About
Next Generation Stores of Value: Privacy, Proofs, Compute
A conditional monetary thesis for verifiable digital infrastructure
About This Work
Next Generation Stores of Value: Privacy, Proofs, Compute is a long-form research thesis by Jason St George.
Under sustained administrative and financial repression, a bearer asset may earn monetary premium if holding it preserves private settlement, portable proof, and access to verified compute after ordinary legal, custodial, and platform substitutes weaken. The full service path must remain stress-deliverable and non-bypassable, a persistent self-custodied holder base must bear loss, and infrastructure credit must remain separate. Fees, burns, collateral, and issuance discipline explain value capture rather than moneyness.
A second question runs alongside the first. Even where protocol-native value capture succeeds, an asset's observed market price can be dominated by ETFs, treasury vehicles, custody, leverage, dealer hedging, and systematic allocation rules. The thesis therefore separates value capture from price capture, models the external financial machinery as a Market Realization Plane around the stack rather than a layer within it, and adds VerifyFlow as a fourth telemetry family so that monetary adoption can be distinguished from financialization.
This is not a token pitch, a protocol whitepaper, or a claim of inevitability on behalf of any single chain, company, or ecosystem. It is a map, a framework, and a research agenda.
Privacy, Proofs, and Compute may share one asset, but whether they should is empirical. The base asset is only a conditional monetary candidate; Work Credits are typed service claims, receipts are evidence, project notes are explicit credit, and LP or staking positions are derivatives or operating claims.
The canonical version of this work lives on this site as a versioned web edition and printable PDF. Substantive revisions are logged in each version's release notes, in the archive. Corrections are logged in Errata. References and supporting materials are collected in Sources and Appendices.
Author
Jason St George · ORCID · Google Scholar — is a writer and researcher working at the intersection of philosophy, money, cryptography, AI, and civilizational systems. His work explores how conditions of truth, agency, and value shift under accelerating technological and institutional change. He publishes Eschatology Report and is the author of Next Generation Stores of Value: Privacy, Proofs, Compute.
Scope and posture
This thesis is written for builders, researchers, investors, operators, and serious readers trying to understand what kinds of monetary and verification systems remain durable when soft guarantees degrade.
The goal is not neutrality in the empty sense. The goal is explicit assumptions, visible tradeoffs, and claims that can be checked against the world.
License
© 2026 Jason St George.
Text and original diagrams are licensed under Creative Commons Attribution 4.0 International (CC BY 4.0).
You may share and adapt the material for any purpose, including commercially, provided you give appropriate credit, provide a link to the license, and indicate if changes were made.
Exception: Figure 3.2 and its data, drawn from the Jordà–Schularick–Taylor Macrohistory Database, are licensed under CC BY-NC-SA 4.0, the database's licence; they may not be used commercially.
What is not licensed
Third-party content: All third-party trademarks, images, and excerpts are the property of their respective owners and are used under fair use or by permission where applicable. They are not covered by the CC license unless explicitly stated.
Trademarks: "Next Generation Stores of Value," "VerifyPrice," "VerifyReach," "VerifySettle," "VerifyFlow," "Work Credits," and related marks are trademarks/service marks of the author and are not licensed under CC BY 4.0.
No endorsement: Use of the licensed material does not imply endorsement by the author.
How to Attribute
Title: Next Generation Stores of Value: Privacy, Proofs, Compute
Author: Jason St George
Source: /v/4.1/ (canonical)
License: CC BY 4.0
Exception: Figure 3.2 and its data, drawn from the Jordà–Schularick–Taylor Macrohistory Database, are licensed under CC BY-NC-SA 4.0, the database's licence; they may not be used commercially.
Code
Any code artifacts are licensed separately under the MIT License.
The wider body of work
AfterFiat is one surface of a broader body of work on verification, agency, and durable value under adversarial conditions.
- Eschatology Report — the philosophical and cultural context: consciousness, meaning, attention, institutional drift, and the collapse of inherited anchors.
- Kardashev Labs — the engineering surface: open-source value-capture telemetry, bypass detection, and stack-level verification tooling.
- jasonstgeorge.com — the full map: shipped systems, research programs, and the body of work that connects them.
Measurement of this site
Usage of afterfiat.xyz is measured with a cookieless, aggregate-only counter (Umami). No identifier is stored or shared across sites, no IP address is retained, and Do Not Track is honoured. What is recorded: page views, referrers, country, and three named events: which edition or review a reader opens (rung_click), which PDF is fetched (pdf_download), and which outside link is followed (outbound).
Disclosures
Independence, affiliations, and material-interest transparency.
This thesis is an independent research work by Jason St George.
It is not commissioned by, affiliated with, or endorsed by any single protocol, foundation, company, or investment vehicle unless explicitly stated below.
Where relevant, the author may discuss ecosystems, assets, protocols, or technical approaches that intersect with personal research, investment, or advisory interests. The goal of this page is not to simulate perfect objectivity, but to make material relationships legible.
Current disclosures
No material disclosures at this time beyond general market participation.
Editorial independence
No external party has approval rights over the thesis text, revisions, or conclusions unless explicitly noted here.
Contact for corrections or disclosure updates
Acknowledgments
This thesis stands on the shoulders of giants—Satoshi, Chaum, Rivest, Shamir, Adleman, Goldwasser, Micali, Naor, the cypherpunks, and countless researchers in cryptography, consensus, and privacy-preserving systems.