D1Conf 2018 |Generalized Mining and the Third-Party Economy | Jake Brukhman, CoinFund

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At D1Conf 2018, Jake Brukhman of CoinFund explained decentralized networks and how they incentivize third-party supply-side participants to provide services to decentralized networks in exchange for tokens. These slides are courtesy of Jake Brukhman, CoinFund

Technology

GENERALIZED MINING &
THE THIRD-PARTY ECONOMY 
 
#D1CONF
NOVEMBER 2018
Prague, Czech Republic

(CoinFund) 
 
Crypto investment firm since July, 2015 
Multidisciplinary team of 9 studying consensus, 
cryptoeconomics, and financial structures 
Anchor and platform partnership with the
team at Venrock, 2018 
Full stack investors across all cryptoeconomic
systems and their rails 
 
Active participants in decentralized networks

(Thesis) 
Decentralized networks will proliferate and
become ubiquitous public goods

(Decentralized Networks, 2015) 
 
Cryptocurrencies 
Asset issuance platforms
Smart contract platforms

(Decentralized Networks, 2018) 
 
Resource networks
Content networks
(Financial) services networks
Registries

Decentralized public networks need participants
and services

(PoS Systems) 
 
Validators
Users
Delegators

(Steemit) 
 
Witnesses
Content Creators
Content Curators (Users)
Content Curators (Bots)

(Layer 2/State Channels) 
 
Hubs
Watchers
Routers
Dispute Resolvers

(Livepeer) 
 
Seed Investors
Users
Delegators
Transcoders
MerkleMiners
Orchestrators

(DeFi Protocols) 
 
Liquidity Providers
Underwriters
Lenders
Customers

Transaction processing
Resource provision
Liquidity/market provision
Content curation
Registries
Cryptoeconomic mechanisms

(In Summary)
Decentralized networks, in their general form,
need hardware to provision them, software to
secure them, public stakeholders to govern them,
and a long list of supply-side services to enable
them to function in a trustless and distributed
manner within their business domain

#GeneralizedMining
(“Mining 2.0”, “Supply-Side Services”, “Network Service Provision”)

(Definition of #GeneralizedMining)
“Any supply-side service provided by a third party
to a decentralized network in exchange for
compensation allocated by the network.”

The market of generalized mining opportunities and the
supply-side providers are a “third-party economy”

How can we make sense of this opportunity space?

Commodity
Hardware
Hardware Intensive 
Service Provision
Commodity
Staking
Software Intensive
Service Provision
Proprietary
Software
Hardware Strategies 
(How rich am I?)
Software Strategies
(How smart am I?)
Mixed Strategies
(How eﬃcient am I?)
THE THIRD-PARTY ECONOMY OPPORTUNITY SPACE

Hardware Intensive 
Service Provision
Commodity
Staking
Software Intensive
Service Provision
Quants, 
Cryptofunds
Classical
Miners
Staking Companies, Institutions
THE THIRD-PARTY ECONOMY OPPORTUNITY SPACE

(Part 2) 
 
The Role of Institutions & Decentralized Insurance

Institutions have good reasons to actively
participate in decentralized networks

1. Access to on-protocol returns and marketplaces
2. Automation of investment opportunities
3. Institutions are major sources of liquidity
4. Domain expertise (e.g. insurance, fixed income)
5. Marketplace access and economic efficiency

Decentralized insurance networks are marketplaces
with generalized mining opportunities

1. Projects should think about generalized mining
compatible token models (i.e. staking, not
payments)
2. Supply-side should provide liquidity and insurance-
specific services

(Insurance Examples) 
Earning ROI by providing network security in staking
models

(Insurance Examples) 
Market making for tokenized insurance assets

(Insurance Examples) 
Bootstrapping, capitalizing, or providing liquidity to a
network in exchange for native assets

(Conclusion) 
 
Decentralized networks might take over the world
Institutions are well-positioned to add a lot of value to
decentralized networks, including insurance marketplaces 
 
Participate on the supply-side of networks and earn a return

Thank you! Questions? 
 
Twitter: @jbrukh, @coinfund_io
Medium: http://blog.coinfund.io

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