Paraphrased by E: Scott Fitsimones believes the future of cities could be on the blockchain
Overview
- Orginal audio clip: Could a DAO Build the Next Great City? | Scott Fitsimones
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Can a DAO Build the Next Great City?
Imagine living in a city that is built, owned, and operated entirely by its citizens. That’s what entrepreneur Scott Fits proposed during his TED talk on May 12th, 2023. His idea was to create an autonomous decentralized organization (DAO) using blockchain technology to build the next great city from scratch.
In this blog post, we’ll explore how such a concept could work and discuss some of the potential benefits it could bring to entrepreneurs at both idea-stage and early-stage startups.
What Is a DAO?
A Decentralized Autonomous Organization (DAO) is essentially an entity that runs itself through code instead of relying on people or traditional organizations for governance. It’s similar to other types of organizations like corporations but without any central authority controlling it — all decisions are made autonomously based on predetermined rules set out in the code. This makes them highly efficient as they don’t require human intervention for decision-making processes which can often be slow and inefficient due to bureaucracy or politics getting involved.
Additionally, since these organizations run off of blockchain technology they are also incredibly secure with no single point of failure so there’s less risk associated with running one compared to traditional companies or governments who may have vulnerabilities that can be exploited easily by malicious actors online.
What goes into creating a new city from scratch?
The first step would be buying land where the new city will be located — this could either be done directly through cryptocurrency payments or via crowdfunding campaigns where contributors get rewarded with tokens representing ownership rights over their contributions once construction begins (similarly to how ICOs work).
Construction can begin once enough land has been purchased. However, before starting any physical work, tokenholders should agree on parameters such as zoning laws and building regulations that will be in effect immediately after the purchase. This will ensure that everyone is aware of the development type planned for each area designated in the new cityscape design plan.
Developers and contractors can start building structures based on preapproved plans after agreeing on the parameters. Smart contracts will automate payments for different stages, including milestones, until the completion date. A successful inspection will confirm that everything is in order.
After the infrastructure is built, citizens should be able to easily access a variety of services such as healthcare facilities, schools, and banks. However, these services must follow specific guidelines that have been established in advance. Failure to comply with these guidelines will result in penalties.
Furthermore, the implementation of blockchain-based voting systems enables citizens to play a more active role in making decisions that affect their community. This includes passing legislation related to public safety, taxation policies, local business incentives, and more. With these systems, everyone has an equal opportunity to voice their opinions, share ideas, and collectively shape the direction of future initiatives.
Benefits For Entrepreneurs At Idea-Stage And Early-Stage Startups
Aspiring and early-stage startup owners alike can greatly benefit from joining decentralized cities that use blockchain technology to develop. Investors not only benefit from enhanced security measures for safeguarding investments but also gain transparency through progress updates on projects conducted on virtual space provided by a distributed ledger system. This system enables greater visibility into daily operations, without worrying about fraud or resource misuse, and ensures the timely completion of tasks with the utmost accuracy and detail possible.
In addition, since transactions happen quickly, there are no long wait times for money transfers. This means that businesses can operate more smoothly and efficiently and at a lower cost than usual. This saves time and energy that can be better spent on creating products, rather than on administrative tasks like paperwork and documentation. This level of decentralization also opens up opportunities for startups to create innovative solutions and applications with access to a global network of resources, thus allowing them to experiment and build without getting stuck in the traditional system.
Finally, having an open platform that is accessible to people all around the world makes it easier for teams to collaborate regardless of where they are located. This leads to more innovation and faster solutions being brought to the market, which helps to drive economic growth. The use of digital currencies powers the entire ecosystem and provides unprecedented growth opportunities.
In conclusion, decentralized cities built on blockchain technology offer entrepreneurs at both idea-stage and early-stage startups an opportunity to thrive. These cities provide enhanced security measures, transparency, efficiency, and cost savings — all while enabling collaboration across multiple countries or regions. It is therefore no wonder that these emerging cities are becoming increasingly popular as people from all over the world look towards them for their potential benefits.
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