I highly recommend listening to the entire interview. I was very impressed listening to how Brian Flynn's ideas create tomorrow, the egalitarian world he wanted to create in DAOs and his different perspective on the bear-bull cycle. I hope this summary will serve as an "appetizer" for you to listen the entire interview.
Just before we begin, I want you to know that this summary contains the main idea in bullet points. Throughout the interview, the items were exemplified and explained in detail.
He believes that Reputation is trust. In the example he gave, while explaining Twitter with the number of followers, he also states the paradox here. That's why he talks about the importance of RabbitHole and explores better ways to trust people in this new world of web3 as more people become anonymous.
He believes that airdrops are like hiring. He considers it appropriate to distribute to influential contributors and people who will do well in the future, not in the past! In other words, he argues that being an early user is not more important than being an effective user on the airdrop side. He states that the main problem with airdrops is that it rewards work done in the past, as opposed to future work. At this point, it is understood once again how important the issue of reputation is. Because if reputation can help us answer with the best guess of how useful someone might be in the future, a more accurate and sustainable distribution may be in question.
How do we reward future effort, or at least structure things to reward future effort? Is reputation part of it? What else should we think about there? He answers the question as follows:
Active management involvement is best practice and many teams like to use this as a benchmark for their work. They look at whether they're multi-signatures, really owning it, whether they're looking to speculate at the end of the day, or whether they know their responsibilities. Although this may raise another question; Like who should be on the committee. As a result, some cracks have started to appear in the current model, although it depends only on social capital, and this is the most important thing to resolve and is the obstacle to moving on to the next cycle. Social capital, the people with the greatest impact, everyone knows these names and chooses the same people, the difficulty of being a member of one community and being a member of many at the same time, there are a lot of moving parts here.
There is an irony with the scaling of DAOs. Companies like DAO's have figured out how to reach 10,000 people. However, DAOs are still trying to figure out how to reach 50 people. So the irony is that companies can scale better than DAOs.
What we learned from RabbitHole is that if you can focus a large amount of tension in one place to take action in a short time, you can actually have a very good output.
In traditional web2, they still rely on Discord, Twitter and discourse to reach and attract new members and have new ideas. But what I'm really interested in is what this web3 tool looks like, which allows names to scale and take it to the next level. This is how our quest is designed, and that is the biggest question we as a community need to answer here.
Good and bad ideas have to be filtered out, but everyone has the same aligned incentive and they are in the same room. Good and bad ideas are too loud and you can't tell them apart. They're just so loud and maybe even gaining popularity. Some people are even afraid to speak out in some of these DAOs.
If you have an NFT, you can suggest an idea, vote for other ideas and this way you will solve the attention problem. Everyone is looking at the same thing now! The best ideas will go up and the worst will go down. This is a much more efficient way of potential organization.
My biggest criticism of the nouns is that the management speed is actually very high. But the quality of the offers is low compared to others. Because they are very tolerant about handing out money, there is too much marketing. They actually want to create value for the underlying token.
The last bull cycle consisted of tokens with speculative products behind which there was actually no benefit. In this respect, it was quite different from the first bull cycle. Hopefully the next cycle will be tokens that contain utility for humans, or these real utility tokens themselves. Nouns are really the first type of token I've seen, and it doesn't have that speculative nature because it changes that perspective on behalf of their owners themselves.
In the last cycle, we understood what primitives are and what the probabilities are. So we understood why NFTs exist. We also understand why DeFi and DAOs happen. It is unknown where NFTs might go out of speculation.
Go to Rabbithole.gg and get some onchain credentials and build that reputation can be very useful in the future.
Thank you for reading, I hope you had fun. The YouTube link is below for you to reach the full interview.