Khriz Oredina

New technologies — from the telegraph and telephone to the internet — have always sparked fresh anxieties about privacy’s impending demise. Blockchains have proven no different, and privacy on blockchains is often misunderstood as either creating a dangerous level of transparency or a haven for crime. But the real challenge is not about choosing between privacy and security, but about building tools — technical and legal — that support both.

Blockchains are a new settlement and ownership layer, one that’s programmable, open, and global by default, unlocking new forms of entrepreneurship, creativity, and infrastructure. Growth in monthly active crypto addresses is generally tracking the internet’s growth to a billion users, stablecoin transaction volume is outpacing traditional fiat volume, legislation and regulation are finally catching up, and crypto companies are getting acquired or going public.

Pricing is a common conundrum for marketplace builders. Many marketplaces heavily subsidize user activity to bootstrap initial growth and liquidity — giving their product or service away for free (or at a steep discount). But that’s not sustainable: At some point, if builders want a network to be valued for the business it generates, the network has to start taking meaningful fees.