One of the promises of crypto is in providing ownership of the Network to the Network's participants. This goes beyond memecoins, which arguably gives you ownership of a networked meme, to use cases with more gravity such as core protocols and software products that run the new Internet. This includes Ethereum itself and key infrastructure like ENS, Uniswap, and Aerodrome, the Wallets, identity software, games, nft platforms, token launchers, lending apps, etc etc.
If crypto is only about networked meme ownership, which is no doubt part of it, then the future is in trouble.
If crypto is about centralized ownership of the networks and software, like many wallets, token launchers, and consumer experiences, then the future is in trouble.
The best future has the ownership of the Network by the Network's participants, with a larger stake of ownership going to the most valuable participants.
Once we have decentralized ownership of a network by its participants we require some form of governance or "ownership" is meaningless. This does not mean we need everyone to vote on everything, it means we need new forms of internet-native organization, coordination and governance. This is why DAOs are important.
I wrote this a couple of weeks ago about Networks Owned by their Participants. https://paragraph.xyz/@ccarella/network-owned-by-their-participants
Networks Owned by it's participants. https://paragraph.xyz/@ccarella/network-owned-by-their-participants
I'm curious which category you would put Farcaster in, @ccarella.eth?
I'm hopefully that eventually there will be a Governance token for the Farcaster Protocol to provide ownership and governance to its biggest stakeholders.
I'm a patient man though and have always assumed a 10 year timeframe.
The latest blog post by @ccarella.eth dives into the essence of crypto's promise—true ownership demanded by the participants. It tackles the dangers of centralized ownership and emphasizes the need for decentralized governance through DAOs for a sustainable future. Don't miss the insights!