Hi folks. I’ve been trying to fill in some gaps in my knowledge about blockchains and along the way learned a bit about how they work so gonna share some high level takeaways in case others find it useful.
The main benefit of blockchains in my opinion is the immutable codification of governance by using programming languages and mathematically rigorous cryptographic primitives for attestation of various claims with “smart” contracts. So far they have been only applied in financial contexts where attestation simply comes down to verifying that some parties agreed to transfer digital tokens from one set of accounts to some other ones. This is all well and good but the ecosystem has just been structured around speculative trading and arbitrage between the different types of currencies because the focus has mostly been on market making DAOs where trading and returning profits to members of the DAO is the main function of the smart contracts supporting the DAO.
Happy to fill in more details about what I’ve learned but my general impression is that it is possible to use forums like OGM to perform all the functions of DAOs without the overhead of the associated blockchain technology for solving consensus problems because simple majority voting for making decisions is a good way to record what was decided and what actions were associated with the decision. More concretely, forum avatars are probably a good enough proof of identity (avoiding the need for cryptographic keys) and adding new members can involve a voting process to make sure that reasonable precautions have been taken to avoid Sybil type scenarios.
Happy to hear thoughts from folks here as well about the types of governance and economic models they have thought about. I’m currently thinking through a concrete project but my economics knowledge isn’t great so I haven’t yet thought through all the implications of an open and digital governance model of politics and how it interacts with economics.