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…Read More

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…Read More

Maker

This post was co-authored with Katie Haun. It pertains to an a16zcrypto investment. The original announcement is here, on our official blog.Cryptocurrencies are borderless, trustless, and accessible to anyone with an internet connection. As such we believe they’ll increasingly be used for a host of financial services in…Read More