According to PANews, Vitalik Buterin recently discussed the origins of Visa, noting its initial foundation on decentralized principles. He highlighted that Visa's original intent closely aligns with the modern concept of a Decentralized Autonomous Organization (DAO). However, over time, Visa has come to be viewed by many as an institution that extracts value or acts oppressively. Buterin believes this transformation offers significant insights for the governance and development of Web3 and crypto networks.
The discussion also referenced the concept of a "Chaordic Organization," introduced by Visa's founder, Dee Hock. This idea underscores Visa's early role as a pioneer in decentralized governance and ownership, providing valuable lessons for the cryptocurrency industry to reflect upon and learn from.