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Ways to improve the ownership economy — Mirror
One of the most overlooked elements of ownership in the web 3.0 space is financial transparency, particularly regarding investments and agreements. If the goal of "progressive decentralization" is to transition to community ownership, it would seem incongruent for early stage investments terms to be hidden from the community.
Austin Robey • Ways to improve the ownership economy — Mirror
Who controls access to the treasury?
Austin Robey • Ways to improve the ownership economy — Mirror
Whereas "democracy" was redefined to mean "access", "ownership" risks being abstracted away to mean little more than "exposure to upside". Yes, having the ability for users to capture more value is good, but does it qualify as "ownership"?
Austin Robey • Ways to improve the ownership economy — Mirror
While musicians faced an existential crisis during a pandemic, Spotify CEO Daniel Ek’s ownership stake in Spotify climbed to be worth over $4 billion. In order to earn $4 billion, a musician earning the median wage of $25,000 would have to work for 160,000 years – in other words, they’d have to have started working before human history began.
Austin Robey • Ways to improve the ownership economy — Mirror
For networks that aim to be community owned, there should be some form of codetermination at the outset, allowing community proxies or representatives to be involved in treasury-related decisions -- particularly around token allocation.
Austin Robey • Ways to improve the ownership economy — Mirror
Some questions to consider:
Austin Robey • Ways to improve the ownership economy — Mirror
If Apple were structured as a worker-owned cooperative, the ownership stake of each of its 150,000 workers would be worth over $15m. On top of that, each employee would receive an annual dividend of over $400k. Ownership creates wealth, and its concentration helps create wealth inequality.
Austin Robey • Ways to improve the ownership economy — Mirror
Web 3.0 usage of the word "ownership" carries similar risks to the web 2.0 usage of the word "democracy".
Austin Robey • Ways to improve the ownership economy — Mirror
Community ownership is a virtuous aspiration among web3 organizations. However, without an agreed upon definition or collective understanding of what ownership actually is, we may inadvertently dilute or abstract its meaning.
Austin Robey • Ways to improve the ownership economy — Mirror
Who decides how tokens are allocated?