

Regardless of the application itself (the content there is a cross between extremism and conspiracy theories), this is the zeitgeist of the modern web.

The traditional, decentralized, open and uncensored Web 1.0 where we were all born and raised is sort of dead. (Spoiler: but that’s okay)

In today’s world, it is virtually impossible:

1) To have a decentralized distribution of an online service. In 1999, I could register a domain, run Apache on my home computer, and anyone who wanted just…

Technology, Cryptography, Decentralization and the Future of Web

Individuals are leaving institutions. We see new tools enabling trust in healthcare, education, finance, travel, HR, etc. We used to rely on paper-based government-issued credentials but now it’s being replaced with digital cryptographically secured identities, reputation systems and verifiable credentials.

How exactly are digital verifiable credentials making the lives of billions of people better? I have a couple of stories to share with you:

1. Meet Ajay. Ajay is an Uber driver in San Francisco. He wants to try various temporary jobs while he’s studying but joining Lyft, Postmates and other platforms…

Правительства Евросоюза, США и Канады, а также технологические гиганты и ведущие университеты мира переходят на систему цифровых документов под названием “self-sovering identity” или “суверенная личность”. Как работает эта технология и почему прямо сейчас она создает новый рынок размером в триллион долларов рассказывает генеральный директор Credentia Степан Гершуни.

Почему именно сейчас?

На протяжении столетий единственной формой подтверждения фактов были бумажные документы. Несмотря на стремительную цифровизацию всех областей жизни, значительная часть документов и фактов по сей день остаются в бумажной форме.

Бумажные документы не соответствуют уровню технологического прорыва, который произошел за последние годы, когда интернет стал универсальным средством связи между людьми, корпорациями и правительствами.


Stepan Gershuni

SSI, Verifiable Credentials, Crypto, Bitcoin, Decentralized Web.

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