"But Hofmann’s fans saw it very differently, and quickly turned Loot into a phenomenon."
Over the long weekend, I've been diving into more DAO-related articles and conversations. Casey's article (above) was helpful, as was this discussion on the Techmeme Ride Home podcast.
While the language is starting to become less foreign to me (I'm trying to relate it to my days of playing Microsoft's Age of Empires/Age of Kings), two pieces stood out to me.
Two pieces which are likely high on the 'boring' meter:
- We don't invest in things, we invest in people
- Smart contracts
Invest in people
Amidst all the NFT, decentralization and Ethereum talk, sometimes we (I) need a reminder:
"The thing that has always stopped me from being a blockchain bear is that each year, the number of smart people I know who are developing on it goes up. With every month that goes by, a bet on the failure of Ethereum means betting against a growing number of talented people. The odds on that bet don’t feel great to me today — and they’re getting worse all the time."
The quote opening this article reminded me of a time I worked with a now very-large software firm. We were focused on developing features and products aimed at the software development world.
Bug trackers. Collaboration sites. SSO.
Our target audience was the development community.
As soon as we released the software, it became a big hit within that targeted audience. We also saw others use it as a wedding planner tool, an event manager tool and many other uses.
By investing in people–both creators and users–we're going down the validation path of product-market fit, and we're also validating whether our investment, over time, in the individuals is paying off.
(Both financially and from a time/resource view.)
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
Not to remove lawyers, attorneys and the like, however contracts are a pain. Two different organizations wanting the same thing with their own nuance handled by two individuals somehow representing those two organizations on a very specific (and sometimes very niche) thing.
Add the cost of time, money and lost opportunities for arbitration.
It's a humongous effort without a concrete outcome. Especially for smaller businesses.
Smart contracts might be another innovation that allows the smaller organizations to compete with larger organizations without the resources needed to compete at larger organization levels.
(Why my messaging and relationship focus is to make it (seem) easy; a contract is already in place with current clients, why spend more time and money on new contracts?)