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Lyron Co Ting Keh

@lyronctk

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Lyron Co Ting Keh
@lyronctk
fair point! i was referring to it here in the context of cloud hosts
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Lyron Co Ting Keh
@lyronctk
Yes, there are critical flaws with hardware security assumptions that must be addressed. Yes, many current proponents have never actually written TEE code. No, this is not an entire industry being classically insane. Conditions are different. TEEs are worth revisiting.
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Lyron Co Ting Keh
@lyronctk
"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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@lyronctk
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
@lyronctk
Tradeoff space here is extreme Eg: Every incremental provider add is liveness(+++) but privacy(---)
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Lyron Co Ting Keh
@lyronctk
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
@lyronctk
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
@lyronctk
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
@lyronctk
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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@lyronctk
article: https://blog.ondo.finance/introducing-ondo-global-markets/
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Lyron Co Ting Keh
@lyronctk
A prime example of breaking down what people really need from your dapp Then cutting out everything people don't need, informed by demonstrated demand Which results in a better product
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Lyron Co Ting Keh
@lyronctk
The actual swap happens later, so #2 (use anytime) is sacrificed For a good cause: $TSLA now doesn't have fragmented liquidity And we still keep #1 (buy anywhere) / #3 (compose everything)
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Lyron Co Ting Keh
@lyronctk
Weird, subtle distinction Simple example. Try calling swap() on $TSLA_TOKEN > BEFORE: Happens immediately against the pool of other on-chain assets > AFTER: Action "settles" immediately, but the actual swap happens during market hours against the pool of all assets
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Lyron Co Ting Keh
@lyronctk
In other words, your $TSLA isn't on-chain. It's off-chain, controlled by smart contract txs instead of API calls
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Lyron Co Ting Keh
@lyronctk
This is fixed if you throw away #2 (use anytime) How? Instead of tokenizing $TSLA directly, tokenize a receipt of $TSLA So now if you have $TSLA_TOKEN, you're NOT holding a distinct asset You're instead holding the right to use $TSLA in a centralized broker-dealer
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@lyronctk
FOR EVERYTHING ELSE Don't need #2 (use anytime) What does recognizing this help you do? Solve a major problem of tokenized RWAs, fragmented liquidity i.e. It's bad that you currently can't sell $TSLA_TOKEN into a $TSLA bid
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Lyron Co Ting Keh
@lyronctk
FOR CASH EQUIVALENTS Need all three reasons (buy, use, compose)
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Lyron Co Ting Keh
@lyronctk
The article evaluates the utility of these properties for a) Cash equivalents, investments that you can treat as cash bc [high liquidity, low risk, short maturity], e.g. mm funds b) Everything else, e.g. stocks
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Lyron Co Ting Keh
@lyronctk
People use tokenized RWAs for three reasons: [1] Buy anywhere. Global distribution and settlement for cheap [2] Use anytime. 24/7 [3] Compose everything. Plug into defi
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Lyron Co Ting Keh
@lyronctk
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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