Another key principle that we really have to think about is the shift from automation to autonomy. There's been a lot of discussion about the power of automation - robotic process automation. It seems like magic, doesn't it?
You know you can take software and you can replace people and processes and really cut costs and get greater levels of efficiency. But, there's a more interesting trend beginning, which is the rise of autonomous organizations.
Have you ever wanted to buy the United States Constitution? Or the single CD that was created by the Wu Tang Clan as a once off? What about a fast food franchise? Now thinking about buying any of these things might seem some kind of strange daydream or fantasy.
But exactly those items were attempted or purchased by a new type of organization known as a DAO, or Decentralized Autonomous Organization. Think of it as an internet community with a shared bank account. And DAOs, which are built on the blockchain, are a key emerging infrastructure - which is going to be part of this new Web 3.0 world of decentralized communities, essentially, with new types of governance protocols.
Think of it as a kind of a community entity that has no central control. And I bring up this idea because often when people think about the metaverse or Web 3.0, they get distracted by all the hype. They look at celebrities buying NFTs or kind of cartoon punks or apes. And they missed the fact that we're actually seeing a revolution in the underlying financial and governance infrastructure by which the way the world works.
In the future, many things that we see as LLCs today, or limited corporations, may be DAO. Even potentially, political PACs will actually work in this way. And the idea is powerful - because if you could bring people together, without any kind of centralized overhead of management, you can create governance tokens that allow people to actually vote, use smart contracts to handle a lot of the infrastructure and decision making.
There's really no end to the creativity by which these structures can actually reshape the financial world as we know it.