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Decentralized Exchanges

The Next Cryptocurrency Startups

One way I've been thinking about the development of new infrastructure around digital currencies is by taking a look at the derivations of successful businesses that exist today in the industry. There are a lot of noisy startups in the space, but realistically only a select few are actually wildly successful. I think that essentially all of those companies can trace their success through this diagram I've created (click on the image to expand it). Because of the economics of Bitcoin, you can trace where the money in the industry goes by looking at the industry with a miner-centric trickle down…

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