Blockchain From First Principle

Every week, we break down, reconstruct, and summarise Blockchain, Crypto, and Web3

[Yano 🟪 @JasonYanowitz]

Sending USDC

UX still sucks, normies will panic at these options. And I don't understand why Arbitrum and Optimism are slower than Ethereum.

Need to make this better for ∼mainstream adoption∼

[The Block @TheBlockCo]

MetaMask introduces Ethereum validator staking feature, powered by Consensys https://t.co/G1ygsUslzH

[Mustafa @digitalmustafa]

Jeff Bezos's inaugural shareholder letter truly sets the stage for Amazon's future. It's not just a lesson in smart business strategy; at its core, the letter is a profound manifesto on customer-centricity

What stands out is Bezos's focus on solving real problems for customers, rather than just pushing products

In his first shareholder letter, written in 1997, Bezos stated:

“This is Day 1 for the Internet and, if we execute well, for Amazon. Today, online commerce saves customers money and precious time. Tomorrow, through personalization, online commerce will accelerate the very process of discovery. Amazon uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. Our goal is to move quickly to solidify and extend our current position while we begin to pursue online commerce opportunities in other areas. We see substantial opportunity in the large markets we are targeting. This strategy is not without risk; it requires serious investment and crisp execution against established franchise leaders. It’s all about the long term."

Truly, this is a masterclass in customer focused strategy

https://t.co/CYG3QyM3Gm

[The Block @TheBlockCo]

Most voters think U.S. presidential candidates should have an informed view on crypto, according to new Grayscale poll https://t.co/aLMwu2TBVK

[The Block @TheBlockCo]

BlackRock's proposed spot bitcoin ETF gets a ticker in latest filing with SEC https://t.co/9xsesSb1KS

[The Block @TheBlockCo]

ICYMI: Ripple approved as Virtual Asset Service Provider by Central Bank of Ireland
https://t.co/gLQYuAIP7c

[Blockworks @Blockworks]

NEWS: BlackRock has held three December meetings with the SEC so far

https://t.co/oGMAWBDYxX

[Mustafa @digitalmustafa]

This AI tool is just amazing, especially with its real time voice capabilities

It definitely brings back some memories of simpler times, but with an AI twist. It's fun trying it out!

Just wow!

https://t.co/2hL5KIeU1L

[Watcher.Guru @WatcherGuru]

JUST IN: Fidelity's Spot #Bitcoin ETF has been listed on the DTCC under ticker $FBTC.

[Bitcoin Magazine @BitcoinMagazine]

JUST IN: 🇺🇸 SEC had a meeting with Fidelity about its spot #Bitcoin ETF, discussing in-kind creation and redemption 👀

[cygaar @0xCygaar]

By now, you're probably heard about the exploit in several of ThirdWeb's contracts involving a popular open source library.

It's not the easiest exploit to understand so I'm going to provide:
- An explanation as if you were 5
- A more technical deep dive

Let's jump in 🧵:

[Mustafa @digitalmustafa]

Centralised databases act as attractive targets for cybercriminals, filled with critical data that is highly sought after for illicit sale on dark web markets

If we shift to a decentralized data model and distribute the information across users personal devices, there will no longer be a single honeypot to target

Targeting each user separately for their data becomes economically unviable for hackers

https://t.co/jRTUFMIGzl

[Ledger Insights @LedgerInsights]

JPM Coin works between customers of @jpmorgan

Now JP Morgan is live on @PartiorOfficial the interbank #blockchain payments network

https://t.co/NjojVyBx6b

[Mippo 🟪 @MikeIppolito_]

If you watch one thing today, make it this.

It feels like this video was made for me.

I'm confident it will for the entire generation of Millenials and Gen Z as well.

Powerful, stirring stuff.

[Mustafa @digitalmustafa]

#Tokenization is nothing but the next financial product wrapper!

But what if this is just the beginning of a larger product revolution in the finance?

As per Perez’s cycle of technological innovation, crypto will soon be transitioning from frenzy to synergy, integrating more with existing financial software and #RWAs onchain via tokenization

In the 1970s-1980s, Mutual funds came into existence as the first wrapper, followed by index funds

Then, in the 1990s and 2000s, we saw ETFs/ETPs emerge as value innovations, being listed on exchanges with higher tax efficiency and low management fees, and could be traded intra-day

Now, Tokenization emerges as the next wrapper. But does it provide an efficiency gain with savings in cost and time? The answer is yes, as evident from recent stats from FI's

Goldman Sachs Digital Asset Platform (GS DAP) achieved 15 bps in savings for its €100M digital bond issuance, which translates to an extra €150k return for the bond issuer

J.P. Morgan’s Onyx Digital Assets (ODA) is projecting $20M in savings on an expected $1T in tokenized repo volume by the end of 2023

Broadridge’s Distributed Ledger Repo (DLR) is saving sell side clients like Societe Generale $1M per 100k repo transactions

The structured finance servicing platform Intain reports 100 bps in savings by reducing SME loan lifecycle fees from 150 bps to 50 bps through Hyperledger and Avalanche

Vanguard is leveraging R3’s Corda to achieve straight-through processing, saving 100 hrs a week in labor

Liquid Mortgage has reduced Mortgage-Backed Securities (MBS) reporting from 55 days to 30 minutes on the Stellar

Although these efficiency gains are primarily focused on internal savings, we can expect a lot of unlocks in 2024 and beyond, once these use cases become widely active and provide full lifecycle management onchain

Onchain tokenization wrappers is the PMF FI's and crypto

[Mustafa @digitalmustafa]

Charlie Munger has passed away

Undoubtedly, he was one of the best to ever do it in the world of investing and also in life in general

In 2021, Munger famously described Bitcoin, the world's leading digital asset, as 'rat poison' and compared other cryptocurrencies to a type of 'venereal disease'

However, his wisdom in finance and life remains valuable. Here are a few quotes from Munger:

On Patience in Investing: 'The big money is not in the buying and the selling, but in the waiting.'

On Adaptability: 'The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.'

On Continuous Learning: 'Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts... At the end of the day, if you live long enough, most people get what they deserve.'

On the Importance of Learning: 'Those who keep learning will keep rising in life.'"

RIP!

[Michael Saylor @saylor]

#Bitcoin is Winning.

[Blockworks @Blockworks]

NEWS: Coinbase scores full Singapore license, following its Spain registration and retail futures access

https://t.co/uNMnQEz3Sy

[Mustafa @digitalmustafa]

Steve Jobs was a master at simplifying complex ideas!

He told people that computers are like bicycles for our minds; they help us think more and do more. He got this idea from a study by @sciam

If you want to read the original article, you can find it here: https://t.co/jrlgdbMZnY

Steve used this bicycle idea to help people understand what Apple was trying to do. He wanted everyone to see that Apple’s products wasn’t just machines; they were tools to help people work and create better

This simple idea was a clever way for Steve to talk about what Apple was making. He didn’t just talk about what the things could do or how much they cost. He talked about what people could do with them

This was super important when Apple was just starting out. It helped people, even those who didn’t know anything about computers, get what Apple products were and want to use them

Steve’s keep-it-simple idea has changed the way companies build and talk about their products, like how the iPhone and iPad are made and talked about. And companies are still learning from his way of thinking today

The manner in which companies discuss product marketing is equally crucial as the process of creating it—product development. This is particularly applicable to products that redefine our lifestyles and interactions few example (payments, tokenization, securitization, Identity and privacy etc.)

Some really cool and helpful products don’t get used because people don’t know how they work or why they're useful. Keeping it simple and showing people what they can do with it is the lesson from Steve’s bicycle analogy

It was true back then, and it’s still true now

[The Block @TheBlockCo]

ICYMI: Stablecoin issuer Circle weighs in on SEC case against Binance
https://t.co/nt7imrkFIe