Miles Jennings is general counsel and head of decentralization of a16z crypto. He previously worked at ConsenSys and as a partner at Latham & Watkins.
Today’s internet is dominated by an oligarchy of large tech companies like Amazon, Apple, Meta and Google. These companies control the closed networks through which we experience the internet and they’ve used this control to do what corporations are legally designed to do: maximize profits.
Only this technology enables far greater functionality than those early internet tools. Blockchain networks provide a foundation upon which anyone will soon be able to launch their own social network, car service, or music streaming service. DUNAs are not managed by officers and directors. There aren’t even managers. Instead they are controlled by large and distributed groups of members, and none of those members are required to maximize the organization’s profits. As a result, these entities are much better suited than corporations to maintain and foster the growth of internet public infrastructure.In many ways, a DUNA can be thought of as being similar to a town council.
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