100% people funded
"Web3" and "crypto" is getting a lot of well deserved attention on where the flows of value are going. Who benefits. Is our revolution really just trading out one class of economic elites (bankers) for another (crypto investors)?
Web3 | No Mercy / No Malice
No Mercy / No Malice
A great overview on the concentration of wealth in Web3.
- 1.How does wealth concentrate? If the project succeeds will early contributors be made into millionaires, billionaires, trillionaires, etc? Are there any caps to how much early backers are able to benefit? How open is participation (are there "private sales")? Are there any caps to how much anyone can buy to limit concentration?
- 2.How will that wealth be used? Will it be used for regeneration (and supporting local regenerative projects)? Or, will it be used for degeneration and excessive consumption (mega-mansions and yachts)?
- 3.Do protocols encourage continual distribution or concentration? What economically happens over time? Are tokens continually being destroyed or created? If someone owned 5% of all the tokens one year, and all they did was hold onto these tokens for a year - would they have more, less, or equal to their original 5%?
In degenerative economic systems some of these questions are seen as taboo. Such as, asking how pooled value is spent (e.g. asking Jeff Bezos how he plans to spend his billions before deciding to invest in Amazon).
However, we're working on the level of economic change geared for regeneration. So, these questions are incredibly important. If the value that SEEDS captures is directed towards endless energy consumption (Bitcoin), or concentrating wealth (Ethereum with the upcoming deflationary upgrade), or helping venture capitalists make a few more billions (far too many projects).
One of our tasks here is redesigning how value flows throughout an economy. So, it's incredible important that we consider who benefits from success.
- 1.No private sale and members of SEEDS have a maximum of 100k Seeds they can buy each week.
- 2.Decentralised & transparent launch team Hypha, the team that build and launched SEEDS 1.0, is a decentralised organisation (DAO) that only received a payout for that work after the work was done through a proposal to the Citizens of SEEDS and all money has been transparently governed since (see everything Hypha funded here).
- 3.Citizen Governed SEEDS was governed by the Citizens from inception and have been in direct control of all Seeds (the token) issuance since inception.
- 4.No fixed supply So, it's not possible to buy up 5% of the total supply and the extreme concentrations of wealth that would occur if 5% of a "reserve currency" could be owned by a single group (as is the case with Satoshi and Bitcoin).
- 5.Evolutionary currency First phase where the currency is rewarding risk and early adoption (fixed supply currency). Then a Citizen-Governed transition where the currency shifts to steady state. This sets a considered period and cap to the wealth that can concentrate to early contributors to SEEDS.