Miles Jennings

@milesjennings

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1283 Followers

DePIN provides the most salient path towards making atoms look more like bits for builders and investors alike. In the blog post below I outline why I'm excited about DePIN protocols as the next wave of blockchain enabled networks and businesses. Read more 👇

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The original uniswap airdrop definitely checks the box.

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The vast majority of airdrops meet the criteria.

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I'd guess that we put roughly 400 hours across 5 people into these over the last couple weeks. We're doing everything in house and grinding big law first year associate hours 😅, but it's worth it. Now is the time.

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Our full letter can be found here: https://a16zcrypto.com/posts/papers-journals-whitepapers/sec-rfi-safe-harbor-airdrops-network-tokens

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The success of any regulatory approach for network tokens hinges on facilitating progressive decentralization—including via Airdrops and Incentive-Based Rewards. Current rules are murky and entrepreneurs need clarity. So, we submitted a safe harbor proposal to the SEC with a 5-part test:

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We applaud the Commission for undertaking this constructive and engaging process. We plan to make additional submissions soon and I’m excited to participate in the SEC’s upcoming roundtable next week! All 50 pages can be found here: https://a16zcrypto.com/posts/papers-journals-whitepapers/control-based-decentralization-framework-securities-laws/

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Today, we submitted our response to the first 6 critical questions of the SEC's recent request for information. Across 50 pages, we tackle the most significant and complex crypto issues with a simple, powerful principle that fits in a single sentence:

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Interesting. I’m don’t think all asset backed tokens are a claim on an issuer though. For instance, LP tokens have no issuer. And it looks like company backed tokens have fallen out?

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With growing activity and innovation around token-based network models, builders are wondering how to distinguish different types of tokens — and which might be the best choice for their business. At the same time, both consumers and policymakers are trying to better understand the roles and risks of blockchain tokens in applications. To help organize the conversation, we present definitions, examples, and a framework for understanding the seven categories of tokens we see entrepreneurs building with most often: network tokens, security tokens, company-backed tokens, arcade tokens, collectible tokens, asset-backed tokens, and memecoins. We outline them in more detail here: https://a16zcrypto.com/posts/article/defining-tokens/ @milesjennings @eddy @skominers

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https://warpcast.com/a16zcrypto/0xf54a2d88

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Eddy Lazzarin 🟠

The industry is mature enough that we can categorize tokens based on their legal, economic, and technical properties. It shouldn't be surprising that not all tokens have the same legal status or long term economic prospects! https://a16zcrypto.com/posts/article/defining-tokens/

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Second, we compare network tokens to company-backed tokens: 🔹 Network tokens derive their value from systems that function absent human control. 🔹 Company-backed tokens derive their value from systems that can’t function absent human control. https://a16zcrypto.com/posts/article/network-tokens-vs-company-backed-tokens/

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What’s the difference between ETH, FTT, USDC, TRUMP and $APPL? And how do those differ from airline miles or a CryptoPunk? Why does it even matter? Today, @eddy, @skominers, and I published two articles classifying tokens based on their source of value. 👇

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First, we break down tokens into 7 categories, discussing their critical attributes, best use cases, and regulatory status: https://a16zcrypto.com/posts/article/defining-tokens/

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Crypto remains a rare bipartisan issue in DC! 🇺🇸 Senate vote just repealed the harmful IRS broker rule that threatened DeFi, with most Republicans & many Dems backing it. A big win for DeFi developers & U.S. innovation! Final votes: 70-27.

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Agreed! It can be tough because a token can be designed to do anything.

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