Cracking the Code — The Cryptocurrency Revolution book review
Over the past 2 years I’ve built up a decent collection of crypto-themed merch from the projects which I’ve advised. All these hoodies, t-shirts, mugs and totes live under my desk and eventually get picked up by family and friends.
In that time, while I’m happy to say that most of those projects are still going, nearly all pivoted away from their origins. Tools evolved, trends were surfed and some harsh business cycles weathered.
What stays constant is the presence of The Cryptocurrency Revolution on my desk; the only book apart from the Lean Startup which occupies such a position. What makes this book special is its clarity and accessibility, which focused together act like a lightsabre when it comes to cutting through the mist of white noise surrounding crypto.
When Rhian Lewis first published her guide in 2021, crypto had grown from a handful of ideological activists, mysterious figures such as Satoshi Nakomoto and roots in the 2008 financial crisis into recognisable camps. There were also several cycles of FOMO, boom and bust — what she calls “ICO mania” — and some real technical innovation, with the key theme being an aversion to any central authority being in control.
Lewis approaches this landscape focusing on the role of crypto both as a medium of exchange, and the first practical use-case for blockchain technology that has approached mass adoption. In examining the history and philosophy behind various types of money, we learn there really is ‘nothing new under the sun’ and clearly-explained concepts like dual accounting and the gold standards make the protocols, open AI’s and smart contracts of crypto suddenly accessible.
As crypto has grown and matured, so has interest among established businesses with more conventional roots. Lewis devotes a fascinating chapter to the blend of ambition and hubris which came together in Mark Zuckerberg’s (doomed) project to create a digital currency, Libra.
While big crypto projects and marketplaces struggle to meet the challenges of increased centralisation (the top 10 Ethereum wallets now hold over 25% of all tokens) and imminent regulation, central banks are getting in on the action with their own digital currency projects. Lewis puts these in their political and economic context, and does some future-gazing into different scenarios.
The problem with most books on technology is their breathless, ‘Tomorrow’s World’ tone and how quickly they get outdated. As an experienced software developer, journalist and communicator Lewis knows when it’s worth diving into the weeds of a topic like oracles or open banking protocols to show how crypto can plug into these networks and make them relevant to new, digitally-native adopters.
Finally, the book tackles the topic of convergence, whether around a tech stack or mass adoption of the tools which DeFi socialised and road-tested. The twin challenges of privacy and security, the future role of gigantic platforms and likely redefinition of money itself are undoubtedly the biggest challenges of the mature digital world and Lewis doesn’t duck from these, while providing solid references for further study.
Cryptocurrency Revolution wasn’t a linear read, at least for me, but something which I revisit again and again, whether it’s to clarify a term or tease out the personalities behind a project. I noted its presence among the business dictionaries and self-help manuals for sale when I passed through London City airport’s departure lounge recently, and look forward to getting my hands on the sequel on DeFi (just published) to which I was delighted to contribute…
