Till now we've seen the ideal wellbeing identity, structure of a self-sustaining #web3 community, and a token system that facilitates such communities to be built on.
Unless we rethink the organizational structure ground up it's all futile. #DAO #TheInternetOfValue
We look at
52 years ago, Mr. Dee Hock foresaw and implemented the foundations for the world's first trillion dollar organization, Visa. Back then visa was little more than a set of unorthodox convictions about organizations, slowly growing in the mind of a young corporate rebel. Today, according to the visa 2019 annual report payments and cash volume for the year was a staggering $11.6 trillion. Transactions processed on visas networks totaled $138.3 trillion, and the year saw some 3.4 billion visa cards in operation
Dee Hock is the man who imagined this reality, who had a once deemed impossible vision 52 years ago, a vision which has become a concrete reality today. He has a different view on what the next 50 years can deliver. But that vision will require a radical shift in mindset.
It is about 3 compelling questions arising from that awareness that came to dominate his life.
Org Structure: Chaordic Chaordic is the behavior of any self organizing, self governing, adaptive, nonlinear complex, organism, organization, community or system, whether it's physical, biological, or social, the behavior blends characteristics of both chaos and order.
And the second definition of it is the behavior of a self organizing entity. The behavior which exists observable patterns and probabilities that are not governed or explained by its constituent parts.
And the third definition is characteristic of the fundamental organizing principles of the universe. evolution and nature that's a little complex, but it is the diametrical opposite of the command and control and uptown organization
Mission Economy offers a path to rejuvenate the state and thereby mend capitalism, rather than end it. The case for a new approach is overwhelming and Mariana Mazzucato’s project is ambitious. By focusing on the immense power of governments to shape markets, she argues that capitalism itself can be remade. Mazzucato aims to infuse capitalism with public interest rather than private gain. Mazzucato invites us to imagine a government that “bears the greatest level of uncertainty and reforms … itself to take risks”.
From confronting the climate crisis to improving health and wellbeing, Mission Economy offers a method to tackle the great challenges facing us. Mission economy encourages us to think of the state as an investor and internal stakeholder rather than a cost center. This has significant implications in the way an org can be structured in the future. Think of our communities having policy professionals
Blockchain consortia are creating a lot of interest among enterprises, with many of the latter willing to join the former in order to get the best out of blockchain technology. 15 Governance solutions for public blockchain platforms like Hyperledger and Ethereum were the prime focus of enterprises till recently. Consortium blockchain governance is now becoming more important to enterprises than public blockchain governance, & soon turn into a norm
Consortium blockchains are termed as ‘hybrid solutions’; these fall in-between public and private solutions, i.e., between fully open decentralized systems, and completely centrally-controlled systems, thus getting the best of both worlds. Multiple organisations take part in the consortium and every organisation gets similar treatment. So, there is no single entity ruling over the network. Communities as node runners and validators within a consortium
A survey by Deloitte in 2019 with regard to the impact of blockchain consortia on 1386 global enterprises, revealed the below: *Cost savings: 57% *Accelerated learning: 55% *Risk sharing: 47% *Mass adoption: 45% *Lifetime maintenance: 42% *Influencing standards: 42%
A consortium blockchain (also called federated blockchain) is best suited for organisations where there is a need for both types of blockchains, i.e., public and private.
Here's a comparative analysis of public vs private vs consortium blockchains
The other parlance would be DAOs in the Blockchain space:
Decentralized so, the rules cannot be changed by a single individual or centralized party; Autonomous, so they operate based on logic written into a smart contract, without human. intervention. Organizations or entities that coordinate activity among a distributed community of stakeholders — for example, developers and users on a given blockchain network. DAOs are examples of what is known as “on-chain governance“.
In traditional corporate governance, for example, companies have bylaws that dictate certain policies, such as how a board is elected. A DAO extends this concept into the digital world by encoding bylaws into smart contracts.
In all 3 cases, the patterns are
This completes our thought series on building a better economy - #TheInternetOfValue. We take it a step further in the next few steps to explore #Project10000.
As always you can check out the previous chapter snippets over here