DAO & DIGITAL SOCIALISM

The global economy is marked by the critical rigors of Data and Digital Assets. “As we spend more of our time online, technology companies take in record profits with new modes of value extraction” (Cohen,?Citation2019; Zuboff, Citation2019). From Amazon to Google and Meta, all data-driven companies play with our data when they extract, analyze and redeploy data about their users to sell advertising products and improve their services.

Big Tech thus becomes the facilitator of the global inequality. “AI 'godfather' Geoffrey Hinton warns of dangers as he quits Google” screamed all the headlines. In the space of a few years, the debate on how to rein in Big Tech has become a mainstream discussion across the political spectrum. But we grossly gloss over the interplay and regulation of the capitalist, imperialist and environmental dimensions of digital power. The cross-currents are deepening global inequality in all the various spheres.

Digital socialism refers to the idea of using digital technology to promote more equitable and democratic forms of social organization. It combines the principles of socialism, which advocates for the collective ownership and control of resources, with the potential of digital technology to enable decentralized decision-making and collaboration.

In practice, digital socialism could involve the use of digital platforms and tools to facilitate more democratic forms of decision-making and resource allocation. This could include the use of blockchain technology to enable decentralized ownership and control of resources, the creation of digital cooperatives to pool resources and promote collective decision-making, and the use of social media and other online platforms to facilitate community building and collaboration.

Digital socialism has the potential to address many of the challenges of traditional socialism, such as the problem of centralization and the need for more democratic forms of decision-making. However, it is important to note that there are many different interpretations of what digital socialism means, and how it can be implemented in practice. As digital technology continues to evolve and shape our societies, the concept of digital socialism is likely to continue to evolve and develop as well.

** To be continued