But the Bitcoin world has been trending more and more toward centralization in recent years. A few major players are gobbling up parts of Bitcoin’s essential infrastructure, and it’s getting harder for an individual (especially one who’s not rich) to have a say on the future of the currency.

Ownership, via employee stock option plans, has been a powerful tool for incentivizing talented people to dedicate their skills to building startups in Silicon Valley. While this model has been extremely successful, it hasn’t been accessible to all, constrained by geography and legacy financial infrastructure, among other factors. One result is tha... See more

Governance rights face similar challenges with both fungible and non-fungible tokens: ownership naturally tends to have a power-law distribution so the question becomes: what do you do about whales? This recent essay by Vitalik paints a clear picture for why this will become an increasingly problematic issue for DAOs, both in terms of incentive mis... See more