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Balaji
@balajis
Once payments go on-chain, all higher order data structures derived from payments go on-chain. Contracts of course, but also financial statements, companies themselves, conglomerates, and M&A. It's not just about digital currency, but digital corporations.
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Balaji
@balajis
This is kind of happening with DAOs. But due to the heartburn over Howey, people haven't really discussed the sheer scale of now-feasible process innovation. Yes, tokens aren't equity, anymore than packets are TV. But smart countries will allow them to be used as replacements.
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Balaji
@balajis
We can't just shoehorn new technology into century-old policy frameworks. We need to think from first principles, or else every livestreamer in the world would have needed a television broadcast license.
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Balaji
@balajis
You don’t need a stamp to send an email You don’t need a TV license to broadcast on YouTube You don’t need a radio license to do a podcast You don’t need to use old regulations to constrain the future twitter.com/anguschampion/…
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Rahim Nathwani
@RahimNathwani
Replying to
@balajis
and
@blader
Blockchain as the source of truth for the general ledger => all transactions happen on-chain or represented by an oracle. Still need to trust the entity to correctly report inventory balance movements etc. But having all major payments/contracts verified would be a great start.
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ibrahim
@aibrahima
Replying to
@balajis
and
@blader
this framework can be built today, since there are many businesses for whom all transactions are digital (already) — while it’s unlikely this will happen with the same ubiquity for all businesses’ txns on the blockchain. neo.tax is building this in 1-2 yrs =]
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