- Blockchain "dirty little secrets" (no, not IOTA's ternary..) - 2 sided commodity market - currently between miners and users - miners decide inclusion, miners are not the only ones bearing cost - computational model is overly simplistic - immense reliance on commons - resources are currently massively underpriced / subsidized / ... - price discovery == people sad - no clear notion of how to discover resource price - we need to enable more efficient marketplaces for blockchain resources - "cryptocommodities", Chicago Mercantile Exchange market (projectchicago.io) - mitigate risk to businesses of even small fluctuations (eg CoinbaseBTC UTXOs) - key resources: computation, storage, network [Chepurnoy18] - transactions tend to be dominant in one - how to structure incentives for discovery, fair pricing, inc. compatibility? - how to reduce reliance on commons for robustness? - inevitability of markets, need to make them first class citizens (oracle, out of band) - taking into account "time value" of storage - stateless clients are not enough, simply punt the issue to another layer - demand for main chain state will always exist - so: need rent. need to experiment with rent. need to iterate economic models - challenges: how not to harm UX, how to prevent OOB arbitrage, (in-protocol?)