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Dmitriy Berenzon Profile picture
@dberenzon
Jul 17 • 1 tweets • 1 min read • Read on X
Venture deals for crypto payments companies are interesting right now...

It's a great problem for our industry to have because the pie is getting bigger, but since there are A LOT of companies that are doing very well and seeing monthly TPV (total payment volume) grow from $10M to $100M fairly quickly, it becomes particularly challenging to separate very good from great.

But seeing founders building successful and profitable businesses on a new tech stack is something to celebrate, regardless of whether they're venture-scale.

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More from @dberenzon

Dmitriy Berenzon Profile picture
Feb 12
1) Fun fact: there are ~280 payment companies today building on cryptorails (!)

I've written a piece explaining the current financial system, major use cases for cryptorails, adoption challenges they're facing, and what the future might look like.

paragraph.xyz/@archetype/cry…Image
2) The vision of using cryptorails for payments is finally becoming a reality in 2025. Why now?
- Stablecoins are mainstream
- DeFi is robust and scalable
- On/off ramps are globally available
- Blockspace is fast & cheap
- UX is simplified
- Regulations are clearer
3) In general, cryptorails are most impactful where:
- USD access is limited but demand is high
- Payments need to cross borders
- Speed is crucial
- Traditional banking infrastructure is weak
Read 17 tweets
Dmitriy Berenzon Profile picture
May 9, 2024
1/ Verifiable Compute is as important of a technological revolution as blockchain itself.

I've written a piece on the tech, including:
- an overview & history
- an outline of the use-cases
- a framework for evaluating verifiable compute projects



🧵👇archetype.mirror.xyz/Lov-dI8FOueUt4…
2/ Verifiable Compute allows external parties to run computations on your behalf while providing assurances around the validity of the computation’s inputs, outputs, and methods used.

It encompasses various cryptographic techniques for ensuring computational integrity.
3/ While blockchains provide economically-guaranteed integrity by having multiple untrusted machines re-execute the same program to agree on the end state, verifiable compute provides mathematically-guaranteed integrity by proving that some end state is the result of a set of inputs into some program.
Read 15 tweets
Dmitriy Berenzon Profile picture
Feb 2, 2023
1/ Most people think about a (blockchain) bridge as a monolithic piece of software or a set of smart contracts, but @arjunbhuptani elegantly breaks down the concept into a modular framework.

Here's what happens under the hood when you relay a message across chains:
2/ Transport: You take data from a source chain and post it to a destination chain.

This can happen using any relayer network.

This can also happen using native rollup bridges (i.e. the sequencer).

This part of the stack is highly commoditized since it's easy to implement.
3/ Message verification: Answers the question of "How do I know that some message that went across chains is correct?"

This is the main job of a bridge and how we classify them today (e.g. validator sets, light clients).

SNARKing chain consensus is probably the end game.
Read 5 tweets
Dmitriy Berenzon Profile picture
Oct 4, 2022
1/ Application-specific blockchains ("AppChains") are back with a vengeance.

I've written a piece on AppChains and their:
- History
- Pros & cons
- Future market structure
- Design space
- Current solutions

medium.com/1kxnetwork/app…

+ a thread to accompany it 👇
2/ What's an AppChain?

Simply put, an AppChain is a blockchain that dedicates its blockspace to a specific application.

Importantly, they *do not* only refer to monolithic L1s because "layers" are mostly just trust-minimized blockchains w/ two-way trust-minimized bridges. Image
3/ AppChains as a concept have been in the making since 2016 but have evolved and accelerated since 2020. Image
Read 11 tweets
Dmitriy Berenzon Profile picture
Jun 14, 2022
1/ Market timing is arguably the most important factor that determines the success of a company.

Here are three mental models for determining whether it is the right time for what you're building:
- Prior failures
- Ingredients for success
- Awareness & acuteness of pain
2/ Prior failures:
- Who else has tried something similar to what you're building and failed?
- Why did they fail (e.g. competition? no demand? bad UX)?
- Have those reasons been solved by the market (e.g. better tech)?
- Can you solve any of those reasons (e.g. better GTM/team)?
3/ Ingredients for success:
- What needs to come together for your project to be successful (e.g. platform scalability, end-user distribution)?
- Are most of these ingredients achievable in the next 1-2 years?
- Can you accelerate the timelines for any of these ingredients?
Read 5 tweets
Dmitriy Berenzon Profile picture
Sep 8, 2021
1/ Fun fact: there are around 100 public blockchains and *over 40* bridge projects today (!)

I've written a piece explaining why bridges are important, how they are designed, who is building them, and what the future landscape might look like.

medium.com/1kxnetwork/blo…
2/ Interoperability unlocks innovation.

Bridges enable:
- Greater productivity and utility for existing cryptoassets
- Greater product capabilities for existing protocols
- New features and use cases for users and developers
3/ There are usually 4 components to these systems:

- Monitoring state on the source chain
- Relaying information to the destination chain
- Reaching consensus on which information to relay
- Cryptographically signing the information sent
Read 10 tweets

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