You know, now that “gasless” UXes with creative social subsidy patterns are becoming common, the industry is finally putting the crypto in cryptoeconomics. It isn’t about using encryption. It’s about hiding the economic layer altogether so it all looks like magic free abundance to low-value transaction flows.

Delver at contraptions.venkateshrao.com, running summerofprotocols.com, host of /gloom ☀️

Is there a term for this? Account abstraction is an enabler at the individual level but this is like social/cultural abstraction of economic activity. It’s still market economics looking for efficiency under the hood, but you don’t need to know or deal with that fact below a threshold.

I think that’s just economics :-)

The bread magically shows up at the supermarket and you don’t need to know how it got there. You just tap your phone on the way out the door

wizard | building @neynar, advising /clanker and /farcon | grin.io

But you do need to look at and understand price labels and make payment decisions. You may not know how bread got there but the economics layer is not transparent.