Starting with the emergence of friend.tech in the fall of last year, I believe we’ve left the “infrastructure phase” of crypto for another “application phase.” This time, I believe we’ve entered the “99 cent app” phase of crypto.

There are two mechanisms we know of where a business becomes more effective with greater scale. The first is network effects, and the second is economies of scale.

With the SEC recently suing Coinbase alleging that almost all tokens are securities, I’m seeing renewed discussion and misconception about what tokens are and what they aren’t. Tokens are a simple digital primitive and can serve a multitude of functions.