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21 June 2021

We’ve passed peak corporation already — Michael Anderson, Framework Ventures

We’ve passed peak corporation already — Michael Anderson, Framework Ventures


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But when historians look back in a few decades, will they see this period as a turning point in the transition from an economy dominated by corporations to a new crowdsourced model where participants are incentivized with tokens to grow a project and share in the profits.

Yield farming may have begun life with a poor reputation as guerilla marketing-meets-Ponzinomics, but it quickly became clear it was a great way to reward the most active participants in a community with tokens and often a share of the revenue.

And what I think we now have with the formation of DAOs is almost as a replacement for a limited liability corporation or a corporation in general,” he says.

“It’s mostly DeFi, but expanding beyond that, I think you can start to take this model into any marketplace.

The model has plenty of advantages: being decentralized means that anyone, anywhere in the world who has an idea for building on top of the protocol — or who figures out a better way to do something — can jump in and reap the rewards.

“Ultimately, that makes things more efficient and scalable, but also more fair and open,” Anderson explains, adding that it enables anyone, anywhere, to compete with tech entrepreneurs in San Francisco or Silicon Valley, who previously had the advantage of being in close proximity to capital. .

And while our mental models for this sort of ownership currently look a lot like handing out equity, Anderson expects that to change as the use of tokens grows and evolves.

“Finding the pieces that fit into that vision and into that new world, I think, is actually the easy part,” he says.

“Once you start to really dive into how in-depth and complicated it gets, I don’t think there’s anyone that actually understands the entire system,” he says.

Unfortunately, Anderson and Spencer were about three years ahead of the market in 2017 with their first venture,Hashletes, essentially an NFL version of the outrageously popular NBA Top Shot.

One of Anderson and Spencer’s contentions about NFTs, which we’re only starting to see come to fruition in 2021, is that NFTs need to have utility as well as provide digital ownership.

“It’s definitely hard to push something, especially when you know that this idea should be working but the infrastructure, the technology just isn’t there,” he says.

“[American entrepreneur] Marc Andreessen has said that there are no bad ideas, it’s just the wrong time.

The pair’s template for success was created with their initial investment into Chainlink when it cost 11 cents during the ICO in 2017.

But I think it’s the one that we have the most close relationship with, just because of the breadth with which they can expand into all the different industries.”.

We like to say, you can evaluate the team, you can evaluate the product, you can evaluate the market, but the most defensible elements of any investment are going to be the core team and then how that transitions into the community and community ownership.”

“It just means that we’re rolling up our sleeves being one of the larger users, one of the largest suppliers for most of the investments that we make; it’s kind of how we define our edge.”

Anderson and Spencer see this as a perfect alignment of interests, and it’s why this new decentralized organization model can take some of the power back from the tech monopolies and corporations that dominate everyday lives.Back when the internet began to spread, utopian visions of its potential to democratize the world and give the power back to individuals dominated

Radical transparency means the best projects with the most well-thought-out incentives will attract the sharpest minds, and those that hold 50% of the tokens back to dump on retail in the future will get shunned

“I think you don’t really get that far with those types of models because everything is transparent and the incentives are aligned with the users of the product, the users with the networks, more so than anything I’ve seen in the previous tech generations.”

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