Lyron Co Ting Keh

@lyronctk

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Lyron Co Ting Keh

Replacing checking accounts with crypto accounts by 2030 Is a good adoption goal for developed countries The path we're betting on rn is: 1. Pick up scraps. Focus on what's underserved by traditional processors, i.e. payments hit with high flat fees / bad corridors / big chargeback rates / recurrent censorship. Probably 1% of consumer payments 2. Experiment on scraps. Try to induce new financial behavior with tiny 1% 3. Find lightning-in-bottle with scraps. Some crazy interaction catches and crypto claims the other 99%

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Lyron Co Ting Keh

I've always wondered who these middlemen are who we're so excited to fade Turns out there are a lot of em, and we’re pretty good at fading em Example, what happens when you swipe a credit card:

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Lyron Co Ting Keh

stanford's two flagship crypto classes discontinued gg bear market things 😮‍💨😮‍💨

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Lyron Co Ting Keh

no way you can justify having 100 engineers on a pre-launch chain ethereum pow == 7 devs solana mainnet beta == 9 devs "buT tHEy haD nO cOMpetition" lmao

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Lyron Co Ting Keh

> Crypto is for payments and defi > Crypto is for making markets Accurate when we were small. Now similar vibe to “internet is for communication” Crypto's already delivered a handful of differentiated user experiences. Many more to come WOOO

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Lyron Co Ting Keh

Crazy question raised by traitor tracing: How much money would it take to betray your friend? Traitor tracing is the best mitigation we have for server side privacy breaches (the core of the MPC v TEE discussion) MPC == "server that stores your data" is split between 10 people, users are hoping they don't get together to peek TEE == "server that stores your data" is a fancy box that's hard to break in to, users are hoping Google doesn't peek Unclear which one's better. Both are bad for the same reason: peeking historically hasn't been punishable Not good. Crypto rests on bad actors getting punished. It's why staking is so important How to make peeking punishable? For TEEs, there's no active proposal. For MPC, there is, and it's called traitor tracing. Traitor tracing == a way for a someone to prove their friend peeked via math i.e. If me and my buddy peek together. We're both traitors. My buddy can turn on me and slash me to oblivion

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Lyron Co Ting Keh

The only valid reason to make a new L1: a) You want the influence that only an L1 has b) You want to use this influence to create a new asset category A GREAT reason Should be used instead of technical reasons that are closer to sleight of hand than anything: 1. Doing something new? >> That's an execution layer improvement- what L2s are for 2. Faster finality? >> Finality for validator set becomes preconf for decentralized sequencer set, w/ no deterioration in reorg resistance 3. Higher throughput? >> Probably won't outpace danksharding roadmap with real tx demand 4. Better decentralization? >> Lmao will the bottleneck really be Ethereum's decentralization

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Lyron Co Ting Keh

"Wtf, we already scrapped TEEs in 2019, how can people forget" - common complaint floating around now Isn't accurate. Current discourse isn't "forgetting" and pushing the same approach again. The landscape has completely changed since 2019: - [1] Alternative risks to not deploying enclaves have increased. Eg: risk of casino winning - [2] Complementary technologies that patch up enclave shortcomings have been productionized. Eg: zkVMs - [3] Clearer now that exotic forms of cryptography won't get the job done anytime soon. Eg: attribute-based encryption - [4] New virtualization-based enclave designs available. Eg: TDX This is technology. Trying old ideas again under new conditions is the backbone of our innovation cycle. If "we've tried that already" was our industry's motto, we wouldn't have Tesla, Oculus, or even Bitcoin.

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Lyron Co Ting Keh

You think crypto infra is useless? Wrong Here's the strongest case for why these projects can be just as principled as Amazon.

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Lyron Co Ting Keh

TEEs are picking up steam! Tricks we use in our system to get the "best" security model we can: [1] Scary to depend on a small set of unstaked nodes to verify a computation. Alleviate via multiple confirmation rules like TEE attest -> TEE attest and ZKP -> TEE attest and ZKP and ... [2] Scary to depend on cloud providers with kill switches. Alleviate by spreading TEE networks across different centers (AWS, GCP, Azure) and imposing a lower bound % for independent SGX nodes. [3] Scary to depend on hardware manufacturers to not backdoor. Alleviate by secret sharing across nodes with different chips, though this only works if decryption conditions don't require the secrets themselves.

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Lyron Co Ting Keh

Does someone have a tool to port my follows to Farcaster? i.e. If I'm following someone on Twitter, I also want to follow their FC account

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Lyron Co Ting Keh

de-evolution of chain summoners w/ seed funding: satoshi w/ $0 ==> shipped bitcoin vitalik w/ $100k ==> shipped ethereum toly w/ $3M ==> shipped solana our gen w/ $150M ==> shipped a milly followers on @farcaster

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Lyron Co Ting Keh

Voice model for chatGPT 4o solves writer's block Just spoke to my phone for two hrs and absolutely churned ideas e.g. Jupiter 10m ago: "So you're toying with launching a little brother currency to tokenized $NVDA, I'm still unclear on the interface, mind being more specific?"

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Lyron Co Ting Keh

GREAT article by Nathan Allman Centered around a useful observation re how people use tokenized RWAs in the real world (lizard brain explanation below)

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Lyron Co Ting Keh

Hats off to the founders who could compete in the valley, but choose to take on real bodily risk distributing product in a developing country I grew up PH & I still get spooked by most of the stories I hear I'm too soft to be digging escape tunnels to neighboring countries

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Lyron Co Ting Keh

the type of optimism we need rn

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Lyron Co Ting Keh

my notifs are on

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Lyron Co Ting Keh

web2 optimizes for unregretted user-minutes web3 optimizes for unregretted user-dollars

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Lyron Co Ting Keh

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Lyron Co Ting Keh

Main driver of everyday crypto adoption in the US won't be payments, it'll be payouts Crypto has a clear pitch for non US citizens: access to USD What about for US citizens? They already have native USD and the rails to spend it So, not spending. What about earning?

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