I'm about to describe how the @Mattereum system integrates into Rarible and the rest of the NFT ecosystem, and how we're going to get gold bars online in Jan 2021, barring unforseen problems.

Here's the technical backgrounder thread if you're wondering...
So now we've got this handy Asset - a web of Fiat Contracts which take your money in exchange for the ability to enforce legally if this object is wrong.

*Now* we can mint an ERC721 for the object.

Here's the NFT. Here's the Asset Passport which defines the NFT. Can you buy it?
And let's be clear here: we're talking about *physical* delivery of a *physical* valuable asset, defined by *fiat* contracts, enforceable all over the world, off an ERC721.

This is deep, deep uncharted territory. This has never really been done before, not in a functional way.
So what we need: a reason to believe, that if we buy *this* ERC721, *that* bar of gold will turn up on our doorstep upon request

That's what it all boils down to: does buying <thing> on-chain result in <thing> showing up on my doorstep?

Or, for a house, becoming my doorstep?
So for this, we need a new kind of expert: we need a *custodian* who has physical control of the asset, and who has so much to lose that they will not screw you over for the price of this one asset.

Custodians have to have *mass*. They have to be a credible target for litigation
In crypto, you coud do this with an escrow account: Fred is a custodian because he's got $4m of ETH locked up somewhere, and he's charging fees for people to rent his collateral in smart contracts.

One day. Probably not by us.

Initially, we like *strong physical custodians*.
Now, strong physical custodians: let me cut to the chase.

Gold vaults. Diamond vaults. Bonded wine warehouses. Geneva Freeport.

We are talking about the kinds of places that show up in Ocean's $Count movies.

These are the kinds of facilities you can *script* using Mattereum.
Now pause for a second and take a breath.

What does it mean to *script* a wine warehouse with a smart contract?

You've got legal asset definitions in Asset Passports.

You insert money to recieve warranty cover.

One of those warranties covers physical delivery.

Then you buy.
The entity making the physical delivery guarantee - a legal promise - has to meet a few criteria.

1) they need to be large enough to hit with a lawsuit

2) they need physical custody of the asset

3) they need to be able to take an instruction which originates on the blockchain.
So that instruction? The tricky bit. Only a few of these places have APIs.

We've got a partner, who stores their gold, in a place which has an API for gold storage.

Soon you're going to see ERC721s tied to gold bars in $Vault, for sale as standard NFTs protected by @Mattereum.
This is our 2021 plan: piles of assets, of the type kept in bonded warehosues, on chain as warrantied NFTs.

They'll integrate smoothly into Defi: put them into things like MakerDAO to borrow against them. Sell them on (say) Rarible.

NFTs have decent infrastructure these days.
And it may seem pretty odd to think about driving around some Ocean's $Count type warehouse using NFTs, but what is the point of having all this military-grade cryptography if you can't get people to two foot thick steel robo-doors when you pay money into a smart contract, eh?
So that's going live in January, barring severe unforeseen circumstances.

I'm getting a lot of WHEN TOKEN WHEN MOON pings right now. Once we have a running system, consider linklaters.com/en/insights/th…

We are in London for a reason.

So *officially* no comment on token, but ongoing.
All of this is going to be so completely obvious after the event. We get the last little bits of this system pulled together, and suddenly you're slinging around ERC721 tokens in smart contracts which directly manipulate the physical vaulting system *LIKE A PERIPHERAL*

All good.

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More from @leashless

23 Dec
Alright. Let's talk about what's going to happen next with @mattereum.

Things are about to get really interesting. I'd liken what we're about to do to the invention of e-commerce. We are about to do the first sale of physical assets on Web3 which fundamentally improves on Web2.
The first thing you're going to notice: we have very poor language for talking about this innovation.

Why? It's new-new. So new we don't know how to talk about it.

Imagine trying to explain what a "domain name server" is to somebody who has never seen a web page.

We are here.
Right now there is an almost metaphysical separation between the world of "crypto" property rights, where code is law, and "fiat" property rights, where law is law.

Crypto property is global property, its jurisdiction is (roughly) "The Internet". Fiat property is in countries.
Read 26 tweets
11 Aug
The key question about running a green, lean global economy is eradicating waste without also killing innovation.

In my ideal world, we overhaul patent: if you build a category killer, you get royalties forever, but anybody can build on top of your design. No innovation lock!
It's easy to identify what is perfect, but once the Perfect Form is reached, how do we stop the manufacturers of the imperfect form soldiering on?

It's a propagation-of-best-practices question like encouraging users to upgrade software.

Remember how long it took for IE6 to die?
Consider the sheer number of tools configured on Swiss army knives sakwiki.com/tiki-index.php… or punch a few buttons on here swissarmyknights.com/sak-selector and hit "select" to see which object have that tool combination

Is this innovation? Customization? Waste?

This is all over. But why?
Read 13 tweets
4 Aug
One life ends, and another begins.

Once in a while you just level up, see something that clicks, and nothing is quite the same after that. Those life defining shifts in perspective.

This one is not easy to describe. It’s about how we model and speak about power.
I had one of these about money in 2014, triggered by the COSMIC TRIGGER play put on by Daisy Eris Campbell and the gang. Left my underpaid thinktank job and went to work for the Ethereum team pretty much on the spot.

One life ended, and another began. Things *really* changed.
I recently defined power as "there is nobody I have to lie to" which took some people by surprise. I was surprised they were surprised.

Then I realized that to a lot of people, power isn't about self-determination, power is about control.

This is *extremely* deep for me.
Read 39 tweets
30 Jul
I think I finally understand.

Everybody is lying, all the time. Except the nerds, who are *really bad at lying*.

This incapacity makes the nerds "socially awkward" and leads them to build small enclaves (like "science" or "tech") where people mostly don't lie, so machines work.
People are lying to each-other for advantage, and to themselves because life is unbearable if you are attached to it (family etc.), and aware of the presence of death.

People who lie should not meditate too much. The lying should more or less entirely stop before the meditation.
I find it very hard to understand when people lie. This makes me naive. It makes very little *sense* to me. Like, why not just *fix the situation* instead of leaving it broken, and lying about it.

This is, of course, a working definition of *power* - there's nobody I must lie to
Read 13 tweets
24 Jun
Every man has a limit. Every man has a limit.

This was mine. Something inside me went "click" and I realized this is not a matter of persuasion, or evolution or cultural change.

This is a matter of survival, and not just for black Americans. For every human being on this plane.
If you'd like some music to go with what I'm about to say, try this it's a super cheerful folk ditty, and you should most certainly read the lyrics to make sure you understand what is being said.

It's quite a good song. I like it a lot.
If you don't know me or my work, try this video from 10 years ago and this web site myhopeforthe.world for a general overview.

Sometimes I tweet out long and complex things at unpredictable hours, when there is stuff I have to get off my chest. Now.
Read 46 tweets
15 May

I have very old friends who live in a "freeze to death in winter" climate, one of the coldest places in America.

"You should get a wood stove, and a couple of tons of wood. Just in case."

Odds they'll do it: 50%.

Since 2002, I've been conscious of the big risks.
The resiliencemaps.org system is intended to let you - yes you, dear citizen: plan to keep yourself alive, when the shit hits the fan.

I just don't think people understand what is happening yet, how high the stakes of this particular game are, and how uncertain the outcomes
Let me tell you what I think is happening.

Firstly, America is the long pole in the global tent: it's where The Future is designed, even if it's manufactured in China. It's the big market, home of infinite capital.

But it's been broken a while: 1990s peace dividend misallocated
Read 20 tweets

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