November 8, 2023
The changing financial system will be built on new mediums of trust. The Bank is no longer going to be the intermediary, yet the code of a smart contract will not be either. The new capital markets structure at its core is legal, with code making the legal high functioning and data delivering what is needed for value to be ascertained. Anything else is a slogan, a scam, or is just total BS.
Value on chain, such as Real World Assets will be vast and will demand us relooking at consensus mechanisms, this demands to be sorted, but is tomorrow's issue, not yet todays. Today's issue is the foundation for Real World Assets going on chain, using automation with attribution (zero knowledge proofs) for proof of source of data, proof of value, and proof of process to drive price discovery. This will yield better accounting treatment, better collateralization tools (lending), then secondary markets, and new and novel forms of primary distribution.
This is the substance of RWA on chain. Private Markets will be transformed by real time surveillance of assets, broad comp sets, and real time price discovery. This will lead to real time Automated Market Making. Interval Funds in alts, will explode those asset managers who get there first. This is a big part of what Inveniam is doing right now. The old men in this market who can see the future are leaning in...
'By thy long grey beard and glittering eye,
Now wherefore stopp'st thou me?
This will change markets far more than the Internet did.
It has been a long time since I have posted. I was in Money 20/20 with Mastercard and Citi in Vegas, then Miami with Aon, then Copenhagen meeting with Blockchain Fond, PFA, DigiShares, Tad Smith, NY with Cushman & Wakefield, Macquarie Group, and HQLAᵡ, and now I am in Abu Dhabi with Further Ventures, G42 Cloud, and so many others.
Farewell, farewell! but this I tell
To thee, thou Wedding-Guest!
He prayeth well, who loveth well
Both man and bird and beast.
He prayeth best, who loveth best
All things both great and small;
For the dear God who loveth us,
He made and loveth all.
The Mariner, whose eye is bright,
Whose beard with age is hoar,
Is gone: and now the Wedding-Guest
Turned from the bridegroom's door.
He went like one that hath been stunned,
And is of sense forlorn:
A sadder and a wiser man,
He rose the morrow morn.
- Samuel Coleridge, 'Rime of the Ancient Mariner,' -1834