DAOs are not companies, they’re decentralized autonomous organizations. What’s the difference? That’s what we’ll explore today with a look at how DAOs and NFTs work together in the world of cryptocurrency.
The “dao startups” are a new type of company that is decentralized. They are not owned by any one person, and they don’t have shareholders. Instead, the dao has token holders who vote on how to spend the funds in the dao.
I wanted to offer everyone an update on Multiverse and a high-level overview of my concept of Protocols, DAOs, and Companies in the WEB3 ecosystem.
To understand where I’m headed with this, I need to explain how I see the WEB3 ecosystem’s tech stack. A security layer (also known as a fat protocol) sits on the first layer of the tech stack, which in this case is Ethereum. On top of the security features provided by the first layer, the second layer comprises of protocols that build goods that operate as public utilities. DAOs then have public control over these second layer (product creation) protocols. The firms that produce user-friendly services utilizing the second layer protocol’s products as its building blocks are found on the third and final tier.
WEB3’s Technical Stack
People prefer to conceive of cryptocurrency as a new economic sector, but I disagree. I see it as new infrastructure, and the solutions I mentioned above enable us to replace the world’s present infrastructure with a quicker, cheaper, more efficient, and publicly owned backbone.
There are already enterprises that have been formed on top of these decentralized WEB3 protocols. Coinbase is the most apparent. Most people would say that Coinbase is primarily in the exchange industry, but I disagree. They are, at their core, a fiat-to-crypto on-ramp business, which includes, of course, the exchange of money for crypto. When Bitcoin first began, it was the most apparent service a firm could give to a protocol. I see a future in which there are millions of enterprises servicing these items and developing new tools for the public to use and organize via the many protocols.
Another factor contributing to the confusion of how protocols regulated by DAOs and businesses vary is that we don’t yet have names for the various types of DAOs. I believe you could even argue that simple multi-sigs are a kind of DAO; we currently have DAOs that collect art or attempt to purchase constitutions. Although none of them are protocol DAOs, they are all grouped together. I believe it would be prudent for the industry to begin classifying DAOs based on their activities, and that the ongoing effort to make DAOs resemble corporations in the eyes of the law is a folly and a fool’s errand in my view. Allow corporations to be companies and DAOs to be DAOs. This is an exciting new field, and when technology like this arises, it generally seems chaotic at first, before structure emerges.
For trademark issues, we need to modify Multiverse to Graviton, as you may have heard. “What is Graviton?” or “Why Graviton?” is a question that many of you have asked.
The graviton is a hypothetical quantum of gravity in quantum gravity theories, a basic particle that mediates the force of gravitational interaction. Due to an unsolved mathematical difficulty with renormalization in general relativity, there is no comprehensive quantum field theory of gravitons. – https://en.wikipedia.org/wiki/Graviton
Graviton is the particle that keeps the Universe together, which is appropriate given that our firm is building on top of the Universe Protocol and other WEB3 protocols to offer services to protocol goods for artists to produce and sell content in the Metaverse.
The “where do you buy nfts” is a question that has been asked many times. The answer is that DAOs are not companies, they are NFTs. They can be bought and sold on cryptocurrency exchanges.
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