Your Guide to Tokens: Types, Design, Uses, More

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תוכן מסופק על ידי Andreessen Horowitz, A16z crypto, Sonal Chokshi, and Chris Dixon. כל תוכן הפודקאסטים כולל פרקים, גרפיקה ותיאורי פודקאסטים מועלים ומסופקים ישירות על ידי Andreessen Horowitz, A16z crypto, Sonal Chokshi, and Chris Dixon או שותף פלטפורמת הפודקאסט שלהם. אם אתה מאמין שמישהו משתמש ביצירה שלך המוגנת בזכויות יוצרים ללא רשותך, אתה יכול לעקוב אחר התהליך המתואר כאן https://he.player.fm/legal.

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Close Encounters with UFO Hot Spots: Area 51, Roswell, and the Great ET Road Trip 39:50

לפני 6 ימים39:50

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39:50

The truth is out West! We’re hopping on the ET Highway and venturing to the most notorious alien hot spots, including Roswell’s infamous crash site, Area 51’s eerie perimeter, and a mysterious desert watchtower. Join us as journalist Laura Krantz, host of the podcast Wild Thing , beams up to share stories from the front lines of UFO reporting—from strange sightings and quirky festivals to a mailbox where people leave letters to extraterrestrials. Maybe you’ll even decide for yourself: Is Earth a tourist stop for spaceships? UFO hot spots you’ll encounter in this episode: - UFO Watchtower (near Great Sand Dunes National Park, Colorado) - Roswell, New Mexico - Area 51, Nevada - Extraterrestrial Highway (aka State Route 375), Nevada - Little A’Le’Inn, ET Highway, Nevada - E.T. Fresh Jerky, ET Highway, Nevada - Alien Research Center, ET Highway, Nevada - The Black Mailbox, ET Highway, Nevada Via Podcast is a production of AAA Mountain West Group .…

לפני שנה 1:41:36

MP3•בית הפרקים

with @eddylazzarin @skominers @milesjennings @rhhackett

Today we're diving deep into *the* defining concept in crypto: tokens.

We're moving beyond conventional categories — like “governance tokens” or “utility tokens” or even “memecoins” — to present a full taxonomy that details what tokens are, what they aren’t, and what they're capable of becoming.

Questions we'll explore include: What is a token? Is it a form of money? A piece of data? Something else? How many types of tokens are there — and who is in control of each? And how should we think about their actual economic, legal, and technical characteristics? We'll also dig into different token designs and their uses; where tokens derive value from; how they jibe with securities laws; and much more.

In this conversation, you’ll hear from several experts on the a16z crypto team who have developed a new 7-part framework for classifying tokens, which you can find linked below. Joining us are the coauthors: Chief Technology Officer Eddy Lazzarin, General Counsel and Head of Policy Miles Jennings, and Research Partner Scott Kominers, who is also a Professor at Harvard Business School where he teaches courses on market design and entrepreneurship.

Check out the resources below for a flowchart that we’ll also be referencing throughout this episode and that will be helpful as we wend our way through the token idea maze.

Timestamps:

(0:00) Introduction

(3:28) The Evolution of Token Terminology

(6:19) Classifying Tokens: Economic, Legal, and Technical Dimensions

(8:37) Moving Beyond “Governance Tokens”

(12:05) Inherent Value: The Memecoin Debate

(15:35) Company-Controlled Tokens: Risks and Realities

(31:33) Arcade Tokens: Stability and Utility

(46:00) The Power of Blockchain Interoperability

(49:34) Shared Rewards and Loyalty Programs

(59:19) Asset-Backed Tokens and Their Mechanisms

(1:08:23) Collectible Tokens and Their Uniqueness

(1:14:31) Network Tokens: The Future of Decentralized Marketplaces

(1:31:03) Regulatory Challenges and "Lawyer Tokens"

(1:36:57) Final Thoughts and Future Prospects

Resources referenced in this episode:

7 canonical tokens, defined [see flowchart] by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto newsletter, March 2025)
Defining tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
Network tokens vs. company-backed tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
Defining decentralization: It comes down to control by Miles Jennings (a16z crypto, February 2025)
Read Write Own: Building the Next Era of the Internet by Chris Dixon (Penguin Random House, January 2024)
The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create by Steve Kaczynski and Scott Duke Kominers (Penguin Random House, January 2024)

As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.

76 פרקים

Your Guide to Tokens: Types, Design, Uses, More

web3 with a16z crypto

24,604 subscribers

published לפני שנה

שתפו

MP3•בית הפרקים

with @eddylazzarin @skominers @milesjennings @rhhackett

Today we're diving deep into *the* defining concept in crypto: tokens.

Check out the resources below for a flowchart that we’ll also be referencing throughout this episode and that will be helpful as we wend our way through the token idea maze.

Timestamps:

(0:00) Introduction

(3:28) The Evolution of Token Terminology

(6:19) Classifying Tokens: Economic, Legal, and Technical Dimensions

(8:37) Moving Beyond “Governance Tokens”

(12:05) Inherent Value: The Memecoin Debate

(15:35) Company-Controlled Tokens: Risks and Realities

(31:33) Arcade Tokens: Stability and Utility

(46:00) The Power of Blockchain Interoperability

(49:34) Shared Rewards and Loyalty Programs

(59:19) Asset-Backed Tokens and Their Mechanisms

(1:08:23) Collectible Tokens and Their Uniqueness

(1:14:31) Network Tokens: The Future of Decentralized Marketplaces

(1:31:03) Regulatory Challenges and "Lawyer Tokens"

(1:36:57) Final Thoughts and Future Prospects

Resources referenced in this episode:

7 canonical tokens, defined [see flowchart] by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto newsletter, March 2025)
Defining tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
Network tokens vs. company-backed tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
Defining decentralization: It comes down to control by Miles Jennings (a16z crypto, February 2025)
Read Write Own: Building the Next Era of the Internet by Chris Dixon (Penguin Random House, January 2024)
The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create by Steve Kaczynski and Scott Duke Kominers (Penguin Random House, January 2024)

76 פרקים

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web3 with a16z crypto

1
Marketing 101 for Startups: Token Launches, Memes, Reaching Devs & More 1:05:15

לפני 4 ימים1:05:15

1:05:15

with @kimbatronic @amandatylerj @clairekart Welcome to web3 with a16z. Since our show covers both tech trends and company building, today’s topic is all about marketing — including differences between marketing in crypto and traditional tech. The conversation shares a candid look at what works — and what doesn’t — when it comes to building reputation and community, attracting developers, hiring teams and agencies, launching tokens, raising founder profiles, and more. Our experts are: ... Amanda Tyler, who was most recently Head of Marketing at the Optimism Foundation (and was formerly at Polygon, Coinbase, and Google); ... Claire Kart, Chief Marketing Officer at Aztec (who previously was at Risc Zero and SoFi); ... in conversation with Kim Milosevich, CMO at a16z crypto (who was formerly VP of Comms at Coinbase, and who has spent decades in tech at a16z, Skype, Yahoo, and elsewhere). Timestamps (0:00) Introduction (1:41) The Role of Marketers (4:52) Tech Marketing vs. Crypto Marketing (6:34) Understanding the Core Audience (10:56) Marketing for Ethereum and Layer 2 Projects (16:09) The Role of Community Managers and Developer Relations (25:21) Token Launch Strategies (34:42) Building Founders' Profiles (Without Being Cringe) (38:53) How to Support Founders (40:55) When to Hire (43:05) Consultants vs. Agencies (46:08) Structuring a Marketing Team (48:27) Finding and Hiring Talent (50:36) Building an Editorial Content Operation (53:39) International Marketing Strategies (56:41) The Role of Events (1:01:48) Memes and Crypto Culture (1:04:57) Conclusion As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
Everything Stablecoins: Big Picture, Deep Dive 1:08:58

לפני 10 ימים1:08:58

1:08:58

with @cdixon @SamBroner @rhhackett Stablecoins are quietly transforming how money moves — faster, cheaper, and more globally than ever before. In this episode, we take a deep look at why stablecoins have emerged as one of the most promising applications in crypto today — and how they could reshape global payments. I’m joined by Chris Dixon, founder and managing partner of a16z crypto and author of the New York Times -bestselling book Read Write Own , and Sam Broner, a deal partner at a16z crypto who focuses on stablecoins. Together, we unpack the technical and regulatory foundations of stablecoins, explore the cracks in the current payments system, and look ahead to what becomes possible once digital dollars go mainstream. We also dig into the current state of regulation — and why the future of money might end up looking a lot more like email or the web than a bank. Check out the show notes for links and resources that we reference throughout this episode. Also be sure to listen to the episode we dropped just before this one where we analyze all the recent stablecoin news. Timestamps: (0:00) Introduction (1:45) Payments, Finance, and the Internet (4:03) The Promise and Potential of Stablecoins (9:02) Global Financial System and Its Shortcomings (11:29) The WhatsApp Analogy (15:38) The Read Write Own Thesis (19:15) The Power of Blockchains (21:06) Venmo's Business Model (23:17) Stripe's Opportunity (25:11) Backwards Compatibility (Like Skype) (28:13) The Role of Stablecoin Regulation (34:36) Political Realities (vs. Big Banks) (38:11) The Business Implications of Stablecoins (40:31) The Stablecoin Investment Paradox (47:07) Why Blockchains? (51:11) Tech Marketing: Words vs. Products (54:28) What Happens Next (57:26) Global Demand for Stablecoins (59:37) Learning from the Past (1:05:06) Conclusion Links to related resources: A guide to stablecoins: What, why, and how by a16z crypto editorial (a16z crypto, April 2025) Stablecoins: Payments without intermediaries by Chris Dixon (a16z crypto, April 2025) The month fintechs embraced stablecoins by Sam Broner (a16z crypto, May 2025) What Stripe's acquisition of Bridge means for fintech and stablecoins by James da Costa and Sam Broner (a16z crypto, April 2025) How stablecoins will eat payments, and what happens next by Sam Broner (a16z crypto, December 2024) A useful framework for understanding stablecoins: Banking history by Sam Broner (a16z crypto, November 2024) Read Write Own: Building the Next Era of the Internet by Chris Dixon (Random House, January 2024) A Piece of the Action: How the Middle Class Joined the Money Class by Joe Nocera (Simon & Schuster, October 1994) All about airdrops [podcast] by Eddy Lazzarin, Daren Matsuoka, Andrew Hall, and Robert Hackett (a16z crypto, April 2025) As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
All the Stablecoin News: Stripe, Visa, Coinbase, Circle, More 24:24

לפני 11 ימים24:24

24:24

with @rhhackett @smc90 @DarenMatsuoka @SamBroner Welcome to web3 with a16z, a show about the next generation of the internet. I'm Robert Hackett. There has been a flurry of stablecoin news lately, so we're doing a special bonus episode to cover everything that's been going on. Sonal and I are joined by a16z crypto’s Data Science lead Daren Matsuoka who shares the actual data behind the stablecoin trend. Then we have Sam Broner — who is a Deal Partner here and our frequent author on stablecoins — to analyze the news, and help highlight the signal versus the noise. Here's a selection of the news: USDC issuer Circle filed to go public on the New York Stock Exchange Coinbase released an agentic payments standard with support for stablecoin payments Visa and Mastercard enhanced stablecoin support Stripe announced stablecoin financial account balances , a programmable stablecoin (via Bridge), a stablecoin-backed card , and more Meta is reportedly in talks to introduce stablecoins as a means for payouts And much more We also have one of our regular episodes covering the broader stablecoins trend and big picture , dropping separately in the feed, also with Sam and a16z crypto Founder Chris Dixon, so be sure to check that out next. Timestamps: (0:00) Introduction (1:30) Stablecoin Data Overview (3:55) Stablecoin Adoption and Infrastructure (4:24) Market Share of Issuers and Blockchains (6:10) Stablecoin Growth vs. Crypto Market Cycles (7:45) Stablecoin News and Developments (9:44) Fintech Embraces Stablecoins (12:44) Legacy Payment Systems vs. Stablecoins (17:04) The Future of Stablecoins and Open Networks (22:11) Conclusion Links to related resources: Everything stablecoins: Big picture, deep dive with Chris Dixon, Sam Broner, and Robert Hackett (a16z crypto, May 2025) A chart of stablecoin usage growth vs. crypto market cyclicality (@DarenMatsuoka on X) The month fintechs embraced stablecoins by Sam Broner (a16z crypto, May 2025) What Stripe's acquisition of Bridge means for fintech and stablecoins by James da Costa and Sam Broner (a16z crypto, April 2025) A guide to stablecoins: What, why, and how by a16z crypto editorial (a16z crypto, April 2025) As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
Quantum Computing: What, When, Where, How 1:15:13

לפני 17 ימים1:15:13

1:15:13

with @danboneh @succinctJT @smc90 This episode is all about quantum computing -- what it is, how it works, what's hype vs. reality, and how to prepare for it/ what builders should do. Specifically, we cover: What quantum computing is and isn't, and what people are really talking about when they worry about a quantum computer that can break cryptographic systems that are not secure against quantum attacks. When is it happening/ what are the "timelines" for quantum computing becoming a reality -- or rather, when could we have a cryptographically relevant quantum computer -- how many years away are we? and when are the U.S. government's deadlines/ NIST standards for post-quantum cryptography? How will different types of cryptography be affected, or not? What are different approaches and tradeoffs? Where does quantum computing and post-quantum crypto apply to blockchains -- which by and large rely on signatures, not encryption, so may be more quantum-resistant in many ways (and not in others)... As always, we tease apart the signal vs. the noise in recent "science-by-press release" corporate quantum-computing milestone announcements. We also help answer questions on when do builders need to plan their switch to a post-quantum crypto world, what pitfalls to avoid there (hint: bugs! software upgrades!). Finally, we briefly cover different approaches to post-quantum crypto; and also dig deeper on zero-knowledge/ succinct-proof systems and how they relate to post-quantum crypto. Our expert guests, in conversation with Sonal Chokshi, are: Dan Boneh , Stanford University professor and applied cryptography expert and pioneer; also Senior Research Advisor to a16z crypto; Justin Thaler , research partner at a16z, professor at Georgetown, and longtime expert and pioneer in interactive and ZK proof systems. SEE ALSO: Post-quantum blockchains by Valeria Nikolaenko more resources + papers on topics mentioned: A Graduate Course in Applied Cryptography by Dan Boneh and Victor Shoup [see also ] Proofs, Arguments, and Zero-Knowledge by Justin Thaler LatticeFold+: Faster, Simpler, Shorter Lattice-Based Folding for Succinct Proof Systems by Dan Boneh and Binyi Chen Neo: Lattice-based folding scheme for CCS over small fields and pay-per-bit commitments by Wilson Nguyen and Srinath Setty "Q-Day Clock" from Project Eleven -- public dashboard to visually track timeline for quantum computing to reach cryptographically relevant capabilities and break widely used encryption algorithms on hard forks for quantum emergencies Quantum analysis of AES , Kyungbae Jang, Anubhab Baksi, Hyunji Kim, Gyeongju Song, Hwajeong Seo, Anupam Chattopadhyay The Google Willow Thing by Scott Aaronson FAQs on Microsoft’s topological qubit thing by Scott Aaronson Microsoft’s claim of a topological qubit faces tough questions , American Physical Society As a reminder, none of this is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information including a link to our investments.…

web3 with a16z crypto

1
Your Guide to Tokens: Types, Design, Uses, More 1:41:36

לפני 4 weeks1:41:36

1:41:36

with @eddylazzarin @skominers @milesjennings @rhhackett Today we're diving deep into *the* defining concept in crypto: tokens. We're moving beyond conventional categories — like “governance tokens” or “utility tokens” or even “memecoins” — to present a full taxonomy that details what tokens are, what they aren’t, and what they're capable of becoming. Questions we'll explore include: What is a token? Is it a form of money? A piece of data? Something else? How many types of tokens are there — and who is in control of each? And how should we think about their actual economic, legal, and technical characteristics? We'll also dig into different token designs and their uses; where tokens derive value from; how they jibe with securities laws; and much more. In this conversation, you’ll hear from several experts on the a16z crypto team who have developed a new 7-part framework for classifying tokens , which you can find linked below. Joining us are the coauthors: Chief Technology Officer Eddy Lazzarin, General Counsel and Head of Policy Miles Jennings, and Research Partner Scott Kominers, who is also a Professor at Harvard Business School where he teaches courses on market design and entrepreneurship. Check out the resources below for a flowchart that we’ll also be referencing throughout this episode and that will be helpful as we wend our way through the token idea maze. Timestamps: (0:00) Introduction (3:28) The Evolution of Token Terminology (6:19) Classifying Tokens: Economic, Legal, and Technical Dimensions (8:37) Moving Beyond “Governance Tokens” (12:05) Inherent Value: The Memecoin Debate (15:35) Company-Controlled Tokens: Risks and Realities (31:33) Arcade Tokens: Stability and Utility (46:00) The Power of Blockchain Interoperability (49:34) Shared Rewards and Loyalty Programs (59:19) Asset-Backed Tokens and Their Mechanisms (1:08:23) Collectible Tokens and Their Uniqueness (1:14:31) Network Tokens: The Future of Decentralized Marketplaces (1:31:03) Regulatory Challenges and "Lawyer Tokens" (1:36:57) Final Thoughts and Future Prospects Resources referenced in this episode: 7 canonical tokens, defined [see flowchart] by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto newsletter, March 2025) Defining tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025) Network tokens vs. company-backed tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025) Defining decentralization: It comes down to control by Miles Jennings (a16z crypto, February 2025) Read Write Own: Building the Next Era of the Internet by Chris Dixon (Penguin Random House, January 2024) The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create by Steve Kaczynski and Scott Duke Kominers (Penguin Random House, January 2024) As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
AI and the End of Apps (with NEAR) 1:02:18

לפני 6 weeks1:02:18

1:02:18

with @ilblackdragon @rhhackett Welcome to web3 with a16z . I’m your host, Robert Hackett. In this episode, we're diving deep into one of the most intriguing intersections in tech today: AI and crypto. To help us unpack it, we're joined by Illia Polosukhin — co-founder of the crypto protocol NEAR and co-author of the groundbreaking 2017 "transformers" paper that kicked off the current AI boom. Ilia has been early to some of the biggest recent tech trends, and today he brings us a rare, panoramic view of the tech industry’s cutting edge. Together we explore what the phrase “user-owned AI” really means; why the so-called agentic internet — that is, a world where your AI assistant talks directly to services on your behalf — might replace the very notion of websites and apps as we know them; and much more. Timestamps: (0:00) Introduction (3:40) Centralization and Challenges of AI (6:17) "User-Owned" AI (12:14) Confidential Computing and AI (17:51) The Birth of Transformers (22:33) NEAR AI and Crowdsourcing (27:56) AI Agents and Future Applications (31:04) The End of Websites and Applications (34:08) Dead Internet Theory & Distinguishing Humans (41:49) Open Source vs. Open Weight Models (43:48) Geopolitical Implications of AI (46:55) NEAR Protocol and Blockchain Scaling (59:29) The Role of Humans in an AI World Resources: Attention is all you need by Vaswani et al. (Conference on Neural Information Processing Systems 2017) As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
All About Airdrops 1:02:00

לפני 7 weeks1:02:00

1:02:00

with @eddylazzarin @DarenMatsuoka @ahall_research @rhhackett Welcome to web3 with a16z . I’m Robert Hackett. Today we’re talking about one of the most familiar — and most misunderstood — mechanics in crypto: the airdrop. We’ll explore the history of airdrops in and outside crypto, the challenges of incentive design, and learnings from airdrops to date. We’ll also answer questions like how do you avoid Sybil attacks and professional airdrop farming? Should your drop be big or small, one-time or ongoing? And what happens when AI agents enter the mix? To break it all down, we’re joined by: a16z crypto’s Chief Technology Officer Eddy Lazzarin; a16z crypto Data Science Partner Daren Matsuoka; and a16z crypto Research Consultant Andrew Hall, who is also a Professor of Political Economics at Stanford’s Graduate School of Business. Whether you're planning a token launch, looking for token rewards, or just curious why airdrops have become such a powerful mechanism in crypto — this episode is for you. Timestamps: (0:00) introduction (1:42) what is an airdrop? (6:27) tokens vs traditional equity (8:49) incentive design challenges (15:18) origins from credit cards to crypto (17:14) Optimism airdrop case study (23:09) NFT market learnings (28:32) Sybil resistance and verifying humanity (33:04) Uniswap airdrop and beyond (36:35) AI agents and the future of airdrops (40:33) connection to performance reviews (45:30) token vesting and volatility (49:08) experimentation vs. best practices (59:20) Batesian mimicry Resources: Research into how airdrops can increase user retention [Optimism Collective forum; January 2025] Effects of Optimism airdrop 2 on governance participation [a16z crypto; June 2024] One From Many: Visa and the Rise of Chaordic Organization by Dee Hock [Berrett-Koehler Publishers; October 2005] How the '9-Box' talent review system can make or break your career [Forbes; March 2024] Batesian mimicry [American Museum of Natural History; July 2023] As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

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Congestion Pricing? Economics, Theory, Reality 57:31

לפני 8 weeks57:31

57:31

with @mostrovs @skominers @rhhackett Welcome to web3 with a16z . I’m your host Robert Hackett, and today we’re talking about congestion pricing — an area of mechanism design that’s aimed at alleviating something everyone hates: traffic. Now you may have heard this term recently since New York adopted its own version of congestion pricing at the beginning of the year. This is the first program of its kind in the U.S. — and it’s got supporters and detractors. We’ll talk about that, and we’re also going to talk about much more. In the first part of today’s episode we’ll trace the history of the economic ideas that got us here. In the middle, we’ll dig deeper into the details of putting congestion pricing into practice, plus technological alternatives. And in the final part, we’ll explore parallels to — and implications for — crypto networks. Our guests are Michael Ostrovsky, a Stanford Economics Professor who specializes in this area and who has done research on congestion pricing in New York. We’re also joined by a16z crypto Research Partner Scott Kominers, who is a Professor of Business Administration at Harvard Business School where he teaches market design and entrepreneurship. Timestamps: (0:00) introduction (1:51) NYC proposal history (3:38) economic theory of congestion pricing (9:15) implementation: challenges and solutions (26:00) technological alternatives and drones (29:49) overnight delivery and other possibilities (35:20) carpooling and how to encourage it (39:34) congestion pricing and crypto (47:59) lessons for blockchains Resources: Michael Ostrovsky's paper on congestion pricing in New York City (from before the launch, foreseeing its issues): https://web.stanford.edu/~ost/papers/nyc.pdf Michael Ostrovsky's thread that went viral on X shortly after the debut of congestion pricing in New York, discussing the post-launch evidence, his team's data collection efforts, and the link between observed data and predictions in the above paper: https://x.com/mostrovs/status/1876798157595476420 Two of Ostrovsky's earlier theoretical papers on the topic: (1) https://web.stanford.edu/~ost/papers/complementarity.pdf , (2) https://web.stanford.edu/~ost/papers/sdc.pdf Economist William Vickrey's influential paper on congestion pricing: Vickrey, W. S. (1969). Congestion theory and transport investment. American Economic Review 59 (2), 251–260. https://matthewturner.org/ec2410/readings/Vickrey_AER_1969.pdf As a reminder, none of the content should be taken as tax, business, legal, or investment advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

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You Better Have a 30-Year Goal (with Eigen Labs) 1:15:09

לפני 9 weeks1:15:09

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Welcome to web3 with a16z . Today we’re talking about a founder’s journey from academia to the tech startup world — and the many lessons he’s learned along the way. We dig into big ideas, like what people mean when they call blockchains "truth machines." We also share practical advice and insights, like how to go about deciding on your life’s work; what you can do to keep increasing — and compounding — your leverage; plus, how a bungled interview question can change your life. Today’s episode features a conversation between Eigen Labs Founder Sreeram Kannan, formerly an associate professor at the University of Washington where he led its Blockchain Lab, and a16z crypto General Partner Ali Yahya. This conversation originally took place in the fall at our CSX crypto startup accelerator in New York. If you like what you hear, subscribe to the a16z crypto YouTube channel for this video and many others like it. Timestamps: (0:00) introduction (1:25) open innovation (4:08) evolution of blockchain technologies (12:34) journey from academia (16:00) one of the best life lessons (19:40) impact of network information theory (24:31) activation energy and moving earth (29:13) building a trust network (36:20) blockchains as commitment engines (45:17) Q&A (45:57) the power of narrative (52:19) restaking and the memetic sphere (56:01) two approaches to problem solving (59:53) startup focus and exponential games (1:04:56) professor coins (1:09:03) win-win or no deal (01:13:59) conclusion As a reminder, none of the content should be taken as tax, business, legal, or investment advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

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Blockchain Performance, Demystified 30:18

לפני 10 weeks30:18

30:18

with @SashaSpiegelman @Tim_Roughgarden @rhhackett Welcome to web3 with a16z. Today we’re talking about the ins and outs of blockchain performance. How does the “speed” of one chain compare to another? What are the tricky ways that people talk about important metrics like throughput and latency? And how do design choices across things like consensus and execution result in performance tradeoffs? Our guest today is Aptos Labs’ Head of Research Sasha Spiegelman, who is helping build out and develop technologies he originally co-created at Meta. We’re also joined by a16z crypto Head of Research and Columbia University professor Tim Roughgarden, who specializes in the intersection of computer science and economics, which is fitting as we dig into technical details throughout. Timestamps: (0:00) introduction (2:48) understanding blockchain metrics (7:59) consensus protocols: PBFT and beyond (14:56) innovations from Meta’s Novi to Aptos (20:51) optimizing blockchain execution (with BlockSTM) (25:23) tech debate: dynamic vs. static parallelism (27:55) open source and the prisoner’s dilemma (29:15) conclusion *** As a reminder, none of the content should be taken as tax, business, legal, or investment advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
Inside the Biggest Heist 44:12

לפני 11 weeks44:12

44:12

with @mg_486662 and @rhhackett Welcome to web3 with a16z. I’m Robert Hackett and today we’re talking about what is potentially the biggest heist of all time — a hack of the Dubai-based crypto exchange ByBit which took place last month for a total of $1.5 billion and which the Federal Bureau of Investigation has attributed to a North Korean state-sponsored hacking group. In this episode, we cover details of how the attack went down, the state of crypto security across different types of wallets and organizations, and what you can do to help protect yourself from similar attacks. We’re joined by Matt Gleason, a security expert at a16z crypto, whose excellent write-up of the incident you can find below. We’ve also included an FBI PSA about the hack and other useful links as well. Resources: Breaking down the ByBit hack: Lessons to learn from crypto’s largest heist [a16z crypto; March 2025] North Korea responsible for $1.5 billion ByBit hack [FBI; February 2025] Learn THIS so you don't lose $50M | Multi-sig (Safe) Hardware Wallet Verification [Patrick Collins on YouTube; January 2025] As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
Creativity Across Industries, with Uniswap & KidSuper 35:22

לפני 12 weeks35:22

35:22

with @haydenzadams @kidsuper @smc90 This episode involves a special mix of guests: Hayden Adams, founder and CEO of Uniswap Labs , and inventor of the Uniswap Protocol a leader in decentralized finance (DeFi); they recently announced Unichain; and Colm Dillane, the multimedia artist behind fashion brand KidSuper , CFDA award winner who has his own Warhol Factory-like creative studio and space; Dillane started out selling t-shirts in his highschool cafeteria, and then went on to present his collection at Paris Fashion week — and has also done creative campaigns for iconic brands from Louis Vuitton and Mercedes Benz to Puma and Converse ...in conversation with editor in chief Sonal Chokshi. The conversation originally took place at our Founder Summit (October 2024) but is more relevant than ever as the crypto industry focuses on mainstream applications and users . It covers: industry jargon, to making technology not just more broadly available but more culturally and socially understood the power of naming, including the origin story behind the unicorn and Unisocks and more the difference between marketing vs. spectacle the power of early community and what it means to expand to new users vs "sell out” drops -- “airdrops” in crypto; drops in fashion (a la Supreme), and just product launches in general We also touch on some questions and issues around open source, including forking and copying -- good or bad? -- and whether a collective can actually do good design. The theme throughout is about innovating vs. stagnating -- learning from different industries and places; trying (unexpected) new things, even when there may not be a clear business case up front, and much more. As a reminder: None of the following should be taken as business, investment, legal, or tax advice; please see a16z.com/disclosures for more important information.…

web3 with a16z crypto

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Where AI x Crypto Converge 40:50

לפני 13 weeks40:50

40:50

Welcome to web3 with a16z, today we’re running a special episode about the intersection of AI and crypto. Our guests are a16z crypto Founder and Managing Partner Chris Dixon & a16z Growth General Partner David George. They discuss the broken economics of the internet, new models for creative people, how to think through the first-, second- and third-order effects of big platform shifts, and more. Today’s episode is a crossover from a16z’s AI Revolution conversation series — and it’s especially timely as the paperback edition of Chris Dixon’s bestselling book Read Write Own goes to print. Check out the show notes for links to those and more. Watch the video here Read the transcript here See more from the AI Revolution conversation series here Check out Chris Dixon's book Read Write Own here As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
Why blockchains need privacy 40:54

לפני 16 weeks40:54

40:54

with @1HowardWu @SuccinctJT @rhhackett Welcome to web3 with a16z. Today’s show is all about privacy, why it matters, and how to achieve it technically onchain. It's fair to say that many blockchains today are quite… revealing. But that openness and transparency doesn’t work for everything — who would want anyone to have full-on X-Ray vision into your finances? That’s one reason why there’s been a growing appreciation for — and trend toward — more blockchain privacy. Our guest today argues that there are many other reasons you might want some secrecy too, including a whole host of onchain applications and uses that only become feasible when you have a notion of privacy. That guest is Provable Cofounder and CEO Howard Wu who helped invent the protocols behind and build Aleo, a privacy-focused blockchain network. Wu joins a16z crypto Research Partner Justin Thaler, who is also a computer scientist at Georgetown University (as well as the brains behind the cutting-edge, open source zkVM Jolt ), plus me, your host, Robert Hackett. The first voice you’ll hear is mine, then Howard’s, then Justin’s. As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

web3 with a16z crypto

1
How This Foodie Founder Is Revamping Restaurants 1:00:03

לפני 17 weeks1:00:03

1:00:03

with @benleventhal @AriannaSimpson Welcome to web3 with a16z. How many of you are regulars at a favorite cafe, bar, or dinner spot? Probably a lot of you — but if you’re not, well, our guest today aims to make you one. This episode features Ben Leventhal — the founder and CEO of BlackBird, and formerly the founder of Resy and Eater. In it, he shares his journey as a serial entrepreneur in conversation with a16z crypto General Partner Arianna Simpson. Ben shares hard-won lessons learned in company-building, including navigating in wartime; the difference between measuring vs feeling when it comes to defining success; and more. Today’s conversation originally took place in the fall at our CSX Crypto Startup Accelerator in New York. We're currently accepting applications for our next cohort in the spring in San Francisco. Visit a16zcrypto.com/csx for more information and to apply. As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.…

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