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
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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More specifically, I’m looking forward to governments banning crypto to fiat conversions.
Most people’s interaction with crypto has been NFTs, DeFi or just trading off of a centralized exchange. Ofcourse there is no inherent value to most of the things that are getting traded. Is a cool cat worth a $100 or $10,000? The price is purely memetic - so the numbers fluctuating shouldn’t come as a surprise.
There is a lot of fluctuation in prices and rug pulls (fraud) because the prices are purely memetic. So it is natural that the public is sceptical and the governments constantly talking about regulating heavily or banning crypto all together.
But there is one place where there is intrinsic value for currencies, like eth. That is, paying for computation on a distributed virtual machine. How valuable is that compute - that needs to be denominated in another currency like USD. But the value of the compute in ETH is much more stable.
The eth gets created on the ethereum ecosystem by mining. This currency can now be expensed to pay for digital services like storage, compute etc by builders and service providers. We’re at that inflection point where the number of places to expense a crypto currency is coming of age. This includes utility like storage and compute, but also includes luxury like NFTs.
The entire economy, from currency creation to expensing to trade, can continue to exist without ever having to touch an off-ramp. Without ever touching fiat.
If the crypto to fiat conversions are put to a ban, which Governments can technically control - it will accelerate the digital only economy. This is an economy that the government can neither tamper, nor do I see a reason for the Government to be worried - because no one ever loses USD. There will still be rug pulls, but atleast it will be self contained within the ethereum ecosystem.
With this ban acting as forcing function, we’ll be able to accelerate a digital economy as a parallel economy to existing national economies. An economy for a nation that is purely digital.
An economy - not just a currency - designed for the internet.
More specifically, I’m looking forward to governments banning crypto to fiat conversions.
Most people’s interaction with crypto has been NFTs, DeFi or just trading off of a centralized exchange. Ofcourse there is no inherent value to most of the things that are getting traded. Is a cool cat worth a $100 or $10,000? The price is purely memetic - so the numbers fluctuating shouldn’t come as a surprise.
There is a lot of fluctuation in prices and rug pulls (fraud) because the prices are purely memetic. So it is natural that the public is sceptical and the governments constantly talking about regulating heavily or banning crypto all together.
But there is one place where there is intrinsic value for currencies, like eth. That is, paying for computation on a distributed virtual machine. How valuable is that compute - that needs to be denominated in another currency like USD. But the value of the compute in ETH is much more stable.
The eth gets created on the ethereum ecosystem by mining. This currency can now be expensed to pay for digital services like storage, compute etc by builders and service providers. We’re at that inflection point where the number of places to expense a crypto currency is coming of age. This includes utility like storage and compute, but also includes luxury like NFTs.
The entire economy, from currency creation to expensing to trade, can continue to exist without ever having to touch an off-ramp. Without ever touching fiat.
If the crypto to fiat conversions are put to a ban, which Governments can technically control - it will accelerate the digital only economy. This is an economy that the government can neither tamper, nor do I see a reason for the Government to be worried - because no one ever loses USD. There will still be rug pulls, but atleast it will be self contained within the ethereum ecosystem.
With this ban acting as forcing function, we’ll be able to accelerate a digital economy as a parallel economy to existing national economies. An economy for a nation that is purely digital.
An economy - not just a currency - designed for the internet.
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