Many consider Ms. Tang Yu to be the ideal CEO. He works tirelessly every day of the week, every hour of the day – and doesn’t even ask for a salary! Yes, about a robot controlled by artificial intelligence It’s about.
Fujian NetDragon Websoft, a Chinese video game developer, announced the appointment of an AI-based CEO last year. Originally, Ms. Tang Yura was assigned complex analysis and decision-making tasks. Then came the hype surrounding ChatGPT, and the company’s shares became one of the best-performing stocks on the Hong Kong Stock Exchange.
As interesting as the solution sounds, it’s hard to imagine its widespread adoption. After all, AI is pretty much capable of the things it’s been trained to do. There are elements of the CEO’s job that are hard to replace. However, a new corporate structure and many lines of code can bring you closer to a solution.
Blockchain instead of artificial intelligence
In addition to cryptocurrencies and tokens, one of the main assets of blockchain technology is the Decentralized Autonomous Organization (DAO). It is an organization that is not controlled by a central group or a specific person – instead, several lines of code contain operational rules and guidelines. The CEO’s decisions are essentially replaced by automatic mechanisms that carry out orders when certain conditions are met.
To become a member of a DAO, one usually has to purchase a DAO token, which gives one the right to vote on issues affecting the organization. The proceeds from the sale of the tokens increase the common wealth, which is used by the organization for purposes approved by the majority, as accepted by the community. Many DAOs operate as return-focused investment funds, but it’s not uncommon to fund socially beneficial initiatives in this area as well.
There is an organization that regularly funds climate protection projects. In fact, there was an example of a group of people bidding on a rare copy of the United States Constitution, and they raised $42 million in a DAO.
When the law keeps up with changes
Since 2021, so-called DAO companies can also be created in the US state of Wyoming. Instead of the typical top-down hierarchy of corporations, the members of DAO corporations are equal. That’s right, the more tokens a person has in a company, the more votes he has, and thus the more influence he has on the decisions of the organization.
By allowing DAOs to become legally recognized organizations, there is a good chance that the trust shown towards them will increase. In the world of blockchain, there are a lot of scams related to cryptocurrency and tokens that harm people – DAO companies can remove the resulting uncertainty and allow members to focus solely on the benefits of the DAO.
It’s too good to be true
Thus the DAO can appear to be a fully democratic, self-functioning organization, where anyone can make their voice heard through their votes. However, democracy and self-employment are very limited.
According to research by Chainalysis, a well-known company in the blockchain space, last year in the top 10 largest DAOs, 90% of the voting rights were held by less than 1% of the token holders. This means a huge concentration of voting rights – the elite 1 percent own a lot of tokens that they can use to influence the operation of the DAO at will.
In addition, there are tasks in the life of the organization that codes cannot cover. This is, for example, the visit and presentation of projects submitted to investor voting.
Not to mention, improperly written code can jeopardize the operation and assets of the entire organization. For example, the Ethereum blockchain network was attacked by a DAO hacker History had to be rewritten. And while the CEO can be held responsible, the anonymous hacker is hard to hold accountable.
So where are we now?
In general, it seems that even today it is possible to replace management with tokens – but it is not necessarily worth it. Research conducted by the Organization for Economic Co-operation and Development examined which jobs are most likely to be automated. Administrative positions occupied the penultimate position in the list.
Although, according to McKinsey, 25 percent of CEO tasks can be done by AI, there are still many tasks that need to be left to humans. Someone must take the lead, make important decisions, build the company culture, build and nurture relationships, and dare to think creatively and innovatively.
The author is a consultant to Peak.
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Source: Business Insider, Cointelegraph, The Hustle
