This also explains why Ethereum creator Vitalik Buterin seems so excited about one particular feature of HTC’s Exodus 1, called social key recovery. Essentially, users can choose a small group of contacts and give them parts of their keys. If they lose their keys, they can recover them piece by piece from their contacts. Buterin, as usual, is looking far down the road, in this case to a future where people use blockchains to maintain more control over their digital identities and personal data than is generally possible today. Social key recovery is “arguably an early step toward formalized non-state-backed identity,” he tweeted.

“Initial Country Offering”

Deflationary expectations, now 40+ years old, are becoming inflationary expectations.

Cooperative and multi-play games in both international politics and domestic politics, now 70+ years old, are becoming competitive and single-play games.

Modern capital markets, now 150+ years old, are becoming political utilities.