@ali01 Fantastic thread. A few thoughts:

1/ IP is actually a spec about transmitting "packets" of data without actually worrying about what that data is. That simplicity allowed *anything* to be built on it.

2/ But crypto took the wrong approach by promoting "fat protocols". @ali01 3/ When protocols almost become "apps" you lose the flexibility and we can see this constraint on all dApp platforms.

4/ The only way forward is to remain "thin" as in TCP/IP.

How can this be accomplished?

1/ Our team @storecoin is working on ground-breaking research to quantify security in decentralized networks.

2/ We're introducing the concept of Security coefficient @storecoin 3/ Security coefficient is the ratio of the economic incentives to the security budget.

4/ Our research across multiple protocols -- both PoW and PoS -- is finding that this coefficient must be less than 1.

5/ The smaller this coefficient, the more secure the network.

@nic__carter 1/ The paper, "Formal Barriers to Longest-Chain Proof-of-Stake Protocols" by Jonah Brown-Cohen, Arvind Narayanan, Christos-Alexandros Psomas, and S. Matthew Weinberg assumes PoS blockchains are "similar" to PoW, except for wasted energy associated with the latter. @nic__carter 2/ In other words, they assume PoS blockchains that are leader-based, similar to PoW's method of choosing the winning miner to add the new block to the blockchain.

3/They also assume PoS blockchains use the "longest chain rule," similar to PoW.

@mdudas @nic__carter @StartupLJackson Back in 13/14, I was convinced BTC would be used as an in-app, censorship resistant, API-driven new currency.

I even tried to build a complex, API-based payment network for it. It didn't work. Finally, accepted Bitcoin's limitations as "p2p e-cash".

Then met Vitalik/Anthony/EF. @mdudas @nic__carter @StartupLJackson Didn't quite understand how you could "print new money" on top of new, speculative money. I was a contrarian here as my SV "platform" friends ❤️'d it.