Upgrading a blockchain requires coordinating thousands of independent nodes with no central admin. This post explains soft forks, hard forks, activation mechanisms, and where the coordination constraints actually live.
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Crypto Research
How Cross-Chain Messaging Works
Cross-chain messaging is the infrastructure that lets smart contracts on separate blockchains communicate. The mechanism has four stages — originate, relay, verify, execute — and the verification step is where most security tradeoffs live.
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Crypto Research
How Atomic Swaps Work
Atomic swaps allow two parties to exchange cryptocurrencies across different blockchains without a trusted intermediary. Here's how the mechanism actually works — and why it's more constrained in practice than in theory.
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Crypto Research
How Crypto Custody Works
Crypto custody is the question of who controls the private key. Three models dominate — self-custody, exchange custody, and qualified custody — each with distinct risk profiles, key management approaches, and regulatory frameworks.
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Crypto Research
How Blockchain APIs Work
Blockchain API covers at least four distinct interface types — RPC, explorer APIs, indexed GraphQL, and specialized feeds — each with different architecture and trust assumptions. Understanding the differences matters for anyone building or auditing on-chain applications.
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Crypto Research
How RPC Nodes Work
RPC nodes are how most blockchain applications read data and submit transactions without running their own node. This explains the mechanism, the trust trade-offs it creates, and what light clients change about the picture.
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Crypto Research
How Blockchain Indexers Work
Blockchains are optimized for tamper-resistance, not retrieval. Indexers solve this by continuously reading on-chain data, decoding it, and writing it into queryable databases — making real-time dApps possible.
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Crypto Research
How Crypto Market Making Works
Market makers post continuous buy and sell quotes, earning the bid-ask spread while managing inventory risk. This explains the mechanism across CEX order books, AMM liquidity pools, and the emerging intent-based settlement layer.
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Crypto Research
How Stablecoin Reserves Work
Stablecoins maintain their peg through three distinct reserve models — fiat-collateralized, crypto-collateralized, and algorithmic. Each has different failure modes, verification mechanisms, and regulatory exposure.
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Crypto Research
How Token Vesting Works
Token vesting controls when holders can access their allocations. Here's how the smart contract mechanism works, the difference between cliff and linear schedules, and what vesting doesn't actually prevent.
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Crypto Research
How ERC-721 (NFT) Tokens Work
ERC-721 is the token standard behind NFTs on Ethereum. Each token has a unique ID mapped to an owner's address. This post explains how the ownership mechanism works, where the metadata risks actually live, and what structural changes are developing.
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Crypto Research
How ERC-20 Tokens Work
ERC-20 is the standard interface that makes most Ethereum tokens composable. This post explains the approve/transferFrom mechanism, where constraints live, and what the evolving execution layer means for how tokens work in practice.