with @carrawu @eddylazzarin @0xkarmacoma and @smc90 @rhhackett

Welcome to our special end-of-year episodes -- which also look ahead to 2025 --  covering our annual Big Ideas lists, where various a16z crypto team members share what they are personally excited about. (You can see the firmwide list, also including all the trends of the crypto team,  here.)

This episode is part 2 of 2 -- but you don't have to listen to them in any particular order -- covering the intersection of crypto & AI:

• agents that have their own crypto wallets -- and also AI agents in games; DePin/ decentralized physical infrastructure, like energy grids; and more;
• proof of personhood, and why having a unique ID matters in a world of deepfakes, bots, scams and more is needed with proliferating AI;
• decentralized, truly autonomous, chatbots (using TEEs or trusted execution environment).

 Covering each of these -- and coming from the investing, engineering, and other teams -- are:  Carra Wu, Eddy Lazzarin, and Karma (aka Daniel Reynaud); in conversation with hosts Sonal Chokshi and Robert Hackett, who also share some commentary at the top.

These are just a few of the 14 trends we shared; you can check out the full list at a16zcrypto.com/bigideas. 

Also be sure to check out part 1, which covers the trends of stablecoins, app stores, infrastructure, and user experience. 

As a reminder, none of the content is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information -- including a link to a list of our investments.

with @sambroner @meigga @darenmatsuoka @jneu_net @chrislyons and @rhhackett @smc90

Welcome to our special end-of-year episodes -- which also look ahead to 2025 --  covering our annual Big Ideas lists, where various a16z crypto team members share what they are personally excited about. (You can see the firmwide list, also including all the trends of the crypto team,  here.)

This episode is part 1 of 2 -- but you don't have to listen to them in any particular order -- covering the trends and themes of:

• stablecoins, payments, and where the early adopters will come from;
• app store distribution, curation, and discovery;
• where the next crypto users will come from, turning passive holders into active users;
• how builders improve, and better choose, infrastructure; and
• simplifying user experience.

 Covering each of these -- and coming from the investing, go-to-market, data science, research, and media teams are:  Sam Broner, Maggie Hsu, Daren Matsuoka, Joachim Neu, and Chris Lyons; in conversation with hosts Sonal Chokshi and Robert Hackett. (Stay tuned until the end for some of our meta-commentary.) 

These are just 5 of the 14 trends we shared; you can check out the full list at a16zcrypto.com/bigideas.

Also be sure to check out part 2, which covers all the trends at the intersection of crypto and AI. 

As a reminder, none of the content is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information -- including a link to a list of our investments.

with @atabarrok @skominers @smc90

We've heard a lot about the premise and the promise of prediction markets for a long time, but they finally hit the main stage with the most recent election. So what worked (and didn't) this time? Are they better than pollsters, journalists, domain experts, superforecasters?

So in this conversation, we tease apart the hype from the reality of prediction markets, from the recent election to market foundations... going more deeply into the how, why, and where these markets work. We also discuss the design challenges and opportunities, including implications for builders throughout. And we also cover other information aggregation mechanisms -- from peer prediction to others -- given that prediction markets are part of a broader category of information-elicitation and information-aggregation mechanisms.

Where do (and don't) blockchain and crypto technologies come in -- and what specific features (decentralization, transparency, real-time, open source, etc.) matter most, and in what contexts? Finally, we discuss applications for prediction and decision markets -- things we could do right away to in the near-to distant future -- touching on everything from corporate decisions and scientific replication to trends like AI, DeSci, futarchy/ governance, and more?

Our special expert guests are Alex Tabarrok, professor of economics at George Mason University and Chair in Economics at the Mercatus Center; and Scott Duke Kominers, research partner at a16z crypto, and professor at Harvard Business School  -- both in conversation with Sonal Chokshi.

RESOURCES
(from links to research mentioned to more on the topics discussed)

• The Use of Knowledge in Society by Friedrich Hayek (American Economic Review, 1945)
• Everything is priced in by rsd99 (r/wallstreetbets, 2019)
• Idea Futures (aka prediction markets, information markets) by Robin Hanson (1996)
• Auctions: The Social Construction of Value  by Charles Smith
• Social value of public information by Stephen Morris and Hyun Song Shin (American Economic Review, December 2002)
• Using prediction markets to estimate the reproducibility of scientific research by Anna Dreber, Thomas Pfeiffer, Johan Almenberg, Siri Isaksson, Brad Wilson, Yiling Chen, Brian Nosek, and Magnus Johannesson (Proceedings of the National Academy of Sciences (November 2015)
• A solution to the single-question crowd wisdom problem by Dražen Prelec, Sebastian Seung, and John McCoy (Nature, January 2017)
• Targeting high ability entrepreneurs using community information: Mechanism design in the field by Reshmaan Hussam, Natalia Rigol, and Benjamin Roth (American Economic Review, March 2022)
• Information aggregation mechanisms: concept, design, and implementation for a sales forecasting problem by Charles Plott and Kay-Yut Chen, Hewlett Packard Laboratories (March 2002)
• If I had a million [on deciding to dump the CEO or not] by Robin Hanson (2008)
• Futarchy: Vote values, but bet beliefs by Robin Hanson (2013)
• From prediction markets to info finance by Vitalik Buterin (November 2024)
• Composability is innovation by Linda Xie (June 2021)
• Composability is to software as compounding interest is to finance by Chris Dixon (October 2021)
• resources & research on DAOs, a16z crypto 
   

with @baileyflan @ahall_research @rhhackett

Today we’re dusting off an ancient practice that has become trendy once again: the old-but-new idea of “sortition,” or selecting representatives by lottery.

Sortition was used in ancient Athenian democracy to elect public officials. It’s also been lately revived by tech companies like Meta and AI startups like OpenAI and Anthropic to tackle some of their thorniest policymaking challenges.

Our guests today are experts on sortition, including Bailey Flanigan, a postdoctoral fellow at Harvard who is joining MIT as an assistant professor next year, and who has helped develop selection algorithms for sortition that are in use today. Also joining is Andrew Hall, Stanford University poli sci professor, advisor to Meta, and consultant to a16z crypto research.

In this episode, we discuss why not to rely exclusively on expert authority, how the process of deliberation changes people’s minds, and how sortition can apply everywhere from the governance of countries to the governance of crypto projects, and more.

Related resources:

• Algorithms for fair, manipulation-robust, and transparent sortition with Bailey Flanigan

As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

with @pmarca @bhorowitz

Today we’re running a special episode featuring a16z cofounders Marc Andreessen and Ben Horowitz talking about AI bots and crypto. They discuss what happens when you mix postmodern theories and internet memes in an LLM. They also get into the sudden rise of a strange memecoin, the state of crypto regulation in the U.S., and more.

This episode is a crossover from the Ben & Marc Show, which you can follow on YouTube or wherever you get your podcasts.

See the original episode:

• How An AI Bot Became a Crypto Millionaire 

As always, none of the content should be taken as tax, business, legal or investment advice. See a16z.com/disclosures for more important information, including a link to a list of our investments.

with @DarenMatsuoka @eddylazzarin @rhhackett

Welcome to web3 with a16z. Today we're taking you behind the scenes of our newly released, annual State of Crypto Report — a16z crypto's analysis of the latest data and trends that have defined the industry in 2024.

This year's report features some brand new insights, from estimating the number of real crypto users globally, to understanding how much interest in crypto swing states may have ahead of the U.S. election. We also dig into infrastructure improvements to blockchains and key applications — including stablecoins, AI, and so-called DePIN. Be sure to visit a16zcrypto.com for all this and more including a new “Builder Energy” dashboard, which we’ll discuss on the show.

Joining me to talk about the findings are lead data scientist and report author Daren Matsuoka and CTO Eddy Lazzarin. The first voice you'll hear after mine is Daren's, then Eddy's.

a16z crypto resources:

• State of Crypto Report 2024 
• Builder Energy dashboard
• Estimating the number of real crypto users by Daren Matsuoka and Eddy Lazzarin

As always, none of the content should be taken as tax, business, legal or investment advice. See a16z.com/disclosures for more important information, including a link to a list of our investments.

Welcome to web3 with a16z. Today we explore the messy secrets of blockchain bridges. These cross-chain connectors are the go-betweens in today's multichain world, but their short history has been a checkered one, with prominent projects succumbing to major hacks and other hijinks.

So we've brought on one of the builders who knows this world best to help disentangle the messiness. That’s Bryan Pellegrino, cofounder and CEO of LayerZero Labs, maker of a popular blockchain interoperability protocol. In this episode, Bryan delivers a crash course on the evolution of bridges, including the ups and downs of various approaches. You'll also learn about the technology's inner workings, its applications, and how it fits in with ongoing efforts to scale blockchains.

Joining is a16z crypto general partner Ali Yahya, who is also an expert in this area; plus me, your cohost, Robert Hackett. The first voice you'll hear after mine is Bryan's, then Ali's. 

As always, none of the content should be taken as tax, business, legal or investment advice. See a16z.com/disclosures for more important information, including a link to a list of our investments.

with @HilmarVeigar @eddylazzarin

Our featured guest today is Hilmar Pétursson, the CEO of CCP Games, maker of EVE Online, a massive multiplayer online role playing game. In this episode, Pétursson shares his unique world view and game-making philosophy, as well as a deep dive into the technology and economic design of his sci-fi simulation. He also touches on how niche cults can break into mainstream culture, how slow databases can make for fun gameplay, and what to expect from EVE Frontier, a new blockchain-based overhaul of the space survival game that is now inviting people to apply as playtesters.

The other voice you'll hear is that of Eddy Lazzarin, a16z crypto’s Chief Technology Officer and an avid gamer himself. This conversation originally took place earlier this year at a16z crypto's CSX startup accelerator program in London, videos of which are posted on the a16z crypto YouTube channel. Be sure to subscribe for more thought-provoking conversations and other insightful content.

Related links:

• "Crafting Virtual Worlds with Hilmar Pétursson, CEO of CCP Games" (a16z crypto Youtube)
• Eve Online (eveonline.com)
• Eve Frontier (evefrontier.com / projectawakening.io)
  • Playtest signup

As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

with Dan Boneh @tim_roughgarden @smc90

In this special 50th episode of the web3 with a16z podcast, we discuss how work in the blockchains/ crypto space has led to advances in several important technologies — which can be (and are being) used by many other industries beyond crypto.

Tim Roughgarden (a16z crypto Head of Research and professor at Columbia University) and Dan Boneh (a16z crypto Senior Research Advisor and professor at Stanford University) discuss these advances in conversation with Sonal Chokshi. 

Topics covered include automated market makers; credible auctions, collusion, and mechanism design not possible before; as well as zero knowledge; trusted execution environments (TEEs) and fully homomorphic encryption (FHE); and much more. We also discuss the recurring theme of how web3 provides a laboratory not only for experiments in governance, but for macroeconomics and more. The two also offer many useful explanations for anyone new to these technologies or seeking to understand why they matter in the big picture. 

It’s an innovation story we’ve seen over and over again, from the space program to other massive invention efforts: Technologies developed for one purpose often lead to benefits for humanity overall.

Pieces mentioned in this episode and other resources:

• On some results  and challenges in cryptoeconomics  -- Tim Roughgarden, CESC 2022
• 8 reasons why blockchain mechanism design is hard -- Tim Roughgarden, a16zcrypto.com, 2024
• The computer in the sky (short version) -- Tim Roughgarden,  2024
• Zero knowledge canon -- with Justin Thaler's annotated bibliography, a16zcrypto,com 2022
• Using zero-knowledge proofs to fight disinformation -- Trisha Datta and Dan Boneh, IACR 2023
• VerITAS: Verifying Image Transformations at Scale -- Trisha Datta, Binyi Chen, Dan Boneh, 2024
• Achieving crypto privacy and regulatory compliance [+pdf of full paper]-- Joseph Burleson, Michele Korver, Dan Boneh, 2022
• Credible auctions: A trilemma -- Mohammad Akbarpour, Shengwu Li, Econometrica, 2020
• Auction design for web3 [episode 3 of this podcast] -- Scott Duke Kominers, Tim Roughgarden, Sonal Chokshi, 2022
• Building Cicada: Private on-chain voting using time-lock puzzles -- Michael Zhu, 2023
• Transaction fee mechanism design for the Ethereum blockchain: An economic analysis of EIP-1559 -- Tim Roughgarden, 2020
• Collusion-resilience in transaction fee mechanism design -- Hao Chung, Tim Roughgarden, Elaine Shi, 2024
• Transaction fee mechanism design in a Post-MEV world -- Maryam Bahrani, Pranav Garimidi,Tim Roughgarden, 2024
• Notes on Proposer-Builder Separation (PBS) -- Barnabé Monnot, 2022
• Complexity-approximation trade-offs in exchange mechanisms: AMMs vs. LOBs -- Jason Milionis, Ciamac Moallemi, Tim Roughgarden, 2023
• Trusted execution environments (TEEs) for blockchain applications -- Ari Juels, a16zcrypto.com, 2023
   

As a reminder, none of the following is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information including a link to a list of our investments. 

with @ahall_research @eddylazzarin @0xShuel  @smc90

In this episode, we cover both recent events + evergreen governance questions in political systems: Specifically, we breakdown the recent Compound “governance attack”... as well as the broader topic of DAO governance and voting in general. We also discuss how to avoid, prevent, and respond to such governance attacks -- highlighting key differences between on-chain/ token-based/ digital voting systems vs. physical-world political systems around the world. 

What happens when you have activity from actors that the majority doesn’t necessarily agree with? How do you distinguish between good-faith and bad-faith activity, especially on-chain? And other such tricky questions?? Our experts answering these questions (in conversation with Sonal Chokshi) include: 

- a16z crypto CTO Eddy Lazzarin;
- head of network operations Ross Shuel;
- and a16z crypto research collaborator, and Stanford professor of political science, Andrew Hall.

The episode begins by quickly recapping the exact sequence of a recent Compound governance “attack” event a few weeks ago -- including discussing whether “governance attack” is the right label for it or not; how it’s different from other attacks; and the broader trend of online vs offline governance attacks in general -- before then going into specific solutions. The team also shares some behind-scenes tick tock on what happened, how people figure out motives behind actions on-chain (especially given the "indistinguishability problem"), and much more. 

Pieces mentioned in this episode and other resources:

• DAO governance attacks, and how to avoid them by Pranav Garimidi, Scott Duke Kominers, Tim Roughgarden
• The DUNA: An Oasis For DAOs by Miles Jennings and David Kerr
• Governance FAQs by Andrew Hall
• A new financial model for app tokens: How to generate cash flows by Mason Hall, Porter Smith, Miles Jennings, and Ross Shuel
• all things DAOs on a16zcrypto.com
• all things decentralization on a16zcrypto.com
• Voting, Security, and Governance in Blockchains (a16z Podcast, 2019) with Phil Daian and Ali Yahya (see also "On-Chain Vote Buying and the Rise of Dark DAOs" by Phil Daian, Tyler Kell, Ian Miers, and Ari Juels)
• PoS Blockchains - Designs, Consensus, Attacks (web3 with a16z Podcast, 2022) with Valeria Nikolaenko, Tim Roughgarden, Sonal Chokshi
• Lightspeed Democracy: What web3 organizations can learn from the history of governance by Andrew Hall and Porter Smith
• Governing democracy, the internet, and boardrooms (web3 with a16z Podcast, 2024) with Noah Feldman, Andrew Hall, Robert Hackett
  
  As a reminder: None of this should be taken as business, investment, legal, or tax advice; please see a16z.com/disclosures for more important information -- including a link to a list of our investments. 

with @eddylazzarin @milesjennings @rhhackett

Today’s episode covers all things tokens — that includes what tokens have to do with decentralized protocols, understanding the different types of tokens, and, of course, the Do's and Don'ts of designing and launching a token.

Our guests are a16z crypto chief technology officer Eddy Lazzarin, as well as a16z crypto general counsel and head of decentralization Miles Jennings, the two of whom have advised many scores of projects on protocol design and tokencraft. They discuss what sets web3 apart from earlier technology eras; avoiding common pitfalls in the search for product market fit; how to reason about various designs and strategies, as well as their risk and reward tradeoffs; and more. 

Related resources:

The token launch playbook (part 1)

• "Operational guidelines for token launches, from creation to custody" by Adina Fischer, Matt Gleason, and Justin Simcock
• "5 rules for token launches" by Miles Jennings
• "Getting ready to launch a token: What you need to know" by Miles Jennings and Jason Rosenthal
• "How to navigate token launch risks" by Miles Jennings
• "Launching compliant tokens" by Miles Jennings

The token launch playbook (part 2)

• "Tokencraft" with Eddy Lazzarin [Youtube, August 2024]
• "Planning for token launches" with Miles Jennings [Youtube, August 2024]

As a reminder: None of the content should be taken as investment, legal, business, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.