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Typto, the founder of DAOSquare, shared his vision of the development process and application potential of DAO.
Original title: “Wanxiang Blockchain Honeycomb Academy | Typto: Yesterday, Today and Tomorrow of DAO”
Speech: Typto, initiator of DAOSquare
With the development of blockchain technology, decentralized self-organization (DAO) based on blockchain has also become the focus of attention. How is the development of DAO? What kind of imagination will the future bring? In the 49th issue of Wanxiang Blockchain Honeycomb Academy, we invited Typto, the initiator of DAOSquare, to share the DAO’s yesterday, today and tomorrow in his eyes.
Hello everyone! Thank you for the invitation of Hive Academy. Today I want to briefly talk about DAO’s history and possible future directions from a macro perspective. The name of today’s theme is “Yesterday, Today and Tomorrow of DAO”.
First introduce myself, my name is Typto, I have two roles and two identities in the field of DAO.
(1) The summoner. You can understand it as the initiator. I am the initiator of DAOSquare and also the initiator of MetaCartel Ventures China.
(2) Members. I have participated in many foreign DAO organizations, including MolochDAO, MetaCartel, DAOhaus, API3 DAO. Of course there are many others, so I won’t list them.
Today’s outline will focus on three stages.
Today: application exploration.
Tomorrow: what is it?
Before talking about infrastructure, let’s talk about the origin. Everyone knows The DAO organization/event, but before The DAO, the DAO’s thoughts, concepts, and theoretical research have existed for a long time, and it was not until the appearance of The DAO organization that a visible form of DAO was really seen.
But The DAO was attacked by hackers and suffered heavy economic losses. In order to recover the losses, the Ethereum Foundation decided to carry out a hard fork. Since then, Ethereum has been divided into “Ethereum” and “Ethereum Classic”.
This attack event was kept on the Ethereum classic chain, also because the attack event The DAO announced a failure.
From a historical perspective, the organization may have failed. But the meaning for us is that we see a powerful group energy native to the Web3 era. This is a scene that many people have not seen before. Humans can collaborate through this mode. This energy is called “DAO”, and it planted the seeds for the world.
Let me briefly talk about how to look at DAO. Many friends and people around us are asking now DAO is very popular, how to participate? Which DAO can invest and participate in?
Whether it is a project or a trend, DAO needs to be viewed from three levels.
The bottom layer is “thought”, and thought determines everything. The core of DAO is thinking, how do we coordinate, organize and operate humans. Based on ideas combined with blockchain technology, a set of systems/tools can be built, which is a level above the ideological level. Different applications will be built on top of the system tools. It is necessary to analyze and judge DAO through these three-layer relationships.
It is infrastructure, which can be understood as tools and systems. This stage is from 2016 to February 14, 2019.
In the field of infrastructure, I have to mention Aragon. Aragon was founded in October 2016 by two Spanish guys Luis and Jorge. This is DAO’s tool platform and service network. It not only provides tools and platforms for all organizations and individuals who want to operate through DAO, but also provides platform-based services, including arbitration.
Slogan was originally a “next-generation company running on Aragon”. When it was upgraded in the first half of last year, “company” was changed to “community”. In the world of Web3, the form of the community may be the company’s next-generation organizational form.
At the same time, there are many other projects that are doing basic settings, including DaoStack and Colony. In 2019, I also saw many other projects, as well as projects dedicated to decentralized companies, but I couldn’t find them when I tried to find the project some time ago.
Many projects appeared in this world from 2016 to 2019, but slowly disappeared due to various reasons.
DaoStack and Colony still insist on doing it, they have their own orientation. DaoStack is a decentralized operating system; Colony is a network organization.
Moloch appeared on February 14, 2019, a very amazing organization. Ameen launched Moloch DAO on February 14, 2019. This is a donation-based DAO fund, which is essentially different from The DAO. The DAO can be defined as a “risk fund”. Moloch is a donation fund for the development of the Ethereum ecosystem, mainly to fund public products that are of great significance to the development of the Ethereum ecosystem. At that time, many Ethereum bigwigs such as Vitalik, EF, ConsenSys, etc. joined the Moloch organization, including the earliest members of The DAO.
The emergence of Moloch has two core meanings:
(1) Once again ignited people’s enthusiasm for DAO;
(2) Let DAO enter the application layer from the infrastructure.
Why do you say that? Moloch is not only an organization, but also a system. Just like Aragon, it is a DAO tool composed of smart contracts and codes.
Today: Application Exploration
What we want to review in this part is the period from 2019 to 2020. Moloch has its own set of tools. In my personal judgment and experience, I think Moloch and Aragon can basically serve as representatives of the infrastructure in the DAO field. There are obvious feature changes, as can be seen from the LOGO, the features of the LOGO on the right and the LOGO on the left are completely different.
I always feel that Moloch pays more attention to the spiritual level, and the spiritual roots continue. Aragon is similar to a system-level thing that can be called a SaaS form. The difference between the two can be seen from their code and tool orientation.
From the overall characteristics, Moloch is very, very concise. If you are a newcomer just getting started, Moloch will be very, very friendly.
Many Chinese people have participated in DAOhaus, which is very famous. DAOhaus is a set of DAO system based on the continuation of Moloch code. The overall characteristics are very concise.
But Aragon is very sound. When you open the Aragon interface, you can see that the functions are very rich. It can basically complete all the processes that need to be carried out through the company, including project management, salary payment, and financing can be completed through Aragon. And the most powerful feature of Aragon is that it can build applications based on Aragon’s tools.
Usually we think of Aragon as an organization management tool, through which governance voting is conducted. But these two projects built applications through tools, turning tools into DAPPs. This is very powerful. In the next few years, there is no hope that any one of the DAO system perfection will surpass Aragon. This is where Aragon is very powerful.
The representative of Moloch governance is Share, which is essentially different from Aragon. Aragon uses Token. No matter which way you obtain the Token of a certain organization, you will naturally become a member of the DAO. You can see your account in Aragon DAO and appear in the list of DAO. But Moloch is different. Moloch is a share, and it needs an access mechanism to get the share of the DAO and become a member of the DAO.
Object-oriented has its own orientation based on code and tool attributes. Moloch is more oriented towards communities and funds; Aragon is more a company-like organization.
A big difference can be seen through these small logos. MetaCartel is a continuation of Moloch, which is a very, very powerful community in the Western world; MetaCartel Ventures, which is an extension of MetaCartel, is a VC fund that will be launched in 2020. For the half-year project, the vision is to restart The DAO and run the fund model through DAO. Then there are other projects such as DAOhaus and The LAO.
On the right, there are very star projects based on Aragon, including AAVE, Pie DAO, API3, Curve, and NFTX. Before 2019, many organizations have already begun to explore the application layer.
Tomorrow: what is it?
In 2021, what will the future of DAO look like? We have seen that DAO has blossomed in many fields, including pioneer experiments such as DeFi, oracles, index funds, NFT, virtual worlds, games, VC institutions, etc. What kind of development will DAO take in the future? What kind of opportunities can you find in DAO?
This is a picture I often shared with you last year. I often talk to you about the relationship between DAO and those applications. For example, DAO is an “aircraft carrier”, which is the level of thought and system. The applications are “carrier-based aircraft”, such as DeFi, NFT, oracles, and virtual worlds.
I did a program last year. The host wanted to correct my point. He said that DAO is actually the “earth”; the “highway” on the earth is a public blockchain, such as Conflux, BFC, and Ethereum; the application is The “car” that runs on the highway may be on the highway of Ethereum, or on the highway of BFC. This is also right, and it completes my thinking.
How do you look at DAO? I just mentioned three levels: thought, system, and application. If we want to analyze the application of DAO, if we want to analyze the trend of DAO, we can judge by a simple formula, and the bottom layer is thought.
After June 2020, a large number of DAOs have sprung up, both abroad and at home, wanting to do all kinds of things.
(1) Thought. First of all, we have to judge whether the idea of this project really wants to take advantage of DAO or just take advantage of DAO’s hot spots to do something? This may be a prerequisite for judging DAO. My drawing is full in the progress bar.
(2) System. Although many DAOs are developing their own systems, the system-based ecology has a very, very large impact on the growth of the project, but the impact is not fatal, so the progress bar is not full.
I just mentioned several very important ecosystems, including Moloch, Aragon, Colony, and DAOStack. If your DAO is based on a certain system, it will be restricted by a certain system. Whether it is from the tool level or the ecological interaction, there will be certain restrictions, but the restrictions are not fatal.
(3) Application. What exactly the DAO project is doing is a very, very important and core point. Many organizations have some DAOs for DAO, first DAO was established, but I don’t know why, and they are in a very detached state.
I have been emphasizing that we cannot use DAO for the sake of DAO. When exploring DAO, we must keep asking a question. Do I really need DAO? If I really need DAO, I might find the role that DAO really plays in my project. This is a very critical issue.
It is recommended that you analyze DAO and think about yourself from these three levels.
To borrow a paragraph from a foreign investment research institution last year in an investment research report: “DeFi is only the beginning of a wave of innovation, and we are welcoming a wave of application layer explosion.”
Before 2021, we will gradually see that the infrastructure in the blockchain world is constantly improving. Whether it is DAO or blockchain, it has become more and more perfect at the technical level and infrastructure level. From the second half of 2020 to now, we have felt the explosion of many application layers. We will see more and more innovations in the future. NFT is a hot spot recently, but there are more innovations in more fields besides DeFi NFT. And will see them gradually in 2021.
“DAO thinking is the spiritual core of the Web3 era, that is, the core of the blockchain. High-quality ringing horses will appear more in DAOs.” Projects, teams, and innovators that conform to the spirit of the times will be of better quality. This is why we say “DAO is the future”.
Based on these factors, in the not-too-distant future beginning in 2021, we can see the vision of “the common prosperity of all DAOs”. The most critical factor of “Ten Thousand DAO Co-Prosperity” is the interaction between DAO and DAO. Last year, an article mentioned this point of view, which can be called the DAO interactive network. There is no way to extend it today, and I will have the opportunity to discuss how to prosper together in the future.
Briefly tell you what DAOSquare wants to do in this. DAOSquare originated from MetaCartel, a famous DAO community in the West, and is a DAO organization that continues from Moloch. Since December 2019, it is the largest DAO in China and even the Chinese-speaking community.
DAOSquare hopes to be an incubator in the Web3 era, which can be understood as YC in the Web3 era. Why do such a thing? It is based on our judgment of future trends.
I just mentioned the explosion of the application layer. From a historical point of view, we are now at a stage similar to the Internet application layer explosion in the 21st century from 2003 to 2004. How to help massive innovators in the Web3 era? This is based on thinking and hopes to do what VCs in the Web2 era want to do in the Web3 era.
The ultimate goal is to help more innovators succeed in the wave of application innovation by working together from all angles. This is our mission similar to Web3 in the Web3 era through a different model from the Web2 era.
Finally, I want to share with you my feelings about DAO.
First of all, DAO is an unprecedented great innovation in the field of human collaboration. More than 400 years ago, the company system gradually matured, but after 400 years, the collaboration between people, the coordination within the organization, and the coordination between organizations will slowly undergo revolutionary changes. This change is DAO.
Second, build a network that allows all participants to benefit, not a few. This is the core point of DAO’s thinking. Before the DAO, when people collaborate, build projects, and build organizations, they usually want to maximize their own interests. But in the Web3 era, if you want to build a network that can benefit all participants in the network, you will change. Get stronger.
Third, always keep an open mind. How open you are, how big your network will be, and how robust you will be.
Fourth, the cohesion of spirit and values is far stronger than material interests. This is also the reason why Moloch made me feel so touched, because the cohesion of its spirit and values shocked me. This is why DAOSquare started from December 2019, from a very, very small group to the present, because it is more based on the consensus of values to build DAOSquare.
Fifth, it is best to participate in a DAO before launching a DAO. DAO is a brand new thing and we don’t have any reference materials. There will be many obstacles and problems. Before you start a DAO yourself, it is best to participate in other DAOs, learn how to operate, and how to coordinate in the DAO. This is a very critical factor.
Finally, I would like to send you a message, which is also a motto of MetaCartel, “If you want to go faster, please go alone, if you want to go further, please go hand in hand.”
Thanks, that’s all for my sharing.
On its way down, the price of Bitcoin often comes across many bearish sentiments claiming why the asset should not be trading high in the first place. In one such outlook, economic advisor to former President Donald Trump, Judy Shelton shared her opinion on the crypto asset in a recent interview with CNBC Squawk Box.
Noting that people were drawn to cryptocurrencies due its decentralized nature. Shelton criticized crypto assets and believed they were not “a reliable store of value,” especially when users want to convert Bitcoin to fiat at the end of the day. Shelton however advocated for a more centralized version of it, ergo digital dollar. She stated that the Fed should be more competitive and that people should be “concerned” about the fact that at one point the fed could decide “to crush the competition.” Thus implying, an end for Bitcoin and the alts.
Shelton is not the only one offering a counter-narrative to Bitcoin’s store of value theory. Recently, CEO of Man Group Luke Ellis admitted that he did not see any reason why companies should hold Bitcoin on their balance sheets. Instead, he sees Bitcoin as a trading instrument, and not viable for “long-term asset allocation play.”
Known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve, Shelton was surprised that the authorities have been “remarkably accommodative” with Fintech innovation. A fact that she is “glad” about, she reiterated that Fintech in general is “healthy.” When it came to crypto-assets, she stated that the likes of Bitcoin and Ether are at a disadvantage, especially when compared to fiat. She said:
All of the cryptocurrencies have one big disadvantage compared to the dollar: when you use them to make purchases you end up having to pay capital gains taxes–I can see benefits to having a digital dollar, and we don’t want China to get ahead of us on that.
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