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The Most Important Scarce Resource is Legitimacy
In today's crypto ecosystems, token-based membership determines key considerations such as resource allocation, on-chain incentives, and off-chain decision-making. While a blockchain's censorship resistance may seem like the solution to a world of gatekeepers, in reality, pay-to-play limits access in other ways. Protocols may be owned by thousands,... See more
otherinter.net • Positive Sum Worlds: Remaking Public Goods
-Participatory decision-making and cooperative business models: From this standpoint, crypto tokens represent one of the most promising innovations for enabling ownership to be distributed and transferred on the internet as easily as information.
Katie Parrott • Legitimacy Lost
The modern financial system is a market for promises that involve large degree of trust. Human systems are incapable of executing all promises due to interests and goals that could go against them. The inability to commit to promise enforcement limits the set of promises that can be made. And this is the fundamental problem that blockchain as an al... See more
Not Investing Advice • The Market for Promises
The three fundamental pillars of this argument are,
- Blockchains are differentiated from traditional finance through their strong property rights – the inalienable right to store and transmit value.
- Centralization provides a means by which powerful entities can influence the outcomes of blockchains.
- The value stored in a property rights system is direc