This is the year the world came onchain.
When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and le
Each year, the State of Crypto report from a16z crypto cuts through the noise and tracks crypto’s evolution across markets, technology, policy, and culture.
Now in its fourth edition, the 2025 State of Crypto report reveals how crypto has gone ma
Configurable Asset Privacy for Ethereum (CAPE) is a smart-contract application that enables wrapping of Ethereum assets, as well as creation of new assets, with flexible privacy policies. Ben Fisch (Yale and Espresso Systems) explains the basics of CAPE and shows how creators of digital assets may configure a viewing policy, designating auditors that can decrypt select information about transactions under certain conditions. An extension to CAPE, based on decentralized private computation, supports arbitrary user-defined policies. Lastly, Ben presents an application of proof-carrying data (PCD) to disclosing information about the provenance of assets in shielded pools. In theory, PCDs can be used to achieve the same level of sanction enforcement without blocking the usage of shielded pools and/or eroding their overall functionality.
About the speaker
Ben is co-founder of Espresso Systems and an assistant professor of computer science at Yale University. He completed his PhD in applied cryptography at Stanford University under Dan Boneh. More: https://sites.google.com/site/benafis…
About a16z crypto research
a16z crypto research is a multidisciplinary lab that works closely with our portfolio companies and others toward solving the important problems in the space, and toward advancing the science and technology of the next generation of the internet. More about us: a16z.com/2022/04/21/announcing-a16z-crypto-research