1/ Unpopular opinion: we’re likely to see a similar language shift for protocols as well.

IRL organizations have evolved in consumer-owned cooperative <> "shareholder supremacy" cycles.

Crypto is still in the cooperative phase. A short thread https://twitter.com/arjunblj/status/1291858792301203457

2/ IRL, cooperatives thrived when

1. critical infrastructure risked turning into local monopolies
2. investor protection laws were weak
3. capital markets were undeveloped
4. there was not a lot of competition
5. owners did not expect to make a profit

https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=5737&context=fss_papers

3/ In crypto, ppl currently refer to protocols as

1. critical infrastructure or public goods
2. minority tokenholder protections are non-existent
3. crypto bootstrapped itself w/ retail investors
4. competition is slowly increasing
5. investors try not to talk about profits

4/ As the crypto space becomes more competitive, we’re likely to see protocols embrace the frameworks of traditional corporate governance...

... where tokens are treated as equity and professional & salaried management teams handle the core operations of the protocol.

fin/ Airbnb & Uber used a new platform to override regulatory capture within their industries, but they did not reinvent corporate governance.

Crypto enables the creation of global-scale companies with unprecedently transparent governance -- this is already a victory.