In a recent post, Vitalik Buterin discusses parallels between Visa's model and modern decentralized organizations.
Comparison of Visa with Modern DAOs
Vitalik Buterin, co-founder of Ethereum, joined a discussion started by Mihailo Bjelic from Polygon regarding the formation of Visa as a cooperative, which Bjelic referred to as 'a proto-DAO.' Buterin noted that Visa's initial principles echoed those of today's decentralized autonomous organizations. Over time, however, the network shifted to a more centralized model perceived as focused on extracting fees.
Debates Around Games and Payment Systems
In recent weeks, platforms Steam and itch.io have altered their adult game categories, sparking public discontent. Some titles were removed or became harder to find as companies acted out of fear of losing access to major payment processing systems. Activist group Collective Shout confirmed it had reached out to Visa and Mastercard regarding games it argued promoted violence against women. Both Visa and Mastercard denied ordering platforms to remove specific games.
Control in Financial Systems and Crypto Ideals
The discussion between Buterin and Bjelic drew attention by linking Visa's history to broader issues of control in financial systems. They both noted that some organizations start with a distributed structure but may later become more controlled. The debate over payment systems and game content illustrates that a few people can still hold significant power, even if a platform has many users.
Vitalik Buterin's discussion highlighted that Visa's transition from a cooperative to a centralized company serves as a valuable case to consider. This topic is significant for both gaming and blockchain communities, emphasizing the balance between open access and financial network policies.
