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qinbafrank
qinbafrank|Jun 03, 2025 07:28
The latest article from venture capital giant A16Z calls for an end to the era of human foundations in the cryptocurrency industry, which is a very good call. Say goodbye to the foundation and instead build a new system with better incentive mechanisms, accountability mechanisms, and scalable approaches. Foundation employees and board members can earn high salaries without doing any meaningful work, and are difficult to dismiss, even if they do evil, they do not have to bear too much responsibility. This is also the biggest moral dilemma in the current cryptocurrency industry: once a cryptocurrency is issued by a large institution, the founding team has no motivation to continue building it, and there is no responsibility for lying flat and doing evil. The foundation was the best choice to escape regulation and policies in the early non compliant era, but with the process of compliance, the foundation model is indeed too unsuitable. A16Z proposed several frameworks: 1) Public welfare enterprises. Development companies can register or transform into public welfare enterprises, which undertake a dual mission: to pursue profits while achieving specific public interests; 2) Network revenue sharing. Networks and decentralized autonomous organizations (DAOs) can create and implement sustainable incentive structures for companies by sharing network revenue; 3) Milestone token ownership. The company's token lock (transfer restrictions prohibiting employees and investors from selling tokens in the secondary market) should be linked to meaningful network maturity milestones; 4) Contract protection. DAOs should negotiate and sign contracts with companies to prevent the use of the network in a way that harms the interests of token holders; 5) Programmed incentives. When network participants receive incentives for their contributions through the programmatic allocation of tokens, token holders will receive better protection.
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