Virtual Collaboration and Funding
Posted: Sat Feb 08, 2025 9:57 am
However, the most disruptive aspect of a digitally native, “programmable” payment approach is how it enables greater independent collaboration and funding.
Using smart contracts, a new, multi-member entity can be created in minutes. There are no documents to sign, no credit checks, lawyers, government filings, or even direct knowledge of the members. Smart contracts also automatically manage all payment flows, governance rights, information rights, and ‘charter’.
The most intuitive version of these smart contracts is managing fundraising and ‘equity rights’ for projects. MirrorYZ (disclosure: a portfolio company), operates a bit like Medium on the blockchain. And to do this, writers can spain mobile database sell tokens to their audience to fund a new article or series or video, then mint NFTs of said work and automatically share the proceeds with their patrons. Or, a group of writers can issue tokens to fundraise for a new, ongoing zine, which is then managed by token holders and given exclusively to them. Some writers use smart contracts to automatically share tips with those who have helped or inspired them. None of this requires a credit card number, entering ACH details, or an invoice. And it’s guaranteed to be what’s owed.
While Mirror focuses on media applications, smart contracts can be used to build a "decentralized autonomous organization" to serve almost any purpose, whether small and temporary or large-scale and persistent. For example, Friends with Benefits is actually a membership club that uses tokens to gain access to private conversations, events, and information. Some people believe that by requiring users to buy tokens to gain entry, FWB is simply replicating the century-old "membership fee" model of every exclusive club, but under the hype of "cryptocurrency.
Using smart contracts, a new, multi-member entity can be created in minutes. There are no documents to sign, no credit checks, lawyers, government filings, or even direct knowledge of the members. Smart contracts also automatically manage all payment flows, governance rights, information rights, and ‘charter’.
The most intuitive version of these smart contracts is managing fundraising and ‘equity rights’ for projects. MirrorYZ (disclosure: a portfolio company), operates a bit like Medium on the blockchain. And to do this, writers can spain mobile database sell tokens to their audience to fund a new article or series or video, then mint NFTs of said work and automatically share the proceeds with their patrons. Or, a group of writers can issue tokens to fundraise for a new, ongoing zine, which is then managed by token holders and given exclusively to them. Some writers use smart contracts to automatically share tips with those who have helped or inspired them. None of this requires a credit card number, entering ACH details, or an invoice. And it’s guaranteed to be what’s owed.
While Mirror focuses on media applications, smart contracts can be used to build a "decentralized autonomous organization" to serve almost any purpose, whether small and temporary or large-scale and persistent. For example, Friends with Benefits is actually a membership club that uses tokens to gain access to private conversations, events, and information. Some people believe that by requiring users to buy tokens to gain entry, FWB is simply replicating the century-old "membership fee" model of every exclusive club, but under the hype of "cryptocurrency.