The knowledge atlas
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From your first block to the finer details. Explore the ideas, people, and systems behind the market—one useful explanation at a time.
Follow a transaction from a key to a shared ledger.
Begin with BlockchainExplore contracts, liquidity, borrowing and the risks between them.
Begin with Smart contractUnderstand what a price, valuation or sentiment indicator can tell you.
Begin with Market capitalizationLearn custody, permissions and how to assess what you sign.
Begin with Hardware walletConnect the original ideas to the incidents that changed the industry.
Begin with A Cypherpunk's ManifestoSeparate technical standards, issuer claims and legal frameworks.
Begin with Howey testAn SEC staff accounting bulletin that forced many banks to put custodied crypto on balance sheet, later rescinded by SAB 122.
The SEC staff bulletin that rescinded SAB 121 and pointed banks back to ordinary principal-versus-agent custody accounting.
Ideas like temporary relief for sufficiently decentralized networks while disclosure catches up.
Simple Agreement for Future Tokens. A financing document used in many private token deals.
Legal prohibitions on dealing with listed people, entities, or jurisdictions. On-chain, this often means frozen addresses.
A suspicious activity or suspicious transaction report filed with a financial-intelligence unit.
The U.S. Securities and Exchange Commission, which polices securities offerings, exchanges, and advisers.
Definitions offer a starting point. Detailed readings include linked evidence. Approved reference readings refresh in a daily rotation; original explainers show their editorial review date. Find new research papers →
The U.S. law that requires registration or an exemption before securities are offered to the public.