join me as I try to understand the spectrums of blockchain ~ crypto, web3, NFTs, DAOs, microgrids, etc.
Let’s say you want to lay the groundwork for a society run on the blockchain. What would that look like? How would that work? What kind of consequences should we expect?
Silicon Valley orthodoxy would have us move fast and break stuff. Wing it, basically, and hope we learn enough from our failures to make incremental improvements in the next release.
But we have thousands of years of data about decentralized economies. The use of Wampum among the Iroquois functioned as a decentralized, distributed ledger of contracts, and it helped us govern our society for centuries.
"Indra's net" is an infinitely large net of cords owned by the Vedic deva Indra, which hangs over his palace on Mount Meru, the axis mundi of Buddhist and Hindu cosmology. In this metaphor, Indra's net has a multifaceted jewel at each vertex, and each jewel is reflected in all of the other jewels.
[Like a Blockchain]
So what I want us to do is to be aware of the full spectrum of the experience of NFTs. If you're selling NFTs, I want you to think about your taxes because you know how that goes. I love seeing people make a living from their art, but I just want us to also be aware of all the other things that could potentially complicate that.
For artists, it's not all about dropping something new every day, it's really about the narrative and the story around it, and I want us to be fully formed artists in that respect. Because when you talk about removing the middlemen—whether they are curators, galleries, or managers—then you take on all of that responsibility, right? That takes preparation, understanding, knowledge, and time. I would love to see us be fully immersed, but also well-rounded in all of the different aspects of what that involves.
The corporate form, in my understanding, is about 1000 years old in the West. It developed the “limited liability” concept early on as well as investor-operator partnerships. The joint-stock company shows up in the 1600s and adds pooled ownership. The private corporation in the 1800s. The modern fully-financialized firm, maximizing only shareholder profit, maybe in the 1970s.
DAOs might be the next evolution of the firm.