Sometimes quick execution can create gaps. Like 2 weeks ago I thought I was literally the only one using this app, but now everyone talks about it 😂
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Gamma literally does what MS PPT will do in the near future, but it rapidly became popular by word of mouth. Try Gamma at — https://gamma.app/

Elon Musk: Advice for Young People | Lex Fridman Podcast Clips

Try to be useful, read a lot and learn a lot, have a grow the pie mindset, create more than you consume
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One of the best <10min video to spend for the mental model

Wallet Security: The ‘Non-Custodial’ Fallacy

A good breakdown of what 'non-custodial' means. The distinction between custodial and non-custodial wallets is not a binary like what the phrase "not your keys, not your crypto" suggests. Wallet security and key management involve complexities in 1) key generation, 2) key storage, and 3) key usage.
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1) Key generation: Use audited libraries, properly integrated software, and wallets that keep secrets
2) Key storage: Choose between hot and cold wallets based on risk tolerance, and implement backup and recovery mechanisms
3) Key usage: Follow guidelines for authentication, use established cryptography libraries, avoid nonce reuse, and separate keys for different purposes
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Future developments should concentrate on shared and open-source solutions (such as key generation & txn signing libraries and txn approval frameworks). These improvements aim to address the complexities of key possession and management, moving beyond the simplistic notion of "not your keys, not your crypto.

Our Questions About Web 2.5 Gaming by Maverick

And quite good questions (and framework as a whole) on how crypto could influence gaming in general. 작년에 Web 2.5 gaming 딜들 보면서 했던 ambiguous assumptions, high-level misconceptions 다 여기에 있네...ㅎㅎ 조금 일찍 나왔었으면 좋으련만...

Anyway interesting approach; identifying underexplored areas in gaming today that may be more conducive to meaningful crypto experiments:
- Categories: Crypto-economic (and social) experiments of "games" that do not require impeccable artwork and gameplay as a prior industry standard. (Fully on-chain, casino, strategy, casual, board games, sports, simulation games, etc.)
- Stack layers: Even in these categories, we are more interested in projects that don't focus singularly on gameplay, but rather broadly on how crypto may reimagine other stages of the gaming lifecycle.

VC에게도 똑같이 해당하는 내용인 것 같다.

https://n.news.naver.com/article/015/0004829513?sid=101

Fake it till you break it by Nami

Fixed supply FTs have flaws due to constantly fluctuating circulating supply and challenges in forecasting future needs. And fixed supply NFTs can create issues if they limit the availability of essential gameplay assets.
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Constraining supply through demand can lead to more sustainable game economies. The focus should be on creating authentic game economies using regulations and frameworks, rather than relying on artificial limitations.
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Highly agree that fixed token supply hinders potentials what tokens could do. BTC has its own way, but tokens for gaming are not equivalent to those utilities BTC has.

2 ways you can look at this chart:

- it’s completely over
- it’s a great chance to be early

https://twitter.com/Loopifyyy/status/1649084374275485697?s=20

+ Blur is dying

And one of the core competency of VC became creating libraries for those networks.

a16zcrypto's engineering team has released open-source tooling to serve devs, builders, and users in the crypto ecosystem. Six of our freshest libraries relate to:

- Symbolic testing
- Light clients
- Auction design
- Private airdrops
- New social networks
- Trusted setups

https://twitter.com/eddylazzarin/status/1645524017720467456?s=20

"How Venture Capitalists Make Decisions"
An inside look at an opaque process by Paul Gompers, Will Gornall, Steven N. Kaplan, and Ilya A. Strebulaev

Hunting for Deals
- more than 30% of deals: leads from VCs’ former colleagues or work acquaintances
- 20% of deals come from referrals by other investors
- 8% from referrals by existing portfolio companies
- 10% result from cold email pitches by company management

-> But almost 30% are generated by VCs initiating contact with entrepreneurs.

Narrowing the Funnel
101 opportunities are considered on average for each a deal to be closed
- 28 of those oppotunities will lead to meeting with management
- 10 will be reviewed at partner meetings
- 4.8 will be on Due Dilligence
- 1.7 will be on negotiation of termsheet
-> only 1 would be funded

After the Handshake
- Relatively inflexible on pro rata investment rights, liquidation preferences, and antidilution rights as well as vesting of the founders' equity, the company's valuation, and board control
-- Pro rata rights, 'Biggest source of our returns is ability to doube down on our winners'
- More flexible on the option pool, participation rights, investment amount, redemption rights, and dividends

Finding Alpha
- Post-investment services: strategic guidence(to 87% of their port-cos), connections to other investors(72%), connections to customers(69%), operational guidance(65%), hiring board members and employees(58, 46% each)

How VCs deliver "alpha"?
- Deal sourcing, deal selection, post-investment action were all keys -> but deal selection was the most critical

Most important factor of deciding success of their port-cos
- Management team, 'kick-ass team'

Interactions with their limited partners
- cared more about absolute performance than relative performance
-- 2007 to 2016 in the Burgiss Manager Universe had outperformed the Russell 2000 (a small-cap index) by 7% a year, on average, and the S&P 500 by nearly 5% a year. Almost 75% of those funds had beaten the Russell 2000, and roughly 60% had beaten the S&P 500

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A Venture Capital Glossary
Antidilution rights
allow the number of shares that current investors hold to be adjusted if future financing rounds are done at a lower price than the current round.

Liquidation rights
ensure that if a company is sold, the venture capitalists get paid before the founders do. They typically guarantee the amount invested or some multiple of it (for example, double).

Option pool
refers to an amount of equity set aside for grants to compensate current and future employees of the start-up. Usually it’s a percentage of the company’s total value.

Participation rights
allow venture capitalists to get back the face value of their investment (or a multiple of it) and then to share in the value created above that level at the time of a company exit.

Pro rata investment rights
give venture capitalists the right to invest in a company’s subsequent investment rounds and preserve their initial percentage of ownership.

Redemption rights
give venture capitalists the ability to return stock to the company—that is, force it to pay back the amount of the investment.

RTF Analysis
https://medium.com/@mhdempsey/why-your-startup-idea-isnt-big-enough-for-some-vcs-2440b61f6d36

📊데이터 기반 의사결정(Data-Driven Decision Making)

오랜만에 좋은 글이라 Web3와 무관하게 가져왔습니다. 네이버 데이터 사이언티스트 BK님의 발표 자료로, 데이터 기반 의사결정과 관련하여 여러가지 인사이트를 줍니다.

가장 마음에 들었던 부분은 데이터 팀의 KPI(위 이미지)입니다. 본문에서는 크게 3가지 축을 제시합니다.

- Reach : 얼마나 많은 이들이 데이터와 분석 결과를 사용하는가?
- Scope : 제공하는 데이터와 분석 결과의 종류와 범위가 다양한가?
- Quality : 제공하는 데이터와 분석 결과의 품질은 높은가?

또한 의사결정 대중화 전략에서 Exponential Scaling 방법에 대해 크게 공감되었습니다.

- 데이터 플랫폼 개발 / 셀프 서브 환경
- 플랫폼 및 프로세스 교육과 피드백
- 개별 조직의 데이터 전문가 양성

Crypto 생태계에서는 데이터 조직이 작거나 없는 경우가 대다수일 것 같은데, 이런 문제에 대해 글로 작성해보는 것도 괜찮을 것 같네요.

https://medium.com/bondata/data-democratization-e4bc73e6fb08

a16z's Crypto Startup School 2023

a16z crypto는 2020년을 시작으로 선별된 크립토 프로젝트 및 빌더를 대상으로 AC 역할이자 교육 프로그램을 진행했습니다. 또한 해당 교육 내용을 유튜브로 전부 공개하기도 했습니다. 이번 2023 시즌에도 새롭게 일부 강의를 찍었고 그 중 초기 5개를 먼저 공개했네요. 이번에는 꼭 하나씩 다 들어봐야겠습니다.

- Web3 and how we got hear (Chirs Dixon: Founder, Managing Partner a16z crypto)
- Protocol design: why and how (Eddy Lazzarin: CTO, a16z crypto)
- Cryptography for blockchains: Avoiding common mistakes (Dan Boneh: Professor in Applied Cryptography and Computer Security, Stanford University, and a16z crypto Senior Advisor)
- Web3 pricing and business models (Maggie Hsu: Partner and Go-to-market Lead, a16z crypto, Jason Rosenthal: Operating Partner, a16z crypto)
- A conversation with Mary-Catherine Lader (COO, Uniswap Labs), moderated by Sonal Chokshi (Editor-in-Chief, a16z crypto)

더 자세한 내용은 다음 링크를 참고해주세요.

https://a16zcrypto.com/content/videos/how-to-build-in-web3-new-talks-from-crypto-startup-school-23/

Interesting research

- In crypto, the “wealth effect” is the phenomenon where an ecosystem’s popularity is memetically driven by the appearance of wealth associated with launching new tokens.
- Based on historical correlations between Solana’s native ecosystem token market capitalization and user activity, the Solana user base could potentially increase by 30-80% following the launch of native project tokens.
- While incentives through token launches can drive initial growth, they need to be used strategically to ensure projects can retain users in the long term.