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Emin Gün Sirer Profile picture
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1 Dec, 4 tweets, 1 min read
We are seeing a quiet transformation in finance from manual audits to code audits, from checking the math, to checking the algorithms.
Today's code auditing firms will be the Price-Waterhouse-Coopers of tomorrow.
This transformation is going to be nothing short of amazing. Instead of checking every instance of every accounting book, we need only check the smart contracts, once.
Some of today's scrappy little audit shops will push aside the big accounting behemoths, or will be incorporated into them. This will not be overnight -- will probably take a decade or more. But the time has come for accounting to enter the new millennium.

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More from @el33th4xor

Emin Gün Sirer Profile picture
22 Nov
I can no longer keep track of all the DeFi hacks. They seen to happen at the same speed as the underlying chain.
threadreaderapp.com/thread/1330233…
A lot of the hacks happen due to bad interactions between DeFi components. For instance, a component like Uniswap/Sushi/Compound/etc think a certain routine, provided by an ERC-20, does something, but that routine ends up attacking the calling component instead.
At its core, this is a problem stemming from inability to reason about code, specifically code that implements basic functionality such as assets, wallets, multisigs, etc.
Read 10 tweets
Emin Gün Sirer Profile picture
17 Nov
Crypto is witnessing a watershed moment. For the first time, it is being considered an enduring, fundamentally new asset class by mainstream.

#Bitcoin is leading the rally right now, with new money coming in from funds that allocate a small percent of their holdings to crypto.
This is exactly as predicted. The Paypal announcement and the Square disclosures, for example, are clear indicators of this trend. The stage was set by the economic stimulus packages, in the US and abroad, which first went into stocks, then started looking for alternative assets.
Stocks prices currently bear little resemblance to reasonable estimates of the "future money flows from the economic activities of the underlying companies." In that sense, stocks came to approximate crypto by decoupling from fundamentals, and crypto started looking attractive.
Read 14 tweets
Emin Gün Sirer Profile picture
14 Oct
I cannot believe that Crypto Twitter is still hopelessly confused about "weak subjectivity."
Every now and then, a community convinces itself of a wrong thing, or worse, it adopts a mental framework that is hopelessly confused and leads to brain fog. This is one of those instances.
Remember how CT thought, for the longest time, that PoW and PoS were two consensus protocols, and that they were the two kinds of consensus protocols that existed?

threadreaderapp.com/thread/1006931…
Read 20 tweets
Emin Gün Sirer Profile picture
29 Sep
Today marks the first week anniversary of the birth of #Avalanche. I want to quickly recap where we are, what we’ve been up tin that first week, and what we’re planning to do.
With Avalanche, we’ve innovated at every level of blockchain networks. Foundationally, with a breakthrough in consensus protocols, and then continuing, layer-by-layer, to evolve areas like network and virtual machine models that other projects had skipped over.
In doing so, we built the first smart contracts platform that delivers sub-second finality, supports the entirety of the Ethereum virtual machine and development toolkit, and enables up to millions of independent validators to participate as full, block-producing nodes.
Read 12 tweets
Emin Gün Sirer Profile picture
17 Sep
September 21st will mark the beginning of a new era for cryptocurrencies, blockchains, and decentralized applications, as we launch @AvalancheAVAX to the world: medium.com/avalabs/ready-…
Avalanche aims to follow in Satoshi’s footsteps to have the same, defining impact as we stand on the cusp of a new decade. It will create a market structure driven by velocity, efficient use of capital, and innovation in new products & services that aren't possible today.
It is the first smart contracts platform that delivers sub-second transaction finality, supports the entirety of the Ethereum virtual machine and development toolkit, and enables up to millions of independent validators to participate as full, block-producing nodes.
Read 4 tweets
Emin Gün Sirer Profile picture
11 Sep
Everyone is talking about the sushi drama.

To me, the whole saga simply underscores just how young and immature the space is.
A simple Litmus test for all coin news is simply the following:

Is this thing that's getting a lot of airtime taking the space forwards, backwards, or down into a ravine?
It's pretty clear that Sushi brought little value and hollowed out a bit of Uniswap, a great project, without actually making the space tangibly better. Its one benefit may be to underscore the need to protect one's intellectual property.
Read 5 tweets

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