Crypto Assets Will Change The World?
Today we organize for profit corporations that work to maximize their profits. What if we organized a collective gig economy based workforce that maximizes utility of a piece of software or making markets transparent?
The second type is becoming very popular via the ICO market. While there is much to be done to bring legitimate ICO’s to life such as regulation and industry standards, they are intriguing for the evolution they represent in the way enterprises undertake activities.
Let’s use an example of how it might work. I write a white paper (think of this process as creating a prospectus for token buyers)that lays out my idea for creation of a title company. You provide a token of investment-quite simply you give me $ or some other currency in the form of a token of a stake in this enterprise. This would make it a standard corporate form but better yet to avoid being a security we can have that token buy future services rather than owning future profits.
When you think about it, this is just like what Kickstarter does in a more conventional way. But with Kickstarter the pre purchase of a product or service makes you a customer. Often a corporation was created that owns the product idea and will make it sell it to you via this campaign or future customers in a more conventional way.
In our token title company, you fund it so you can use the utility over time. So perhaps you are a real estate agent and want to make the land titling process easier. You provide some capital and you can clear future titles via this new organization using your token.
Importantly, the white paper writer controls the new title company but its a collectively owned enterprise. The organizer uses the token sale (ICO) to pay programmers to build a technology that uses blockchain to create an ever lasting, non corruptible chain of ownership record for purposes of transferring property.
This would eliminate so many different existing corporations that do this today. It would make clear any issues that arose about the property as they would be right on the record. Complete transparency and very low cost records of property ownership would be the result.
It would make the idea of title insurance to protect you from a lack of transparency obsolete. How nice for a homeowner to never pay title insurance again.
So for reasons of wanting to make the world better, I organized a collective to provide capital and to program a new way of doing things. I offer it to the world at low or perhaps even free to gain traction and then I have upended the title insurance and title company worlds.
As the organizer I can take the profits from this idea. I can share those profits (if its in the form of labor as payment) or as ownership. But the breakout idea here is that it does not have to be a typical corporate form.
Any thoughts? Crazy smart or just crazy?
-The Vestigo Team