Jeremy Allaire

@jda.eth

21 Following

2093 Followers

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Not directly, but certainly seeing tons of wallet apps adopting it to streamline USDC UX flows.

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It's interesting. We've seen some pretty interesting data from various A/B tests around the world, and Digital Dollar has tested extremely well. I think the objection to "digital dollar" is mostly from people in the ivory tower of finance and policy who are coming at this from a skeptical, argumentative perspective.

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USDC.com - The World's Digital Dollar

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https://warpcast.com/jda.eth/0x1bc6b68f

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https://warpcast.com/jda.eth/0x1bc6b68f

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5/ Most importantly, when considering the “innovation output” of blockchain networks and the broader ecosystem, it’s incredible to see the sheer volume of young and passionate talent that are building in this space. The builders in this space are among the most passionate, energized and mission-driven that I’ve seen from any internet platform ecosystem in 30 years. It really deeply reminds me of the energy that fueled the Web/Internet 1.0 revolution – a deep belief in the transformative potential of this technology, and a feeling that we are building something that will sweep over the world and forge a new layer of capabilities for society and the economy. This is truly generational energy being poured into writing code, solving problems, engaging in community debate, and pushing forward on thousands of fronts simultaneously. Yes, I’m insanely bullish about the state of innovation in blockchain network technology. JA

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4/ The other key point that I’m trying to land with the quote above is specifically about the ecosystems themselves. As a technologist, it’s a marvel to see the thousands of projects that are spawning around the world to advance features of blockchain networks. Even as someone who’s been deeply in this space for over a decade, I consider myself a novice in terms of understanding, because the surface area is so broad and each topic very deep. I’m a 1%’er. I only truly understand about 1% of the technology innovation that’s happening in this community right now. Take any given topic – say “compute”, as noted above – and the amount of technical innovation happening is extraordinary. There are dozens of major projects advancing the state of the art in blockchain virtual machines, languages and compilers, and the weaving together of these compute engines with cryptography to improve performance, security, privacy and data availability.

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3/ Why wouldn’t we want our internet operating systems to be open and secure in this manner? Even more so, the operation and functioning of these systems is also provably secure, obviously with varying trust and assurance assumptions depending on the security model of the blockchain network. So, we’ve seen 10+ years of continuous innovation and iteration, where every innovation is made available as public intellectual property, and people can fork, improve, and further develop the infrastructure. The velocity of this is astounding, and if anyone thinks that any central government or corporation (Cathedral’s) is going to be able to out innovate the open blockchain ecosystem (The Bazaar), they are sorely mistaken.

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2/ A central tenet of all of this has been that the blockchain ecosystem has been fueled by a deep commitment to openness, transparency and community-driven development and governance. I can’t tell you how many times I’ve been in meetings with central bankers or teams of leaders at major financial institutions where one of their primary retorts has been that this infrastructure is not controlled, that it can’t be trusted the same way that the servers and data centers that they control can be. This POV pretty deeply misses the point. The MOST secure systems in the world are the ones that are built out in the open – where literally every piece of code, every facet, every function are available for the entire world to inspect. Open software is probably more secure than closed systems, time and time again.

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“There is a massive, thriving and growing competitive and innovative community of dozens of major blockchain network ecosystems, all around the world, that are constantly improving and innovating in the fundamental technology of these networks including in data availability, compute, security, privacy, transaction throughput, and so much more.” Another deep-dive from my earlier post: I’m more bullish than I have ever been about crypto. https://x.com/jerallaire/status/1803432989113593890 One of the things that is often overlooked when most of the world looks at the world of crypto is the incredible velocity that we’re seeing new innovations in blockchain network technology. As I noted in yesterday’s post about my mental model of blockchain networks as internet operating systems, when one zooms out from where we started 10+ years ago until today, the capabilities of these networks have expanded pretty dramatically.

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4/ From a technologist perspective, it’s pretty incredible to see how far the infrastructure has come, inclusive of the tooling, security, scaling, and so many other things. This is like moving from WAP 1.0 to iOS (almost), or from HTML 1.0 to HTML 5.0. We can measure these improvements based on transactions, apps, nodes, active developers, speed, fees, and so many other measures. All of which continue to improve at an accelerating pace. Just apply Moore’s Law, Metcalfe’s Law, etc. and you can get a sense for where this is going to be in 3,5,7,10 years.

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3/ Anyway, this is the super basics, and has always been (for most practicing in this field) the goal for the past 10+ years. So when I say: “Public blockchain infrastructure has evolved into its 3rd generation, providing global scale network computers that can handle large scale applications with trusted data, transactions and compute.” What I’m really saying is that we are now in a place where these new internet operating systems can support apps and services that work at scale, handling millions of users, and fulfilling the promise that we all have been chasing for the past decade. The first generation was Bitcoin and related forks, the second generation was Ethereum and related / similar attempts in the 2015-2020 epoch, and the 3rd generation includes Ethereum 2.0, Solana, Layer 2’s and scalable EVM chains (Avax, Near, etc.) new platforms like Aptos, Sui, Monad, etc. (Please don’t get upset at me if I didn’t list a particular project).

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2/ As an internet technologist, practicing in building important internet infrastructure for over 30 years, I try to explain the basics to people away from all of the dismissive narratives. Blockchain networks are new internet operating systems; most of these networks provide a means to store data, conduct transactions on data, and execute code that can execute these transactions. They are special because they can do this and ensure that the data and code is tamper-resistant, incontrovertible, publicly verifiable, etc. Most importantly, these networks are designed to be decentralized, providing a surface for society to engage and transact without interference, and in a direct and efficient manner, no matter the person, entity or location. This super powerful stuff for all manner of applications.

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1/ Deeper Dive into my Long Form Post/Cast on why I’m more bullish than I have ever been about crypto. https://x.com/jerallaire/status/1803432989113593890 “Public blockchain infrastructure has evolved into its 3rd generation, providing global scale network computers that can handle large scale applications with trusted data, transactions and compute.” My mental model for blockchain networks has always been network operating systems. This is one of the most important things to help people understand what’s happening with this new infrastructure layer on the internet. The way that most “important people” (e.g. MSM, policymakers, people running big financial institutions) filter the concept of “blockchain” is typically hyper narrow – it’s a technology for “cryptocurrency”, which is “mostly bad and useless”, and even as a technology its never been proven to be useful for anything other than constructing online casinos and proliferating scams.

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Hey @dwr.eth thanks for cross posting this. bad on me for not doing. I'm going to start a new deeper dive on this piece and will post everything here.

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got this from @coinbasewallet for text messaging $5 in USDC to a friend on @base…good fortune.

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Just published this episode w world renowned economist Ken Rogoff https://www.youtube.com/watch?v=9ZzdN49YQ3w

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The Base L2 + Coinbase + USDC combo seems like an unstoppable force in the stablecoin world. As Base starts to attract more developers, we'll see an increase in the # of stablecoin products that work seamlessly like @daimo. Rollups + AA is enabling scale & abstracting away crypto UX. https://onchainletters.xyz/usdc

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