Bitcoin City, India Crypto Ban, The Metaverse

Nov 26, 2021

Bitcoin has continued to show some bearish signals but that hasn’t stopped other crypto assets from continuing their bull runs. At least until we know the full story with the Omicron Covid variant, anyway. The meta verse is really lighting up the tech world with Facebook’s recent renaming to “Meta”. Blockchain projects building versions of the meta verse like Decentraland and The Sandbox have been performing really well lately. The slump in bitcoin and ethereum have led to a renewed interest in NFTs with multiple projects like Doodles, gaining quite a bit since the recent NFT slump and bluechips like BAYC skyrocketing. Oh yeah, there’s talk about India banning crypto again.

This is not meant to be investment advice rather information shared for educational purposes only.

Let’s talk about DAOs

A “Decentralized Autonomous Organization” or DAO isn’t an entirely new concept. DAOs have been operating for many years though, mostly, within the crypto-native community. The idea is that a DAO can bring like-minded individuals together relatively easily for a common purpose while allowing for experimentation with governance, structure, how people work together and economics.

Last week, we shared some news about ConstitutionDAO and their mission to purchase an original copy of the US Constitution. In a week, people from around the world came together and donated money online (upward of $40 million was raised), to a DAO that would bid on the historical document. Unfortunately, the DAO was outbid by Ken Griffin, a hedge fund mogul. However, it showed what is possible to do in a short amount of time with community and code.

The point is that any person from plumbers to electricians to construction workers to doctors small business owners to leaders of nations to CEOs can come together in a community, have a stake (voting and/or financial) in the mission and the code will ensure proper governance based on the will of the people in the community. It’s almost like democracy being localized in code on the blockchain.

More and more DAOs are springing up. I’ve been hearing about DAOs for the management of offline rental properties with staking tokens as well as voting tokens attached to them. I’m hearing about new age investment vehicles for automated investments using DAOs and even “DAOs of DAOs” where one DAO is holding stakes in multiple other DAOs.

DAOs are an important innovation in “organizing” around communities, financial interests, or just about any thing that may require a decision to be made and blockchains allow autonomous decision making based on code and rights held by the members of the DAO. DAOs will require many changes to the legal system over the next decade. Is your head spinning yet? Mine sure is. I would love to hear your thoughts on DAOs. If I’m missing something or misstated something, please correct me as I’m still wrapping my head around a lot of these things.