this stuff for a good while, I find myself less enthralled than many of my friends with the question ofTo me the far more important question isWhat are those better angels? Crypto is a tool for designing institutions. At a time when 18th-century republicanism is stalling out, this tool opens the door for new kinds of participation and accountability, a democracy native to the Internet.
At a time when a bloated financial sector already controls too much of our lives, the vast bulk of creative energy in crypto has gone to building dubious financial products in the almost total absence of non-financial use-value—an engorged Wall Street with no Main Street. To do this, I will turn to policy. But don’t worry, libertarian frenemies, I don’t mean government regulation! I am interested in the moment in what policy might look likecrypto protocols themselves. If code is law, as Lawrence Lessig famously put it, what kinds of law should be written into crypto code?
Cross-chain protocols could serve as trade agreements or treaties, enforcing compliance with certain values in exchange for the benefits of participation. Protocols might require that contracts they host employ standardized governance primitives—both to enable outside validation of project claims and to enable participants to better understand how they can get involved. Contracts that don’t meet certain requirements of transparency could fail to run.
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