Interview with the author of “The Great Failure of Chinese DAOs”: Teenage Homeless Outside the Campus

This time, we had the honor to have an offline communication with Dinghui, discussing the definition and development of the Metaverse, the form of DAO organization, the role of post-00s in Web3 and many other topics. We see in him the color of idealism, and also see the sober and objective attitude of young people.

Q: When did you come into contact with the Metaverse?

Dinghui: Two or three years ago, I heard a teacher say: “Dogecoin’s annual growth rate will definitely exceed that of Bitcoin.” At that time, I came into contact with the concept of the currency circle. Later, it was discovered that the Metaverse is not just about various currencies: the related technologies used in cryptocurrencies can change the production relationship by deepening digitization, data confirmation, etc., so that the society can move towards the era of Web3, and it is also suitable for entering the Metaverse. matching social form.

Q: What made you interested in the Metaverse?

Dinghui: If the Metaverse is just a virtual reality space like the game Minecraft, I am not very interested in it.Because of the pursuit of communication efficiency, the Tencent conference is good enough. If I pursue a social experience, it is difficult for me to trust a Metaverse platform that is controlled by the platform and can be banned at every turn. If it can really provide a more perfect virtual reality experience, then I don’t believe that the user experience can make a big leap. So my attitude is relatively pessimistic.

It was later discovered that if we measured what the Metaverse was by the depth of human involvement in the Internet, it would be completely different.

A few decades ago, it might have been amazing to make dozens of minutes of phone calls every day, but today there are many Internet practitioners who face the screen for more than 10 hours a day. If in the future we can connect with the collective consciousness of human beings in the Metaverse through the brain-computer interface, it may be a 24-hour deep immersive experience.

From another perspective, we can only use the Internet to send and receive messages at the beginning, and then we can buy things, play games in teams, and have asynchronous discussions on a post for several years. These are all the application scenarios of the Internet are expanding. Today’s blockchain technology also brings new possibilities, such as issuing credible contracts, issuing certified tokens & artworks. In the future, more things that can be done will be developed to expand the depth and complexity that a user can experience after entering the Internet.

At this moment and in the future, there are more and more scenarios that can be used in the Internet, and more possibilities are created. A part of human beings are studying and learning in this system, swaying their blood and chasing their own desires, ambitions and dreams in this land that has not been fully defined.

In my definition, when the level of involvement reaches a threshold, it counts as a Metaverse. At this time, it has the opportunity to put more of our life, our social organization relationship, and the way we create value into such a system. I think this is also a point I explore, which is how to reflect some of the value I spend in real life in the Metaverse more quickly.

Q: Can you describe the Metaverse in your mind in a few words?

Dinghui: The first word is the degree of involvement. As I just said, it reflects the degree to which a person puts his real life into the Metaverse.

The second word is digitization. Compared with the real world, the Metaverse can digitize all the information, objects, and individuals in a scene to achieve precise operation, identification, and even control.

The third is sovereignty. When everything is digitized, if you don’t have the same technology to defend a person’s rights, it’s easy to be deprived of everything. The Metaverse needs to create a world where individual sovereignty is fully defended. I think this is also the value of web3. Crypto confirms the ownership of the property, Web3 begins to confirm the ownership of the data, and the Metaverse has the opportunity to confirm the ownership for more real scenarios.

Recently, Tencent’s digital collection “Magic Core” platform is closed when it is closed. This is the style of typical Web2 products. In an ideal Web3 world, data is stored or chained independently of the platform, and users, as data owners, can authorize their data to be read and used by different platforms. There will be no such thing as the loss of assets when the platform is shut down, or the direct loss of all data if the account is deleted.

Q: What are the Metaverse-related industries or projects you are currently involved in/involved in? or What are the jobs in the industry specifically?

Dinghui: I have worked part-time in a DAO in the past, and I have also worked on an NFT project. Recently resigned to focus on research projects.

The work in DAO is generally operated, including organizing activities, content output, media operation, community organization, BD, poster design, etc. In fact, I have analyzed a Web3 recruitment demand database before, and found that the most lacking talents are operations, followed by smart contract engineers. Now, Web3 products compete with Web2 products to some extent, so it is very volume, so it may be very important to operate from the early stage.

In fact, in terms of operation itself, the Web3 project is not very different from Web2. However, there will be more means, such as NFTs, airdrops, community governance tokens, etc.

Some time ago, I also participated in a GenZ DAO for the post-00s and post-90s.

Q: Are there many post-zero generations around you who are involved in such Metaverse-related work?

Dinghui: About 100 of them are encountered in GenZ DAO.

Q: What is your future development plan in the Metaverse industry?

Dinghui: Personally, there may be some directions of Web3, such as NFT and Defi. And then I’m personally interested in DAOs. It may mean how to create a system close to Bitcoin at the level of social relations, which can quantify everyone’s contribution and has a decentralized mechanism. These aspects can be explored. In the future, more companies may find ways to achieve incentives and decentralization by issuing Tokens and NFTs. This may be completed and deepened as the Metaverse matures in the future, including if some companies or organizations in such undertakings in the Metaverse will also give preference to DAOs to organize, it may be like this A process of transformation is what I want to study.

Q: What do you think is the current flaw in the transformation process like this? Because it is immature now, what is the point of its immaturity?

Dinghui: For example, if a community uses Token to motivate its communists, it will face a series of economic problems. In the past, only the central bank of one country would consider how to formulate such a fiscal policy. Now, it is possible that any DAO or a company’s executives have to face such an issue and challenge. It means that economics and monetary policy will go into every organization that issues coins. There are many people who are going to revisit the financial history of the entire world, and the pits they have stepped on before have to be stepped on again. Many of them will basically be difficult. Then secondly, if you don’t send tokens, that is, if you send NFT for governance, then he will also face the evil in human nature, such as human fear, greed, and jealousy, which will affect the decentralization of a dao . A DAO leader, if he wants to realize his vision, he needs a sense of control, and the sense of control is a natural conflict with the state of a decentralized organization.

Q: What difficulties and problems do you currently encounter in the project?

Dinghui: If it is GenZ DAO, one of its advantages is that its contributors are the post-zero generation. Everyone has such an identity, so many people will come in. But maybe how this DAO realizes the positive circulation and cash flow of the economy, how to organize all the zero and zero generations together, and how to run a project when everyone’s working ability may not be particularly strong, these are all products. Compare key challenges. In addition, the family is still immature, and there may be more or less conflicts and contradictions in the organization and internal, we all understand, because we must grow slowly.

Q: What do you think is the difference between a DAO and a traditional company?

Dinghui: I think it is more about some tools and means . For example, traditional companies will issue equity to their early contributors, and then issue options to motivate them. If they arrive, they will issue Tokens. And this Token may have a wider scope.

For example, an earlier participant, such as a user of the company’s products, may have done a lot of publicity work for the company, so in the early stage, he could not get the equity, and he may be able to get such a Token in the DAO. Want to occupy a future appreciation space. In addition, everyone has the opportunity to hand over the rights in a company through some smart contracts. For example, after completing this task, what kind of reward can you get, and as long as this person fulfills the contract to complete, he can directly get the bounty . But in a traditional company, it may require a series of personnel approval processes. In the DAO, more power will be transferred to such a smart contract, and there will be more autonomy in it.

Q: Are there any more essential differences between the two different incentive forms of Token and equity besides the time difference? Will DAOs and traditional companies overlap at this point? In other words, when talking about DAO, there is a certain anti-company nature. Do you think this will violate our previous consensus?

Dinghui: I think there is a metaphorical difference here. When a company wants to issue equity to its employees, he hopes that in his vision, what employees should do, and let him go through the method of issuing shares. To promote everyone’s enthusiasm, and then to log the development of the entire company, and the essence of a metaphor is that the company is in control of all this, and then he uses some means to achieve his goals.

And if a DAO replaces equity with Token in a similar way, I don’t think it is a DAO. Perhaps the most perfect DAO in essence is Bitcoin. Maybe all your work can be incentivized, and then you are always running in the Bitcoin system, and you will not involve the outside world. Maybe the three core points of Bitcoin, most DAOs cannot do it, but if a DAO is to issue these tokens in a decentralized and autonomous way, I think it is ok.

 For example, an individual in a DAO feels that DAO needs to solve a problem based on his own perception. He issued a proposal himself, and he is the responsible person, and tells everyone how much reward I need after completing such a proposal. I think it is It is not an autonomous state of bottom-up self-growth. At this time, if a Token may be used as an incentive, I think it is in line with the concept of DAO.

If a DAO organizes a community meeting to jointly clarify what its goals are, based on these goals, a series of tasks that need to be completed are derived, to give the corresponding Token incentives, and then encourage community members to automatically claim and fulfill these responsibilities , I think it is also decentralized autonomous in essence.

I think a tool like Token, in a social DAO, needs to be based on such a decentralized and autonomous collaborative process in order to fulfill such a vocation.

Q: Do you think DAO can help young people get rid of “social animals”?

Dinghui: It seems difficult now. At present, there are not many ideal DAOs in China, and most of them may not run through an economic model, so it is difficult to make money in it.

Q: What opportunities do you think the Metaverse has brought to the post-00s generation?

Dinghui: Every technological change may mean rapid wealth creation and the breaking of some classes. It may create a large number of job opportunities in a short period of time under the FOMO (Fear Of Missing Out) mood of the market. For example, when the big Web2 factories are laying off employees, for example, when you go to the freelance platform, there are various web3 teams recruiting people.

Q: What kind of development prospects do you think the Metaverse will have in the future?

Dinghui: I think there are two lines, one may be virtual reality, and its gradual landing. For example, Apple launched such a product of its VR and AR and so on. Another line is the development of blockchain applications. For example, blockchain can develop encrypted cable communications, encrypted social products, and a series of concurrent applications.

Q: In your opinion, in a short period of time, which of these projects are promising to be implemented?

Dinghui: Maybe all kinds of Web2.0 products have the opportunity to be redone in Web3.0. For example, in Web2 we have keep, is it possible to make a fitness APP with a competitive system in web3, just like some running shoes nft, various types of games, it is also possible to add a competitive system to do it in Web3 come out.

Q: What do you think of the idea that the Metaverse is just a Ponzi scheme?

Dinghui: I think its Ponzi is its economic attribute. Economic attributes are also a stage of its development, that is, at this stage, it will have various Ponzi economic models, but with the development of its industry, it will return with value. Because it is an inevitable stage in economic development. But I believe it will return.

Q: What do you think is the reason for the rapid popularity of the Metaverse?

Dinghui: There are several aspects. I think Mark Zuckerberg’s strong transformation may bring some influence. There may also be some industrial development needs. For example, for the reality of economic growth, we may In a possible direction, we will vigorously promote it, so there are many industrial bases in the Metaverse. In fact, I have a question mark. There are also some web3 Ponzi applications, which create a lot of wealth transfer effects. Although many people have been cut off, many people have become rich, so many people join the game based on the psychology of gambling.

Q: Do you think such a game will be a bubble that bursts quickly?

Dinghui: Yes . In fact, in the industry, everyone knows that a death spiral will come, and some people are not even escaping this. They know that this is an inevitable outcome, especially in some applications where DeFi games are combined with such a capital disk.

Q: Did you experience generational differences in the Metaverse industry?

Dinghui: In fact, the experience is not particularly profound. I feel that everyone is standing on the same starting line, but maybe those seniors will have more capital. Sometimes some seniors may have certain thinking patterns. For example, they will be accustomed to doing certain things in which direction, which will bring in experience in this area. Some of these experiences are valuable, and some of them may be easily eliminated. .

Q: Will the rise of the Metaverse have a greater impact on life?

Dinghui: I think it is more like discussing two ways of life. One is the way of life in real life, and the other is the way of life in the Metaverse. Not everyone will enter into the social relationships constructed by this Metaverse, and maybe those who live in it will figure it out.

Q: Financial expulsion exists in today’s society. For example, in some communities, some people may not be able to enter the financial system for various reasons, so that they cannot start a normal life. I would like to ask if there will be a similar expulsion phenomenon in the Metaverse?

Dinghui: Those who are unwilling to enter the Metaverse may not consider it a problem. This choice is also their self-consistency .

Q: Does the DAO organization have a penalty mechanism? Is there a corresponding processing system for some people who destroy the DAO?

Dinghui: This is a good question. I think there are three angles to answer.

What is DAO?

One is a perfect system like btc; one is a social-based network that imitates btc; the third is an improvement of traditional companies using various tools (such as tokens, smart contracts, NFTs) on web3.

Like the third case, it will gradually move towards compliance and have relevant monitoring and governance methods; the second case is more like a utopia. I think that with the improvement of the law, there will be some matching mechanisms for accountability and governance.

Faced with this situation, some people have proposed to pledge a part of the assets. If the project is not completed, it will be deducted to reduce this moral hazard.

Q: What does the Metaverse mean for backward countries? Development status?

Dinghui: I don’t know much about it, but I heard that a country recently issued their cryptocurrency.Recently, there is a “Mango Brother” on overseas social media, which is to help the development of the industry by selling mangoes and sending NFTs.

Q: Which direction do entrepreneurs and practitioners in the Metaverse you have come into contact with are more engaged in?

Dinghui: Finance, coding, and media operations each account for one-third, with a little more from coding.Most of the financial backgrounds are VCs. I did a small survey, and the most shortage in the Metaverse industry right now is operations and contract engineers.

Q: Do you have any advice for young people who want to enter this industry in the future?

Dinghui: Learn English well.

Interview with the author of "The Great Failure of Chinese DAOs": Teenage Homeless Outside the Campus

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