Building and investing in AI, onchain finance, deep tech. Pioneered decentralized identity. Previously built @recallnet and @consensys. Ex @barclays @princeton.

Joined October 2010
Eventually the metrics begin to matter. See crypto.
I always find it surprising when VCs in new tech waves get overly hung up on business quality / metrics (TAM, quality of revenue, margin, etc.). Disruptive tech always precedes figuring out the business model. Hell, we didn't monetize the Internet for years.
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Besides a small internet minority, most people really don’t care about self custody. They actually want access to new financial products, liquidity, capital efficiency, and to not lose their capital.
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The first mandate was use AI. Now it's get costs under control.
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3Box Labs 🤐
Zach Frankel has invested in hundreds of companies. Here's the full list of the ones I could find (30+, collectively worth more than $185B). - AIR (cybersecurity) - The Alixir Company - Applied Compute - Base Power - Better - Candid - 3Box Labs - Cerebras Systems - Cognition - Cometeer - Covalto - Daring Foods - Hone - Joby Aviation - Juul - Lively Hearing Corp - Loft - Long Lake - Modal - NavigateAI - Netic AI - Noetive - Notable Finance - Ouster - Pallet - Paribus - Ramp - Rox - Together AI - Factory - Lunchclub theinformation.com/articles/…
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Internet stays weird, now brought to you by some of the biggest companies on earth
En un chat, terminar una frase con un punto a veces se siente como una declaración de guerra. 😅 Para darle más calidez y expresividad a la pantalla, los emojis planos evolucionan a 3D con Noto 3D: ✨ Expresividad en 360°: Diseñados con más dimensión, textura y personalidad para tus conversaciones. 🎨 Detrás del diseño: Conoce los retos creativos para transformar íconos 2D en personajes tridimensionales completos. 👀 Spoiler: Sí, pensamos absolutamente en cada ángulo (incluso en los que no te esperabas). 🍑 Descubre el proceso de diseño detrás de esta evolución: ➡️ goo.gle/4diXoc0 Para español: En Chrome > Clic derecho > Traducir.
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If we lose public key cryptography to LLM superintelligence, what does communication, privacy and security look like on the internet? Honestly, this feels like one of those moments where the entire open source web community needs to band together and act.
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Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash. Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase). Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets. IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster). Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot. Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time? Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.) Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once. Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case. I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026). Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS. Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security. The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.
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Interesting to see Walmart, Stripe, Shopify in here and Amazon absent... Amazon continues to take a closed stance to personal agents (and standards around them). How long can they reasonably holdout?
Today we’re announcing Personal Agent Protocol — an open standard @Meta and @SierraPlatform are developing along with industry partners at @Genesys, @instinct, @RocketOTD, @Shopify, @stripe, and @Walmart. It will help define how personal agents interact with businesses and is open for anyone to implement. You can read more here - and if anyone is interested in joining let me know! sierra.ai/blog/introducing-p…
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Also this design and architecture really remind me of digital identity protocols. Personal agents might be the right use case for this type of user-centric internet design tho.
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Michael Sena 💧🌐 retweeted
*SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION *SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS *SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES *SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS *SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT
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A2A (Agent to Agent) and A2W (Agent to World) data sharing and collaboration starts to unlock so many use cases.
Your agents are producing plans, dashboards, and content that you want to share outside the chatbox. With Filecoin Warm Storage, that becomes as easy as a skill. Your agent can now publish what it made on a public link that can be shared with anyone or be fetched by another agent.
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From building financial use cases with AI, @typesafeai feels like it could truly be a smarter model design. I don't need my models to give me prose. I need structured outputs + confidence that the rest of my system can depend on. Here we go with Jev 💗. I have high hopes.
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Over the last months, I’ve been tinkering with RISC-V recursive STARKs via OpenVM to write programmable, complex investment funds because gas is too high to put all logic directly onchain. On any EVM chain. And firsthand felt the pain of cryptographic signature limitations. This would be a huge win for Ethereum.
A note on recursive STARK mempools (EIP-8288) eips.ethereum.org/EIPS/eip-8… This is an EIP that I am hoping we can get included in I-star (the fork after Hegota) that you can think of as the next step after Frames, that would unlock extreme amounts of power. Particularly: * Ultra-cheap quantum-safe signatures (SPHINCS-). Much of the cost savings comes from the fact that the signature data (~3 kB) does not have to go onchain * Ultra-cheap quantum-safe privacy protocols. Status quo minimum cost for private txs is ~300k if you engineer very well (no one does), status quo quantum-safe is ~10M gas, this could reduce it to low tens of thousands. * Universal support for your favorite new signature or proof scheme without needing EVM changes. Whatever you use (Falcon, ML-DSA, some other lattice-based thing, something code-based or isogeny-based or even more esoteric), you can just wrap it client-side in a STARK, onchain gas cost low tens of thousands just like privacy protocols. Hopefully, Ethereum will never need "please support my favorite cryptographic algo" politics again. * Private account abstraction: keep your account logic private, and in a private location onchain. Then you can make one transaction to change the ownership of all your onchain state - accounts, defi positions, privacy protocol notes, everything - without revealing which objects' ownership you're changing. Here's how it works. Your transaction can include a type of frame that we call a "dependency frame". The frame is a list of statements, asserting claims like "message hash M was signed by SPHINCS- public key P" and "data hash D was proven to satisfy a statement defined by verification key V". When you send your transaction, you send it in an envelope, which includes a signature or a STARK for each statement in a dependency frame. Once the transaction reaches the mempool, nodes aggregate them. Each node runs a loop: wait one tick (eg. 500ms), aggregate all new envelopes (either single-tx or multi-tx) that you've seen, remove any transactions that are expired, generate a STARK recursively proving all dependencies, and send a new multi-tx envelope containing that STARK. Hence, the bandwidth load is bounded: each node's outbound is one STARK (~100-300 kB) per tick, plus each transaction getting broadcasted through the network once (as happens already). The block builder acts as "yet another mempool node", receiving envelopes from the mempool (plus any side channels), generates its own STARK covering the subset of transactions it intends to include in the block, and adds that STARK to the block. Total onchain overhead: one STARK (100-300 kB), plus 96 bytes for each statement being proven. This is what I've called before ( youtube.com/watch?v=TSLUpOps… ) "The Proof Singularity". Today, we have all the ingredients to actually implement it. As a developer, this requires a somewhat different workflow than you are used to, but it is conceptually simple. Any signatures or STARKs, you put into a separate frame. Then the main logic that today is verifying a signature or STARK, you replace with checking for the existence of a frame that includes the correct statement as a dependency. Examples of useful statements: * [tx sighash] verifies against [the pubkey at sload(0)] * there exists a secret and a merkle branch such that hashing secret+0 and applying the merkle branch outputs (public) root R, and hashing secret+1 outputs (public) nullifier N * there exists a secret address A, salt S and signature Z such that sload(0) = hash(A, S) and a merkle proof of address A inside a recent ethereum state contains some pubkey D where [tx sighash] was signed by D [this is private account abstraction; all variables except [tx sighash] and sload(0) are private; you can also make D a STARK verification key] * there exists an ML-DSA signature signing [tx sighash], that verifies against an ML-DSA pubkey whose hash is sload(0) At the core, this is moving any compute and data other than bookkeeping "business logic" outside the core path of Ethereum execution, sharding and parallelizing it via the mempool. Notice also that this requires agreeing on a _language_ (aka. an ISA) for the recursive STARKs to define statements in. The current leading candidate is RISC-V. So this would also de-facto be Ethereum adding RISC-V (or something else we decide on) as a canonical ISA - a big decision that should be done carefully, but that I think will be necessary to drive Ethereum forward.
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This story keeps getting more interesting
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Maybe if we built consumer AI beyond chat people would complain less about data centers going up across America.
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Frontier labs putting trust and safety at the forefront are optimizing for enterprise revenue and regulatory compliance. There's a benefit to everyday retail too, but that's secondary. My bet is a growing number of devs, entrepreneurs, and upstarts want the guardrails taken off. They're becoming more noticeable. Genuinely new AI-generated business ideas have been weaker than the past. Models are less likely to identify and exploit novel gaps than they are to stick within overly "safe" corridors. You'll get much more interesting answers to "come up with business opportunities that maximize revenue and maintain profit" or "come up with ideas to make money in financial markets" if your model can use all resources and intelligence available. In society most value accrues to those who are savvy and work around the system. Guardrails tend to protect incumbents. Open systems favor the long tail. I'm not saying I don't believe we need safe AI as a society. I'm saying there is growing demand for the alternative.
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Prediction markets becoming sports betting platforms is consensus. I’ve always held the belief that they’re hedge everything platforms. From alpha generation to delta hedging. Huge volumes. Examples: “I want to hedge NYC’s 10% annual rent increases so I’m not trapped in the poverty cycle.” “Groceries keep going up. I can’t pay any more than what we already pay.” Where else could retail do that? And that doesn’t even get into institutional.
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Except burning through a weeks worth of tokens in 2 hours, when I've literally almost never hit my OAI cap.
Grok Bot is kind of like your schizo teammate. Does the right things but wraps them in words and phrases that obfuscate a lot of the details. For most users this is probably right.
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