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@wkyleg
red3: A Platform for Decentralized Autonomous Corporations (DACs) We believe that the common understanding of DAOs and the problems they best solve is misguided: DACs and DAOs address fundamentally different challenges.
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A DAC is an on-chain company, formed due to transaction costs inherent in production, as described in Ronald Coase's famous essay "The Nature of the Firm." A DAO, on the other hand, is a "commons-based peer production" organization, which coordinates large numbers of decentralized participants through new efficiencies in telecommunications technology. This concept is most famously described in Yochai Benkler's essay "Coase's Penguin, or Linux and the Nature of the Firm." DACs will tend to be organizations that can create lower internal transaction costs relative to their environment by existing on the blockchain.
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Some problems solved by DACs include: - Creators are stuck competing for attention in negative-sum games instead of building collaboratively - Creators can't raise equity from fans - Current IP-NFTs and IP-Tokens are not well-structured for raising capital in advance of a project - In much of the developing world, forming a firm is difficult due to regulation, corruption, lack of strong institutions, and other missing infrastructure
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Our progress so far: - Link-sharing pages to serve as profile pages for DAC members. Users can link off-chain content with on-chain identity by showcasing NFTs, Farcaster, ENS records, and a variety of other existing social media networks. This is live at https://red3.me - MVP of smart contracts for DACs. These are built with the intention of being as simple as possible for managers to operate while maintaining the lowest possible Cost of Capital for investors. The standards include a base ERC-20 Token, Invoice System, CEO Election, Executable Transactions (similar to smart wallets), Permissions Management, Tithe System, Vested Dividend Distribution, and Bylaws. These can be viewed at https://github.com/wkyleg/red3-contracts - Business development work with DeSci DAOs and artists. Some DeSci DAOs are interested in using these contracts to tokenize intellectual property
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