Excerpted from John Robb:
“A blockchain company isn’t like any company you know.
It’s not run organically (it doesn’t have faux person-hood). It doesn’t have CEO, COO or effing board of directors. It doesn’t go to a fund or a bank for funding. It never floats an issue on Wall Street. Blockchain companies don’t need all of that legal cruft and the parasitic overhead that comes with it.
The entire company is simply open source software. It’s built to provide a function and divide up the rewards of providing that function to the participants.
A company like this runs as software, in the same way bitcoin is run: decentralized. That means the company doesn’t pivot, reorganize, or recapitalize. It either provides a useful function it gets paid to do, or it doesn’t. If it doesn’t work, it is replaced by a new company that does it better.
A blockchain company doesn’t have shares of stock. Everything that it earns is paid to the people in possession of the companies coin on a pro rata basis (using the blockchain currency of choice). Ownership is simply a call on this revenue, and all it is paid out in real time.
Earning a blockchain company’s coin is done by the company’s participants. You can earn coin doing everything from providing cloud services to doing the same types of stuff you already do online (writing, rating, and curating). There are ways to measure all of this and connect these activities to revenue.
Investment, to the extent it is needed to launch a venture is crowdsourced, usually by prepurchasing goods and services to be delivered in the future.
A blockchain company doesn’t need Silicon Valley, Wall Street or Washington.
It just needs to be open, decentralized, and useful enough to suck value out of the old economy.”