Product Development

A new marketplace’s first problem is not supply or demand. It is that two strangers must exchange value with no history between them and no shared institution to fall back on. Before the first transaction, trust comes entirely from design: which gates exist, which states cannot be walked back, and what a reputation is attached […]

A fee engine is a function. Inputs go in, a number comes out, and a customer decides whether to believe it. Three properties earn that belief. The same inputs must produce the same number today and next year. You must be able to show which rules fired and in what order. And there must be