Howdy. Let’s see if we can start to build ourselves a new economy on this here piece of internet paper. This post focuses on making an “Ideas Market” happen using web3. In the last post I called this Ideas Market an “Ideas Economy.” I changed the name in this post since the proposed upgrade is really more of a market than an economy for now. I also tweaked the COS architecture image to place this “Ideas Market upgrade” alongside the economy as opposed to a completely new segment. Semantics. Moving on.
The "Ideas Market" is a brilliant concept generated by Michael Weiss which decouples ideation/thinking/conceptualization from the development/execution phases. Great thinking ability does not segue into execution skills, atleast in product development. I remember years ago a London startup "Marblar" proposed a similar idea wherein patented technologies were released into the public domain by several leading Universities which were then subjected to product ideation/generation-https://www.wired.com/2012/07/marblar-tech-transfer-meets-citizen-science/. The sheer variety & diversity of product ideation was a revelation since it unleashed a burst of latent creativity in students/adults who participated in the process. The startup later folded due to several factors but the concept was a very promising one. There are several thousand numbers of patents filed and maintained in a database by the US DEPT OF DEFENSE which have not been translated into products. The Universities worldwide are a treasure trove of scientific patents which are still not translated into technologies/products. The true creative leap would be the exaptation of several of these technologies/patents in creating novel products/technologies. Chester Carlson's photocopier is an exaptation of existing technologies/concepts & so is Joseph Bombardier's skidoo concept. Exaptation unleashes a burst of creativity that is not defined by the strict guidelines of logic. For instance, the thermophone effect was discovered/published in July 1917 by Arnold & Crandall https://journals.aps.org/pr/abstract/10.1103/PhysRev.10.22 but no commercial technology has been developed based on this novel idea. Let me make it easier for readers to grasp the thermophone concept. The sound of thunder which follows lightning is based upon the thermophone effect wherein the air around the lightning bolt is heated up and causes an acoustic pressure which translates into sound. There is so much energy compressed and released in this process. If Weiss's COS is to take off then we as a community of thinkers & doers need to contribute towards ideation/product development instead of waiting for a select group of people who venture into this domain of ideation/creation/execution.
Implementing Web3 will define ETH's role beyond money as the monetary glue holding together a DAO. Crypto as a currency will stabilize to exchange rates, compared to today's birthing issues. The Humanist Union Society I am founding now will morph into a DAO Hus .Eth as it comes up to scale and into focus as a truly decentralized institution, for its own integrity, for sure..
In the short term, it will be interesting to balance the "existential relevance" and capital requirements. For example, say we all believe a World's Fair is existentially relevant and the bounty, through contributions, is $10M but it requires $100M to pull off - stalemate?
A venture capitalist has two roles - educated speculation (do I think there's a market for it aka will people buy it) and resource allocator (can I provide enough capital to make a difference).
Distributed bounty system provides the first, but not the second. But maybe it's the "seed" rounds to get going and we have some ultra long term LPs as they get traction.
The "Ideas Market" is a brilliant concept generated by Michael Weiss which decouples ideation/thinking/conceptualization from the development/execution phases. Great thinking ability does not segue into execution skills, atleast in product development. I remember years ago a London startup "Marblar" proposed a similar idea wherein patented technologies were released into the public domain by several leading Universities which were then subjected to product ideation/generation-https://www.wired.com/2012/07/marblar-tech-transfer-meets-citizen-science/. The sheer variety & diversity of product ideation was a revelation since it unleashed a burst of latent creativity in students/adults who participated in the process. The startup later folded due to several factors but the concept was a very promising one. There are several thousand numbers of patents filed and maintained in a database by the US DEPT OF DEFENSE which have not been translated into products. The Universities worldwide are a treasure trove of scientific patents which are still not translated into technologies/products. The true creative leap would be the exaptation of several of these technologies/patents in creating novel products/technologies. Chester Carlson's photocopier is an exaptation of existing technologies/concepts & so is Joseph Bombardier's skidoo concept. Exaptation unleashes a burst of creativity that is not defined by the strict guidelines of logic. For instance, the thermophone effect was discovered/published in July 1917 by Arnold & Crandall https://journals.aps.org/pr/abstract/10.1103/PhysRev.10.22 but no commercial technology has been developed based on this novel idea. Let me make it easier for readers to grasp the thermophone concept. The sound of thunder which follows lightning is based upon the thermophone effect wherein the air around the lightning bolt is heated up and causes an acoustic pressure which translates into sound. There is so much energy compressed and released in this process. If Weiss's COS is to take off then we as a community of thinkers & doers need to contribute towards ideation/product development instead of waiting for a select group of people who venture into this domain of ideation/creation/execution.
The "Ideas Market" is a brilliant concept generated by Michael Weiss which decouples ideation/thinking/conceptualization from the development/execution phases. Great thinking ability does not segue into execution skills, atleast in product development. I remember years ago a London startup "Marblar" proposed a similar idea wherein patented technologies were released into the public domain by several leading Universities which were then subjected to product ideation/generation-https://www.wired.com/2012/07/marblar-tech-transfer-meets-citizen-science/. The sheer variety & diversity of product ideation was a revelation since it unleashed a burst of latent creativity in students/adults who participated in the process. The startup later folded due to several factors but the concept was a very promising one. There are several thousand numbers of patents filed and maintained in a database by the US DEPT OF DEFENSE which have not been translated into products. The Universities worldwide are a treasure trove of scientific patents which are still not translated into technologies/products. The true creative leap would be the exaptation of several of these technologies/patents in creating novel products/technologies. Chester Carlson's photocopier is an exaptation of existing technologies/concepts & so is Joseph Bombardier's skidoo concept. Exaptation unleashes a burst of creativity that is not defined by the strict guidelines of logic. For instance, the thermophone effect was discovered/published in July 1917 by Arnold & Crandall https://journals.aps.org/pr/abstract/10.1103/PhysRev.10.22 but no commercial technology has been developed based on this novel idea. Let me make it easier for readers to grasp the thermophone concept. The sound of thunder which follows lightning is based upon the thermophone effect wherein the air around the lightning bolt is heated up and causes an acoustic pressure which translates into sound. There is so much energy compressed and released in this process. If Weiss's COS is to take off then we as a community of thinkers & doers need to contribute towards ideation/product development instead of waiting for a select group of people who venture into this domain of ideation/creation/execution.
Implementing Web3 will define ETH's role beyond money as the monetary glue holding together a DAO. Crypto as a currency will stabilize to exchange rates, compared to today's birthing issues. The Humanist Union Society I am founding now will morph into a DAO Hus .Eth as it comes up to scale and into focus as a truly decentralized institution, for its own integrity, for sure..
In the short term, it will be interesting to balance the "existential relevance" and capital requirements. For example, say we all believe a World's Fair is existentially relevant and the bounty, through contributions, is $10M but it requires $100M to pull off - stalemate?
A venture capitalist has two roles - educated speculation (do I think there's a market for it aka will people buy it) and resource allocator (can I provide enough capital to make a difference).
Distributed bounty system provides the first, but not the second. But maybe it's the "seed" rounds to get going and we have some ultra long term LPs as they get traction.
The "Ideas Market" is a brilliant concept generated by Michael Weiss which decouples ideation/thinking/conceptualization from the development/execution phases. Great thinking ability does not segue into execution skills, atleast in product development. I remember years ago a London startup "Marblar" proposed a similar idea wherein patented technologies were released into the public domain by several leading Universities which were then subjected to product ideation/generation-https://www.wired.com/2012/07/marblar-tech-transfer-meets-citizen-science/. The sheer variety & diversity of product ideation was a revelation since it unleashed a burst of latent creativity in students/adults who participated in the process. The startup later folded due to several factors but the concept was a very promising one. There are several thousand numbers of patents filed and maintained in a database by the US DEPT OF DEFENSE which have not been translated into products. The Universities worldwide are a treasure trove of scientific patents which are still not translated into technologies/products. The true creative leap would be the exaptation of several of these technologies/patents in creating novel products/technologies. Chester Carlson's photocopier is an exaptation of existing technologies/concepts & so is Joseph Bombardier's skidoo concept. Exaptation unleashes a burst of creativity that is not defined by the strict guidelines of logic. For instance, the thermophone effect was discovered/published in July 1917 by Arnold & Crandall https://journals.aps.org/pr/abstract/10.1103/PhysRev.10.22 but no commercial technology has been developed based on this novel idea. Let me make it easier for readers to grasp the thermophone concept. The sound of thunder which follows lightning is based upon the thermophone effect wherein the air around the lightning bolt is heated up and causes an acoustic pressure which translates into sound. There is so much energy compressed and released in this process. If Weiss's COS is to take off then we as a community of thinkers & doers need to contribute towards ideation/product development instead of waiting for a select group of people who venture into this domain of ideation/creation/execution.