Post Fiat · Blog
Blog
Design notes, experiments and evidence, each published with what you would need to check it.
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AIAgentic IndexingModel-written indices, replayed byte for byte.
HowWhitepaperNAVCoins, verified value and private exchange, claim by claim.
ProductEconomics of the NAVCoinProof of reserves, liquidity around NAV, and private size.
PositionPost Fiat, Canton and XRPZero issuance, protocol-state governance, shielded settlement.
- Oct 02
NAVCoins & portfoliosEconomics of the NAVCoinA NAVCoin connects a provable portfolio to markets anchored on its net asset value. Three pieces make that economically useful: one standard proof of reserves for any strategy, standard liquidity around the proven number, and private swaps in size at NAV.→ - Sep 30
Network & community
PrimerCrypto, 2017 to 2026: A Primer on What Was Built and What Was DecidedA year-by-year primer on the technologies and political decisions that shaped crypto, from the ICO boom to tokenized stocks.→ - Sep 07
NAVCoins & portfoliosA Framework for Trustless Single Stock Option IndicesCall options already attract billions. An options NAVCoin brings that demand on-chain through one spot token that continuously rebalances and rolls a single stock's call exposure.→ - Aug 27
Consensus & governanceAgentic Indexing: Financial Indices That Replay Byte for ByteA working demonstration of AI-generated thematic indices: Qwen writes continuous rubrics and scores relevance, deterministic fundamentals set scale, and independent H200s reproduce 4,000 tested responses byte for byte.→ - Aug 23
Consensus & governanceCobalt: Further EvaluationCobalt remains active on Post Fiat's controlled devnet after six adversarial experiments and live authority drills.→ - Aug 18
NAVCoins & portfoliosTrustless UltraShort TokensA proposal to turn an autonomously managed Hyperliquid short-perpetual position into a Tier-4 NAVCoin that can be held in MetaMask, traded in an AMM, and redeemed against proven strategy equity.→ - Aug 15
Consensus & governanceDeterministic Financial Indices: A New Paradigm for Trustless Qualitative AnalysisReplayable qualitative analysis can lower the cost of thematic indexing, create programmable sector overlays for the AI economy, and give agentic markets drift-resistant policy inputs. In a top-1,000-company test, 2,552 of 2,552 independently replayed artifacts matched byte for byte.→ - Aug 07
Consensus & governanceReplayable Oracles for Prediction MarketsHow committed market specifications, evidence packets, and verified inference turn prediction-market resolution into a judgment anyone can replay.→ - Aug 06
Network & community
UpdatePost Fiat Community Update — August 2026Layer 1 V2 on controlled testnet, the rebuilt Task Node board system, PF Terminal benchmarks, NAVCoin architecture, and the on-chain finance content push — with links to code and evidence throughout.→ - Aug 02
Privacy & swapsA Controlled Private FX Swap: pfUSDC–pNOK Atomic SettlementOn 1 August 2026, a controlled, bilateral, pre-arranged swap atomically exchanged 20 private pfUSDC for 210 sandbox-backed pNOK in one Asset-Orchard state transition. Real Ethereum-mainnet USDC funded the dollar leg; the NOK leg relied on sandbox WNOK and an operator-controlled checkpoint. The run demonstrated atomicity, replay resistance, validator convergence, recovery, and supply conservation—not live redemption, Tier-4 finality, operator-blind matching, price discovery, market depth, or an independent audit.→ - Aug 01
Network & communityPost Fiat, Canton, and XRP: Three Bets on the Future of SettlementWhat Post Fiat is, explained by contrast: zero-issuance economics, protocol-state governance, and shielded settlement, set against the XRP Ledger and the Canton Network — and the economic bet behind each design.→ - Jul 19
Bridges & cashpfUSDC: A Stablecoin Bridge Secured by Proofs, Not CommitteesMost stablecoin bridges are guarded by a validator committee that signs an attestation a contract mints against — the exact layer that has lost most of the value stolen in DeFi since 2022. pfUSDC replaces it: both directions of the bridge are authorized by succinct cryptographic finality proofs, not signatures. USDC deposits on Arbitrum mint pfUSDC on the Post Fiat L1 against a proof of finalized Ethereum/Arbitrum state; pfUSDC burns are redeemed against a proof of finalized PFTL consensus — including the validators' post-quantum ML-DSA signatures verified inside a zkVM. We ran a complete round trip end to end on a controlled testnet: a real deposit minted, burned, and withdrawn as exactly 1.000000 USDC, conservation to the atom, both legs proof-verified on-chain with replay protection. Checkpoint-pinning keeps each withdrawal proof to a three-block segment and a custom ML-DSA lattice accelerator trims the dominant cost, bringing a trustless withdrawal proof to roughly three minutes of GPU time.→ - Jul 03
Privacy & swaps
ProposalA Proposal for Better Private FX SettlementForeign exchange settles on rails that leak size and carry Herstatt risk on every uncovered leg. We rebuild the argument from theory (settlement finality, Kyle's model of information and impact, frequent batch auctions, dark-pool adverse selection) and propose a shielded frequent batch auction with atomic PvP over reserve-backed assets. New in this revision: a square-root law for internal netting, an information bound on what the externalized residual reveals, an equal-cost rule for batch length, and an unsentimental account of the two conditions the design still has to earn: a matcher nobody can see into, and a crowd.→ - Jun 16
Consensus & governancePost Fiat Latency Series II: FastPay — Removing Consensus from Owned-Value SettlementSeries II implements a FastPay-style owned-value lane for Post Fiat: simple payments finalize on validator certificates, while consensus checkpoints them asynchronously. The result is measured on a controlled EU validator fleet and a six-validator cross-continent testnet — reaching 183 ms finality across three continents with post-quantum signatures — and is supported by a formal safety invariant, implementation notes, and an adversarial gate.→ - Jun 14
NAVCoins & portfoliosProof of Disclosed LeverageA zero-knowledge proof of a disclosed leverage profile: six legs, six verification domains, no hidden address disclosure. The proof commits spot, cash, gross perpetual notional, and Aave debt, with each line labeled by quantity and valuation evidence on a three-rung trust scale. It does not prove global solvency or completeness; it proves the disclosed account set reconciles exactly to the public buckets.→ - Jun 11
NAVCoins & portfoliosPricing Counterparty Risk into the NAVCoinA NAVCoin verifies what its venues report. Option markets price whether those venues survive. Multiply the two and every NAVCoin carries a live credit spread on-chain — turning the silent source of crypto yield into a number anyone can read.→ - Jun 10
NAVCoins & portfolios
ProposalThe NAVCoin ProposalA NAVCoin is a token whose unit value tracks the machine-verified net asset value of a reserve portfolio — not a peg. The settlement rail already runs on the Post Fiat devnet; this post proposes the verification layer, the privacy model, and the cross-chain mechanics, and is published before implementation so the design can be attacked first.→ - Jun 09
Privacy & swapsPost Fiat Latency Series I: Certified Finality vs. Validated LedgersA local one-host, six-validator study comparing Post Fiat L1 v2 certified applied-batch receipts with private rippled validated-ledger inclusion: 88.083 ms p50 for the tested Post Fiat full-vote path, plus an XRPL timer-compression matrix showing median gains and tail damage.→ - Jun 09
Consensus & governanceCobalt on the Devnet: Implementing the Road Not TakenPost Fiat has implemented Cobalt — the 2018 trust-evolution protocol Ripple proposed and never shipped — on its devnet, with a public, replayable evidence bundle. Adoption is an open governance question. Here is the problem Cobalt solves, what we built, how to verify it, and what it would mean under a control-based regulatory test.→ - Jun 04
Privacy & swapsOrchard/Halo2 Devnet Research NoteOrchard-style shielded accounting, the June 2026 Zcash Orchard remediation, and the corresponding Post Fiat devnet verifier boundary.→ - Jun 03
Consensus & governanceViability of SGLang Replay: Cross-HardwareAn evidence note on SGLang replay across H200 and H100 NVL profiles: exact held-out packet replay, explicit prompt-drift quarantine, MLX capability control, machine receipts, comparison hashes, and shutdown receipts.→ - Jun 02
Privacy & swapsLLM Governance Replay: Cheap Public Verification Before Private CommitteesA replay experiment on XRPL amendment history: deterministic LLM replay can make governance review cheaper by making first-pass claims public, typed, hash-bound, and contestable—not by replacing validator judgment.→ - May 05
Privacy & swapsOrchard Privacy ResearchA Post Fiat privacy research note covering Orchard/Halo2 shielded payments, Railgun-style assurance, DID-bound providers, and why this material no longer belongs inside the validator-list whitepaper.→