Madhavan MalolanPermissionless Hierarchy : A new way to look at DAOs.
DAOs are the biggest misnomer of web3. They don’t work, and no one seems to know how to make it work. Here, I present a view to challenge the way we look at DAOs to begin with. The take-away for me from 2 days of DAO discussions in Amsterdam is nobody has figured out how to manage the chaos to get anything useful done in a DAO. DAOs are today just a glorified Discord channel with no clear route to be either Decentralized (what does that even mean?) or Autonomous. “DAO” is a marketing gimmick....
Madhavan MalolanRequest to build - Decentralized NFT based lending protocol
A completely decentralized protocol that lets people borrow money from the treasury by producing an NFT. This is to be built on top of LooksRare, because LooksRare is decentralized and hence infinitely composable.Borrow at floor priceProduce an NFT from an NFT collection on LooksRare. The maximum amount you can borrow against the NFT is the minimum floor price of that collection over the last 30 days. You can only deposit verified collections’ NFTs - for securing the protocol. Open to any oth...
Madhavan MalolanRequest to build - A decentralized Audit Marketplace mechanism design
Auditing wait times on top audit firms are 9-12 months and expensive. We need something that is more participative and allows for new and yet-unproven security auditors. Here I propose a decentralized audit marketplace that turns the auditing process into a prediction marketplace.1. Select a juryA jury is usually reputed security engineers. This jury doesn’t do the audit itself, but only signs off a reported vulnerability as a real bug. There are 5 jury members selected for every audit. They ...
Founder [Questbook (YCw21)](https://questbook.xyz) Writing about things that need to be built in web3
from a conversation with abhilash
A question we get asked again and again and again is what is web3 and how is it different from web2?
Balaji S tweeted about blockchain being a database where everyone is a master. This is a database where everyone can read the database, it’s open by design. And, also anyone can write to the database too. But the write is protected not by user roles but by rules written in code. As long as the write passes the rules written in the code for that application - anybody can invoke a write command.
Money and money management is a primitive in the programming language (Solidity). Just like you have visibility modifiers like public, private etc., you can have an additional modifier to functions you write in Solidity to have a modifier called payable that enables functions to accept payments. You don’t need any external APIs or security measures to accept payments - making it a great fit for creating finance applications.
The reason Ethereum was successful IMO was that it was inherently composable. Unlike in web2, where you build something and then expose APIs to make your stack composable, here your software is composable the moment you deploy it. Being able to use your software to build more interesting projects on top is not an afterthought, it is not possible to write code that cannot be used by other softwares.
Every software that you write, is an API that another software can use immediately. People have built 200+ games on top of loot project within a week of launch of the Loot Project NFTs.
This is an API you can be sure will never be shut down, because a software once deployed cannot be changed. There doesn't exist a primitive called "update deployment". So once a software is deployed, you can always look at the code and be sure of what it does - and that it will never change. Ever. So you can safely make business level bets on software that others have created without having to worry about the underlying layer changing making your project irrelevant (as has happened with many apps built on Twitter and Facebook APIs).
from a conversation with abhilash
A question we get asked again and again and again is what is web3 and how is it different from web2?
Balaji S tweeted about blockchain being a database where everyone is a master. This is a database where everyone can read the database, it’s open by design. And, also anyone can write to the database too. But the write is protected not by user roles but by rules written in code. As long as the write passes the rules written in the code for that application - anybody can invoke a write command.
Money and money management is a primitive in the programming language (Solidity). Just like you have visibility modifiers like public, private etc., you can have an additional modifier to functions you write in Solidity to have a modifier called payable that enables functions to accept payments. You don’t need any external APIs or security measures to accept payments - making it a great fit for creating finance applications.
The reason Ethereum was successful IMO was that it was inherently composable. Unlike in web2, where you build something and then expose APIs to make your stack composable, here your software is composable the moment you deploy it. Being able to use your software to build more interesting projects on top is not an afterthought, it is not possible to write code that cannot be used by other softwares.
Every software that you write, is an API that another software can use immediately. People have built 200+ games on top of loot project within a week of launch of the Loot Project NFTs.
This is an API you can be sure will never be shut down, because a software once deployed cannot be changed. There doesn't exist a primitive called "update deployment". So once a software is deployed, you can always look at the code and be sure of what it does - and that it will never change. Ever. So you can safely make business level bets on software that others have created without having to worry about the underlying layer changing making your project irrelevant (as has happened with many apps built on Twitter and Facebook APIs).
Madhavan MalolanPermissionless Hierarchy : A new way to look at DAOs.
DAOs are the biggest misnomer of web3. They don’t work, and no one seems to know how to make it work. Here, I present a view to challenge the way we look at DAOs to begin with. The take-away for me from 2 days of DAO discussions in Amsterdam is nobody has figured out how to manage the chaos to get anything useful done in a DAO. DAOs are today just a glorified Discord channel with no clear route to be either Decentralized (what does that even mean?) or Autonomous. “DAO” is a marketing gimmick....
Madhavan MalolanRequest to build - Decentralized NFT based lending protocol
A completely decentralized protocol that lets people borrow money from the treasury by producing an NFT. This is to be built on top of LooksRare, because LooksRare is decentralized and hence infinitely composable.Borrow at floor priceProduce an NFT from an NFT collection on LooksRare. The maximum amount you can borrow against the NFT is the minimum floor price of that collection over the last 30 days. You can only deposit verified collections’ NFTs - for securing the protocol. Open to any oth...
Madhavan MalolanRequest to build - A decentralized Audit Marketplace mechanism design
Auditing wait times on top audit firms are 9-12 months and expensive. We need something that is more participative and allows for new and yet-unproven security auditors. Here I propose a decentralized audit marketplace that turns the auditing process into a prediction marketplace.1. Select a juryA jury is usually reputed security engineers. This jury doesn’t do the audit itself, but only signs off a reported vulnerability as a real bug. There are 5 jury members selected for every audit. They ...
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Founder [Questbook (YCw21)](https://questbook.xyz) Writing about things that need to be built in web3
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