1. The Maker's Dilemma and the Nature of TradeIf one examines the history of human commerce, it is, at its core, a history of trying to solve a single, persistent problem: the problem of the counterparty. When two individuals wish to trade (whether it is grain for gold in ancient Mesopotamia or Bitcoin for Monero in the digital ether) there exists a moment of profound vulnerability. It is the moment when one asset has left one hand, but the other asset has not yet arrived. In that split secon...