Comment on Plebbit Will Never Deliver, Apologies for the Hype, Lemmy's Where I’m Staying
rinse@lemmy.world 3 weeks agoI took a look at their whitepaper and it says that they’re not using blockchain at all
If community owners want to set a blockchain name like hello.eth or hello.sns it’s possible, but it’s optional.
It’s some sort of proprietary peer to peer algorithm. Is this something that changed in implementation?
Not true, it’s free software released under GPL V2, check out plebbit-js
but it’s run by a DAO that operates using a governance token, which is not exactly great.
What is the problem with DAOs? I think they’re a great way of facilitating coordination between anons on the internet
Voroxpete@sh.itjust.works 3 weeks ago
So, from what I’ve read, and you’re welcome to correct me if I’m wrong on any of the facts here, your DAO operates using a governance token that can be traded on crypto markets.
If that’s the case, those are just grey-market voting shares. All you’ve done is create a corporation and sell shares, while avoiding all of the legal protections that would be afforded to your shareholders if you actually went through the process of creating a corporation and holding an IPO.
So, based on those facts as I understand them, I guess I’d say I have two problems.
Voting power decided by buying power is about the most undemocratic system possible short of autocracy.
Obfuscating the purpose and structure of your organization to either intentionally or unwittingly dodge regulations that would protect your shareholders is not a great look.
rinse@lemmy.world 3 weeks ago
The token is not forced upon anyone, and even if we start including it in the clients somehow, anybody can fork the clients and remove any token related stuff out of it.
Tokenizing your own project is a great way of supporting development without selling shares to VCs who only care about hyper growth, regardless of the ideals of the project.
Not sure what you mean by that, everything we do is out in the open.