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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" color="#000000" style="font-size:11pt"><b>From:</b> Henry Baker <hbaker1@pipeline.com><br>
<b>Sent:</b> Wednesday, April 14, 2021 3:59 PM<br>
<b>To:</b> Francis Pouatcha <fpo@adorsys.de><br>
<b>Cc:</b> cryptography@metzdowd.com <cryptography@metzdowd.com><br>
<b>Subject:</b> Re: [Cryptography] Business opportunities in crypto</font>
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<div class="PlainText">Re: The equitable stock market will be built on top of block chain technology<br>
<br>
Block chain is a significant advance, which I place right<br>
next to 'double entry bookkeeping' and 'writing' itself<br>
in the history of business technology.</div>
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<div class="PlainText">Double entry bookkeeping is only needed in smaller part of the use cases (track balances)</div>
<div class="PlainText">Was matters most is the digest chain capability of blockchain networks (document assertions)<br>
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But block chain technology does nothing to protect privacy<br>
or protect against collusion.</blockquote>
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This is where real crypto protocols could be useful, and<br>
I haven't seen much deployment of novel crypto protocols<br>
in this sector yet.<br>
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<span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);display:inline !important">Research is verry advanced in this domain. It is difficult to have simplicity, transparency, and privacy all at the same time. Privacy can be added moving the privacy
part of transactions off chain.</span></div>
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'direct access to the market for each participant (non-custodian wallets, no brokers)'<br>
'decentralized market making protocols (simple order matching protocols)'<br>
<br>
These are what I'm interested in, but so far I haven't<br>
seen the progress.<br>
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<div class="PlainText"><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);display:inline !important">Badly needed for simple to use really decentralized (non-custodian) wallets are </span>key recovery, second and 3rd layer fast consensus and
documentation protocols. </div>
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The continuous news of theft from wallets proves that<br>
blockchain itself works, but the rest of the system is<br>
seriously faulty.<br>
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Here we go!</div>
<div class="PlainText"><br>
At 06:31 PM 4/13/2021, Francis Pouatcha via cryptography wrote:<br>
>3. Better stock market trading mechanisms. Currently, if<br>
>you put in a 'buy' or 'sell' order, your own broker can<br>
>'front-run' you (hello Robinhood!) and offer an epsilon<br>
>better bid than you, so you as a customer will only get<br>
>your transaction done after all of the front-runners<br>
>have been satisfied. Surely, there is a crypto protocol<br>
>that won't reveal anything about your order until *after*<br>
>it has been executed, so that front-running can no longer<br>
>happen, and won't reveal anything about losing bids at<br>
>all (because they may be good-til-cancelled orders, which<br>
>want to remain in the queue for future bidding).<br>
><br>
>The equitable stock market will be built on top of block chain technology<br>
>tokenization of stocks and other securities<br>
>direct access to the market for each participant (non-custodian wallets, no brokers)<br>
>decentralized market making protocols (simple order matching protocols)<br>
>blockchain based settlement<br>
>Lot of preparatory work is being done by DeFi world.<br>
><br>
>I am interested in discussion sessions. Please involve me.<br>
><br>
>Best Regard<br>
>/Francis<br>
<br>
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