For taub FWB a16z invested: DAO for creative workers

As the Miami DJ Sister System played early 90s Coil in a spooky orange room, my friend started instructing me on left and right. I'm trying to understand words like "DAO", "Web3", "blockchain", "seed" from their mouths. I have met many internet famous people and old friends that I haven't seen for a long time, but no one is interested in cryptocurrencies.

Then, as Yves Tumor walked into the booth, Diplo appeared wearing a NASCAR shirt with the Bitcoin logo on it. He stepped to the front of the stage both in slow motion and out of this beautiful DJ session.

Here is my cryptocurrency night at a Bitcoin conference in Miami in early June as a member of DAO Friends with Funds.. How to join a cryptocurrency group To join, you must know the participants or hold a token of FWB tokens.

Image source FWB official website

FWB is a social token, a cryptocurrency that can be bought, sold and held as a purchase.

It is based on the Ethereum blockchain, a multi-system system that allows people to send cryptocurrency to each other and manage complex transactions such as smart contracts. (For example, NFTs can be bought and sold on the Ethereum blockchain.) Friends With Benefits is an autonomous organization created by Discord tokens and servers.

You can only access this server if you have community interest and investment. Here you can meet interesting people, join colleagues, find new partners, write restaurant and travel recommendations and participate in activities. Friends With These Benefits is all about you.

Basically, anyone interested in culture or now interested in crypto can find it here.The community includes electronic music fans, artists and millions of people through the use of technology, cooking or any other idea industry. The FWB has gathered around 1,500 members in one venue per year, organized offline conferences in Europe and North America, developed its own tickets and is ready to launch an event that revolves entirely around the culture of its members. . repair the platform.

They talk about the promise of freedom, innovation in journalism, equal pay for DJs and the elimination of private content. This may all sound like a pipe dream, but if used correctly, technology can impact the music industry.

A DAO relates to the community that exists in the blockchain and abides by its policies, procedures, and procedures.These groups do not have the independence of an existing financial management system or process, only by following the rules of writing your own rules. Time is free and DAO can be pretty much free to go to the meeting place to hang out with friends.

The DAO model has been around for many years, but it has its problems. One of the earliest examples is the DAO, which becomes malicious after a malicious user in its code (often referred to as a "hack") steals about a third of the total funds.

Others offer these groups, which encourage growth and investment through membership, in groups such as MLM or MLM, with the slogan "Invite your friends to earn more money!" There are many examples.

However, according to community experts and real production planners, DAOs can be listed on risk certificates to protect against fraudsters and criminals, which is useful not only in blockchain but also in other areas, particularly in culture.

Raihan Anwar "I usually think of the DAOs because they are rich critics of the United Nations,” he joked.. He is an alcoholic and every Internet technology user works in the coffee industry helping the FWB's media and publicity. “You have full control, the communication team and you have real staff for DAO.

For us, business is created by people. For example, I focus on building communities and maintaining good relationships with people. The community is our most valuable asset. "

In other respects, DAOs are more important than partnerships, especially in major DAOs such as Friends with Services.Each participant and DAO stable will have a strong team and its management.

This notion of independence is part of the design of Web3 from the familiar version called Web2. Web3 is the global blockchain giant unleashing a new vision for the internet.Web3 is intended to regulate administration, governance, and self-regulation in accordance with federal laws and regulations, and does not exclude technology companies from benefiting therefrom.

FWB Membership Director Patti Hauseman explains, "There are a lot of advantages to Web3. I think the biggest advantage is that players have control of all their finances. No need to rely on Spotify or other service providers. form of sale, brand new revenue in the era when revenue hits."

However, for now, this is only an idea and there is still a long way to go before musicians are not dependent on traditional income. Even in this situation, cryptocurrency technology encounters many ethical problems in my opinion. Other cryptocurrencies with humorous names have suffered many twists and scandals during their development. So how is FWB different from these parts?

I think the FWB attendees focused on building communities and making it possible for people to be on the platform by creating a platform that was transparent and better than Web2 and business. But are they heavy?

Trevor Mc Fedry

Friends with Services was started on an idea of ​​Trevor McFedries. Former music executive Trevor McFedries is best known for co-creating CGI influencer Lil Miquela, a virtual pundit who has been questioned and criticized for his sometimes controversial comments about the marginalized band.

McFedries is a professional and creative entrepreneur who turned Miquela into a business worth over $100 million through robotics and intelligence company Brud. For him, Web3 is clearly the next stage of innovation.

McFedries said people were stuck at Patreon, Substack... They had to work constantly. He also said,“If we teach them how to generate value from our community, they will appreciate where we want to create. I also think there should be more creative people in cryptocurrency. Community energy.”

Events play a big role. FWB hosted its second IRL conference at the Ethereum Community Conference in Paris in July. Meanwhile, the competition has become more integrated into the global FWB blockchain. If you don't have money in advance, you can buy it easily.

With a new app that DAO members updated over the week, you can introduce people to your doorstep, even outside the club. (If you don't want to join the community, just sell or return after the event is over.)

French DJ Maelstrom is the star of the evening. When I spoke to him, he was in France for Louis' last concert. He said he got the FWB job because he was interested in on-chain payments, a secure business that could double the value of his initial earnings if he chose to keep DJ's revenue growing. Of course, that may not be the case. It's part of the game. But for him, it's not just about making money.

"I admire its culture, its commitment and its community," he said. After the party, I got to know DAO better and realized that there are already a lot of musicians that I look up to and look up to. They are developing new blockchain ways and means to find more ways to live with music.

More interestingly, the Instagram and Facebook algorithms have been eliminated.Algorithms determine what needs to be done to achieve it, DAOs make the difference, communities determine how they work and develop tools to achieve it. It's not about a top-down approach, it's about building a culture from scratch.

This new commitment to music measurement has spread like wildfire through many areas of the music industry. Talented people like Mat Dryhurst have supported DAO. Other groups and organizations involved, such as Release Information, release their own DAO, and the upcoming Refraction event will be the DAO's second.

Attendees were thrilled as they thought it was a fair way for artists to advertise or sell their images by owning and managing more of the inside and outside of the show for sale.

According to Austin Robey, a rule of law expert who rose to fame in the world of DAOs, the crypto space can grow in many ways, with its greatest potential to create an independent platform of communities.Hosting without a membership is next to impossible, and artists aren't even members of the platform.

If you look at Spotify's marketing cap, Patreon is worth thousands of dollars. What to ask is the price of the platforms without the artists. More and more people are joining the DAO and the community, which is a great business opportunity.

In the music space, DAOs and cryptocurrencies have led to shared platform membership and radically new forms of human organization and capital allocation at a fraction of the cost.

“Ideally, we will see new models of new understanding of cultural producers. Musicians develop miracles and gain recognition, giving their owners the members of the platform they are in. Together with the members to manage the platform. resources and partnerships to achieve a common goal.”

While this idea sounds good in theory, those of us who have worked in decentralized finance for years still remember some of the most shocking events in recent history. Founded by a group of programmers at the time, DAO was raising $150 million a month, a pretty good profit at the time.

It was a stateless organization that existed outside of the rule of law, but ultimately fell victim to the big breakthroughs. No one can protect you when a thief comes to pull you from your base in front of you.

DAO hackers are dead. For example, by using a malicious DAO in a smart contract, hackers can steal $50 million worth of DAO currency, causing a "heavy curve" on Ethereum and deeply dividing the community. .

One party follows the old pattern (usually ETHereum or ETC) while the other party floods the new version of Ethereum to repeat the theft by repeating the blockchain to its pre-theft state. Although a new form of Ethereum (ETH) has emerged as a significant benefit, hard forks and other forks associated with additional instability after the DAO crash still have issues.

The main impact of DAO's inability remains. There seems to be a financial crisis when the market drops after people panic and sell their stocks. Of course, people have learned from their mistakes since then, the Ethereum blockchain has been stable and secure for many years, and even more big companies have started to arrive.

As of this writing, major financial companies such as JPMorgan, Visa, and Mastercard have decided to invest in the Ethereum blockchain system or start selling Ethereum-based perks to improve system security. . DAOs have gone up, and this time it's safer for most people.

One of the most interesting cultural figures I met was Alexander Zhang from Los Angeles who lived in New York. I think it has the potential to convince everyone that DAO is the future.

He works full-time at FWB, and Zhang is an expert committed to helping DAO become more professional and innovative. Like many different adherents and affiliates of DAO, he took interest in Xiaobai's curiosity and began to research DAO.

He told me, "I hate cryptocurrency and its proponents and I always see it as a consensus. I bought bitcoin early on and didn't want to spend time thinking about it or accepting it, but I lost faith in mid -19 in the institutions of authority and power structure and began to explore the new world.

He gives this opportunity to all employees equally. So we help make this idea work. For what this represents is enormous and incomparable... Membership, apportionment, self-government, everything I had before the idea, which I thought was impossible, can now seem to begin in the year that come. "

From Hauseman to Zhang, most participants followed a similar path, going from crypto curious to FWB craze in just a few days. It's easy to understand why people need it (players send me coins to explore communities and I can send them back without trading or withdrawing money).

Most topics you can think of are controversial and people are often more willing to explain than criticize the employee. Like everyone in the world wants to do cool stuff in the real world, not just make money.

In today's social media such as Twitter and Instagram, full of irony and polarization, FWB qualifies as a very popular site. So far apart from public order, the FWB still has strict rules of conduct against bullying, racism and other forms of persecution.

"I'm shocked," Jang said. "It seems like the internet is more fun, just like every night you go online and all your friends are online. The internet." "Because today on the internet you can argue with an anonymous DogecoinBoi420 without knowing who is hiding behind the vest."

But the challenges are real and valuable to being part of this community. We can think with humor that this is a hotel for internet buffs. There has been a lot of talk about the potential and accessibility of community members arguing over their role in franchises and financial assets.

But since following the FWB, more and more people have worked to improve access and diversity, including efforts led by Hauseman, who planned our mission to solve economic problems.

He said, "We started a collaborative business, providing full financial support for artists and non-professionals, teaching them how to use Web3 more broadly, like how to create NFT or join a team", I hope you can. advertise music, videos or other blockchain activities. "

On the other hand, there will also be "free services" that will allow other users to buy, sell or raise additional funds for new users. The World of Web3.

In addition to Discord servers and real-world events, FWB publishes weekly content featuring recent discussions and developments on Web3, cryptocurrency, and blockchain sites.

FWB will have its own editorial platform hosted by journalist Ariel LeBeau. He said donors could pay a "competitive price" with the new mix of cryptocurrency and U.S. community investments with no strings attached or money directly in cash, as FWB DJs do.

"The concept of DAO autonomy really appeals to me," LeVue said, "it's better for people to contribute their ideas, their creativity, and their art than to say 'high-end or commercials, as in the old model," LeBeau explains. This is not an attempt to provide stable services or support."

In such an industry, the authenticity of DAOs and the popularity of blockchain are important. It can be community sponsored media where everyone is involved, or it can be an advocate for an event where all communities talk and share more benefits because everyone goes to a place, promotes it or performs.

In legal terms, DAO stands for complete transparency because everything that happens on the blockchain is visible to all participants, from fees to DJ fees, collection fees, writing, design and construction of smart contracts are all provided and NFT members are referred.

You can tie this idea to a list or organization based on each member and participant, so the cost of the whole community doesn't have to be an investment or an investment. Some FWB members came up with the idea of ​​allocating monthly salaries at regular meetings or at city level to share benefits and resources. As Zhang explains, it all looks like a future version of Rotary.

It all sounds like a utopia. Capacity has no limits, so what limits our vision? Thoughts differ from reality, and the Web3 world has a long way to go before creating a new integration.

So far, there is still a lot of potential. Incredible DAOs like Friends with Benefits are double-edged swords due to lack of recognition. DAOs create their own rules and follow their own rules, but at the same time they can be used or stolen by others.

"The problem is that horizontal organizations are bound by immutable rules," said Ethan Lu, a Canadian financial journalist who will publish a book on the criticism and dissent born in the cryptocurrency world. 2016. For example, some of the biggest companies in the crypto world have restructured their businesses and moved to DAO. "

I asked Lou if she thought DAO was the best force in the world. On the other hand, there are groups trying to build community platforms, and on the other, libertarian companies trying to evade federal law and taxation. "It depends on what you mean," he said. "Is it easy to run well? A lot of people think it's good. But for every force there is equality and opposition to equality."

Austin Robey said, "We're seeing a lot of experimentation starting to get done, especially on how encryption can create a fair new standard for actors. Design and startups, we also need to think about personnel." 'To the right. What does a DAO worker mean? What are their rights and duties and how are they protected? »

Another problem plaguing the cryptocurrency world is the power consumption required to modify the blockchain per market. From bitcoin mining to artists selling NFTs to communities, it's a controversial one, and cryptocurrency proponents and fundamentalists alike frequently criticize each other.

Zhang said: “Environmental issues are often the most pressing issue in the Ethereum cycle and we try to complete proof-of-work, proof-of-concept and power consumption as much as possible at night. you will see an increase in contrast.

If you look at all the electricity consumption in the world, Ethereum's power consumption is only a fraction. The fact is that all efforts. If yes, what is the percentage of Ethereum? Now at this point a bit. "

The effort was key when Zhang saw it in July, but it has increased almost tenfold in recent months. His claim is that Ethereum is the second largest cryptocurrency framework in the world and requires less energy than Bitcoin, but available data shows that Ethereum uses electricity every year in Algeria as a whole and has the emissions lowest carbon emissions in Tunisia.

While these concerns can be put aside for a while, or at least hopefully the promises will be effective, what "Friends with Support" and other DAOs are trying to accomplish will be as the impact of Internet will increase. weather. When carried out responsibly, these strategies can create new communities and new ways of life for the performing arts.

It can create all of the new art world connections that we see through the growth of NFTs in music and decentralized art. Moreover, all of this can be misleading, people can be tricked and taken advantage of by users who don't know enough. Ultimately, it all depends on the integrity, goodwill and ability of communities to elect and craft laws that will prevent the use of force.

“I've worked in online communities for a long time, and encryption provides guidance and purpose,” Anwar said. "In other online communities, you see people who are fluent or playing keyboard warriors online. Everyone is better with it. The result, if you can be smarter, helps better? The better you can do.

Exploring the world of cryptocurrencies and DAOs over the past few months has taught me more than I could have imagined and created a new understanding of the potential of this technology. I am sometimes confused with questions. What is that? What is fantastic rhetoric? The ideal is not true? Is this a collective monetization of internet geeks created by millionaires to save the world?

Some see it as self-portrait finance and go back to work. Others champion the idea, arguing that it's a way to make capital work honestly and efficiently. Arguments can be ongoing and both sides can make good points. However, there is no denying that DAOs are starting to appear, not disappear.

People are trying new things, and many are on the right path as they get closer to their goal as technology continues to improve rather than in the bad times of the DAO model five years ago.

The hall isDAO can use many types, the final form of which is under development. DAOs are difficult to categorize. All of this happens in real time. I go through several freedom communities online every day. It inspires me that community freedom facilitates change and easy work that creates value within and grinds it down internally."

As with everything in the fast cryptocurrency world, in a landfill away from management and integration, in an anonymous marketplace, one of these DAOs may or may not trade immediately.

However, we will find that the fire in this place can change the way music and art work in our daily lives. So, whether you are a smart trader, a cryptocurrency enthusiast, or a middleman, you should watch DAOs with a keen eye.