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This is a special episode of the a16z podcast \u2014 it's an audio history, told through the voices of the a16z crypto team, about what crypto is, how it really works, and why it matters. This "innovation overview" is meant as a resource, and it features\xa0hallway-style conversations with the a16z team as well as outside experts.\n\nIn brief segments, we\u2019ll take you from the ground up \u2014 from the basics, to the most current developments, and beyond that to a look at what we might see in the future.\xa0\n\nHere are the topics and voices you'll hear:\n\nThe Beginning\n\nIntroduction \u2014 Zoran Basich, a16z crypto editor\nBefore bitcoin: previous attempts to create digital money, 1:45 \u2014 Dan Boneh, computer science professor at Stanford and a16 advisor\xa0\nThe core innovations of Satoshi\u2019s white paper, 3:36 \u2014 Dan Boneh\xa0\nProof of work, 5:36 \u2014 Alex Pruden, chief strategy officer at Aleo Systems and former a16z crypto partner\xa0\nMining and why it\u2019s important, 7:10 \u2014 Alex Pruden\xa0\nThe history of mining, 8:20 \u2014 Alex Pruden\xa0\nValue in monetary systems, or why bitcoin is worth anything, 9:53 \u2014 Arianna Simpson, a16z crypto partner\xa0\nBitcoin as store of value, 11:30 \u2014 Arianna Simpson\xa0\nSecurity in crypto, 12:45 \u2014 Alex Pruden\xa0\n\nExpansion\n\nWhy is it called a blockchain? 14:00 \u2014 Eddy Lazzarin, a16z data scientist\xa0\nWhy the blockchain matters and what you can do with it, 15:09 \u2014 Chris Dixon, a16z general partner\xa0\nBeyond bitcoin, 17:01 \u2014 Eddy Lazzarin\xa0\nEthereum as logical extension of open source, 17:36 \u2014 Eddy Lazzarin\xa0\nTokens: What are they? 19:04 \u2014 Eddy Lazzarin\xa0\nTokens and the functions they serve, 19:53 \u2014 Scott Kupor, a16z managing partner\nTokens and the ownership economy, 21:19 \u2014 Jesse Walden, Variant Fund founder, former a16z partner, and Mediachain founder\xa0\nWhat tokens enable for creators, 22:18 \u2014 Ali Yahya, a16z general partner\xa0\n\nRight Now\n\nWhat DeFi means, 23:58 \u2014 Eddy Lazzarin\xa0\nYield farming: What is it? 25:16 \u2014 Eddy Lazzarin\xa0\nNFTs: What they are and why they matter, 27:15 \u2014 Linda Xie, Scalar Capital managing director, and Jesse Walden\xa0\nDeveloper ecosystems, crypto, and composability, 30:17 \u2014 Jesse Walden\xa0\nDecentralized networks, value capture, and what it means for builders, 33:05 \u2014 Ali Yahya\xa0\n\nThe Future\n\nThe big picture, web3, and DAOs, 35:38 \u2014 Chris Dixon\xa0\n\nFor more crypto resources, please see our Crypto Startup School page, our documentary about the program, and our NFT Canon.\n\n###\n\nThe views expressed here are those of the individual AH Capital Management, L.L.C. (\u201ca16z\u201d) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.\n\nThis content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.\n\nCharts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.