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claims/can-solve-collective-action-problem.md
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---
title: Blockchain technology can solve collective action problems and resource public goods
description: Evaluating the thesis that blockchain technology can solve collective action problems and resource public goods. We use KlimaDAO as an example of a group making this claim.
description: Evaluating the thesis that blockchain technology can solve collective action problems and resource public goods. We analyze this claim by digging into KlimaDAO, an organization using blockchain technology to fund and coordinate action in combatting the climate crisis.
category:
- claim: y
- featured: y
@ -11,33 +11,31 @@ claim:
- confidence: HH
---
# Summary
# Claim Steel-Manned
## Claim Steel-Manned
## The Problem
### The Problem
The "collective action problem" is the problem of how to coordinate collective action, eg funding public goods or combatting collective action issues such as climate change.
The "collective action problem" is the problem of how to coordinate collective action, eg funding public goods such as the fight against climate change.
Public goods are non-rival and non-excludable (anyone can use this good and someone's use does not diminish someone else's use of the good). The trouble with funding public goods is that if anyone can use this good whether or not they have contributed to the funding or upkeep of the good, how do we motivate people to contribute to the good?
Blockchain technology can help us solve these problems. KlimaDAO is an example of a group using blockchain technology to combat the collective action problem that is climate change.
Blockchain technology can help us solve these problems. KlimaDAO is an example of an organization using blockchain technology to combat the collective action problem that is combatting climate change.
The key question underpinning climate action is what is the appropriate coordination mechanism to achieve collective action on something that is decadal in scope.
As individuals, our short term incentives aren't naturally aligned with something like climate change, because it takes so long to play out. Political systems as we have them today are structurally incapable of addressing a decadal problem like climate change, eg in the US, politicians are elected for two to six year terms. And for corporations, profits are maximised in most cases by continuing the status quo. So there's a clear coordination problem that needs to be solved. And the question is, what's the appropriate coordination mechanism to address that problem?
As individuals, our short term incentives aren't naturally aligned with something like climate change, because it takes so long to play out. Today's political systems are structurally incapable of addressing a decadal problem like climate change, eg in the US politicians are elected for two to six year terms. And as for corporations, profits are maximised in most cases by continuing the status quo. So there's a clear coordination problem that needs to be solved. And the question is, what's the appropriate coordination mechanism to address that problem?
In addition, the technologies that are required to achieve high scale carbon removals is just not there right now. We probably need around a trillion dollars of investment to get to the scale needed. This is not going to happen through individual philanthropy. The only systems we have today that can operate at that scale are macroeconomic systems like the Petrodollar system.
In addition, the technologies that are required to achieve high scale carbon removals are just not there right now. We probably need around a trillion dollars of investment to get to the scale needed. This is not going to happen through individual philanthropy. The only systems we have today that can operate at that scale are macroeconomic systems like the Petrodollar system.
It's for these problems of scale, in terms of both time and money, that KlimaDAO has been motivated to use a financial engineering approach to combatting climate change. KlimaDAO is taking inspiration from the high scale financial and economic systems we have today, like the Petrodollar system, to inform the creation of a new trillion dollar economy built around saving the planet.
To overcome these problems of scale, in terms of both time and money, KlimaDAO has turned to a financial engineering approach. KlimaDAO is taking inspiration from the high scale financial and economic systems we have today, like the Petrodollar system, to inform the creation of a "new trillion dollar economy built around saving the planet".
### The solution
## The solution
KlimaDAO's goal is to become a Climate Carbon-Based Reserve Currency... effectively a semi-algorithmic [central bank](../concepts/central-banks.md) with [DAO](../concepts/dao.md) governance structures.
KlimaDAO's goal is to become a Climate Carbon-Based Reserve Currency; effectively a semi-algorithmic [central bank](../concepts/central-banks.md) with [DAO](../concepts/dao.md) governance structures.
> The DAO serves the role of "de-central" bank, governing the monetary policy of this new carbon-backed currency, just as a central bank governs the monetary policy of a fiat currency. Over time, we will build an economy around KLIMA by driving adoption and unlocking growth of the crypto-carbon economy. - [KlimaDAO](https://docs.klimadao.finance/)
The model is as follows:
[The model](https://excalidraw.com/#room=1891d6b61b0fee7269f9,T_TZqXxVGi5TGABRzS0T7w) is as follows:
* Someone comes along with some currency, eg a [dollar](../concepts/dollar.md) or a euro, and then converts that into USDC, the [stablecoin](../concepts/stablecoin.md) equivalent of a US dollar.
* In exchange for depositing whatever amount of USDC, you get 1 divided by the price of Klima tokens from the Klima treasury.
* Then the Klima organization takes the USDC that it has received, converts them back into dollars (or euros or pounds etc) and buys carbon offset certificates. Carbon offset certificates represent carbon sequestration (tree planting), methane capture, and renewable energy initiatives. The idea is then that certificates of carbon offsets come back into the treasury. Every Klima token that's issued is backed by at least one tonne of carbon offsets.
@ -50,23 +48,41 @@ In summary:
* Klima tokens are a reserve currency that can act as a complementary currency to the world's national currencies that can be used to do targeted quantitative easing to encourage either degrowth or decarbonisation.
* There is potential to raise a lot of money due to price volatility of Klima tokens.
## Evidence of the claim being made
# Evidence of the claim being made
## Evaluation
Commons Stack (no date) Commons Stack. Available at: https://commonsstack.org (Accessed: 20 September 2022).
> We are building commons-based microeconomies to sustain public goods through incentive alignment, continuous funding and community governance...
>
> Token engineering has the potential to address many of the problems facing humanity by giving us the power to realign economic incentives.
KlimaDAO (no date) _Manifesto_. Available at: [https://docs.klimadao.finance/klima.fi-manifesto](https://docs.klimadao.finance/klima.fi-manifesto) (Accessed: 20 September 2022).
> To deliver the change required, we need immediate and widespread mobilisation and coordination of those who can contribute, and those who want to participate. The change needs to be managed laterally and cooperatively, rather than top-down by unaccountable "leaders."
> Web3 can enable this:
> - DeFi delivers a step change in the way we collectively pool our capital to deliver impact.
> - Smart contracts disintermediate, facilitate and automate, and enable novel reward systems.
> - Web3 technologies enable coordination, collaboration and innovation, with transparency and accountability.
> - Open source software and composability enable rapid scaling of this vision.
> Blockchain technology can and will open up new ways for managing our resources and collaborating across networks in the coming years. It will be the foundation for us to efficiently coordinate resources, outpace stale bureaucratic and political processes, and remove the need to jump through hoops to get exposure to the low carbon economy.
_KlimaDAO & Life Itself in Conversation: Part One_ (2022). Available at: [https://www.youtube.com/watch?v=fHHxQAQW0co](https://www.youtube.com/watch?v=fHHxQAQW0co) (Accessed: 20 September 2022).
# Evaluation
The aspiration is laudable. But we want to achieve this aspiration of reducing carbon emissions and sequestering carbon in the most effective and efficient way possible. Klima does not achieve this.
### Cost
## Cost
If you are creating a special purpose vehicle for buying carbon offsets, there are really significant exchange fees. You are essentially converting dollars into crypto, and then converting crypto back into dollars to buy carbon offsets, and then hold them on your blockchain based on [Ethereum](../concepts/ethereum.md) which has quite high transaction fees. While it's not completely clear what the transaction costs are, one would have to guess that for every dollar going in, you're not able to buy even close to $1 of carbon offsets certificates. So at the basic level of what it's trying to do, it seems highly inefficient.
### Indirect and overly complicated
## Indirect and overly complicated
As an individual you can go to the market and invest in things that KlimaDAO would invest in directly without going through a hypervolatile [speculative](../concepts/speculation.md) asset and DAO indirection layer.
And why is the [DeFi](../concepts/defi.md) part required? Why do we need all the [staking](../concepts/staking.md) and bonding? It seems to add to the obfuscation of the underlying purpose.
### Klima cannot function as a currency
## Klima cannot function as a currency
A [reserve currency](../concepts/reserve-currency.md) is something a large group of people on an international scale adopt, because goods and services of their major trading partners are denominated in that currency. The whitepaper keeps referring to Klima token as a reserve currency, but in reality it cannot function as a [currency](../claims/is-bitcoin-currency.md).
@ -76,27 +92,27 @@ The notion that it can be a [reserve currency](../concepts/reserve-currency.md),
Like many other crypto projects it seems to be a piece of financial engineering that at the bottom sits nothing but some appeal to narrative and the faith that “number go up” by creating artificial scarcity of a digital speculative asset; so it is not a currency.
### Why not just raise money to buy carbon offsets?
## Why not just raise money to buy carbon offsets?
Something that makes Klima exciting is this price volatility and the potential to raise a lot of money based on this price volatility. But ehy not just raise the money at the beginning and then shut down the thing and just buy carbon offsets and hold on to them?
### Vulnerability to centralized control
## Vulnerability to centralized control
[Governance tokens](../concepts/governance-token.md) are available to be purchased by any actor. What's to stop say Exxon from buying up all the governance tokens? The answer: nothing. Exxon would therefore be able to take over the management structure of KlimaDAO.
### How does it plan to scale?
## How does it plan to scale?
The total market cap is currently $35,624,946.00 of an illiquid crypto token. This is insignificantly tiny even if we believe this market cap number. There are some €53 trillion AUM in [ESG](../claims/is-bitcoin-esg.md) funds.
One might argue that Klima is still new and it is at the beginning of it's journey. However, there is no clear narrative of how it's going to grow from being funded by the crypto bubble and being smaller than most philanthropic efforts surrounding climate change, to get to the scale that they aspire to. Rather than investing so much time, energy and money into this route, this money could have been put into simply buying carbon offsets directly.
### Climate credits are a very questionable mechanism.
## Climate credits are a very questionable mechanism.
Climate credits are effectively a form of indulgence where you pay for the right to pollute the environment by paying off the damage via some future project or activity. You're not seeking to solve the problem, but rather to mitigate it. It doesn't seek to fix the root of the problem: that we're burning fossil fuels. Buying tokens that represent tree planting in the future will not solve climate change.
People will and can exploit these mechanisms to maximize their capacity to pollute. Secondary markets for carbon credits are driven by bizarre corruption. Tesla has made a lot of money on secondary markets trading carbon credits.
### Anything we can do, we can afford. Money is not the problem
## Anything we can do, we can afford. Money is not the problem
Mark Carney proposed to COP26 to allocate $130 trillion to help address solutions to climate change. **The money to fight climate change absolutely exists, but sufficient funds is not the issue.** The problem is doing supranational coordination of solutions and allocating resources to those projects.
@ -104,16 +120,164 @@ Unfettered capitalism is a process of commoditizing everything, privatizing the
Our system will continue exploiting fossil fuels so long as the private costs to capitalists are much lower than the societal cost. Vague appeals to new mechanism designs and appeals to absolute free [markets](../concepts/market.md) about “aligning incentives” can’t conceive of solutions outside their own capitalist logics.
### Technosolutionism is a distraction and a drain on resources
## Technosolutionism is a distraction and a drain on resources
[Technosolutionism](../concepts/technosolutionism.md) via the [financialization of everything](../claims/is-hyperfinancialization.md) is a common theme within web3 rhetoric: let’s turn the abstract idea of fighting climate change into a [fictitious commodity](../concepts/ficticious-commodity.md) to be traded on the market.
This is a distraction from actual solutions, of which there is no financial silver bullet. It is just adding an additional layer of complexity to fighting climate change. Such a project absorbs time, money, and runs on [proof of work](../concepts/proof-of-work.md) which requires a large amount of energy. All these resources could be better allocated.
### Conclusion
# Conclusion
KlimaDAO are asking an important question: how can we tackle climate change using human cooperation? But the white papers aren't addressing how this question is to be addressed.
The aspirations are beautiful. The initial manifesto resonates a lot with what doesn't work about unfettered capitalism, about an unfettered market system, about the lack of provision for [public goods](../concepts/public-goods-problem.md), and yet KlimaDAO seems to go further down that same route.
As a [currency](../concepts/currency.md) it seems problematic. As an [investment](../claims/is-why-invest.md) it doesn’t seem to work. As a special purpose vehicle for buying carbon credits it seems highly inefficient (e.g. massive trading fees). Carbon credits are themselves problematic and are not going to be the answer to climate change.
As a [currency](../concepts/currency.md) it seems problematic. As an [investment](../claims/is-why-invest.md) it doesn’t seem to work. As a special purpose vehicle for buying carbon credits it seems highly inefficient (e.g. massive trading fees). Carbon credits are themselves problematic and are not going to be the answer to climate change.
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@ -2,21 +2,19 @@
This is a guide to help people contribute content or manage contribution of content. Focus is on the "wiki" content stored in markdown -- which is all pages except the front page and a few special generated pages e.g.
## Introduction
## How does the site work?
The [Making Sense of Crypto and Web3](https://web3.lifeitself.us/) website is a wiki site: a collaborative site where users can add or otherwise edit content. This guide is for users who wish to add or edit content on the site, such as key concepts or ideologies in the [Guide](https://web3.lifeitself.us/guide) section or sensemaking in the [Claims](https://web3.lifeitself.us/claims) section.
### How does the site work?
All the content for the [Making Sense of Crypto & Web3 website](https://web3.lifeitself.us/) is contained within the life-itself/web3 [Github repo](https://github.com/life-itself/web3).
You will find the wiki content mostly in the folders ‘claims’ and ‘concepts’.
#### Technical Architecture
### Technical Architecture
The website is written in Markdown. A tool called content layer converts the Markdown files into HTML (the standard computer language for displaying and formatting web pages) so that they are displayed as pages on the site. This is the case for all pages on the website except for the homepage which is written directly in HTML.
#### Markdown
### Markdown
Markdown is a markup language (computer language for displaying and formatting web pages), which is designed to be easy to write and easy to read. It’s widely deployed on the web, for example by DataHub, GitHub, Stackoverflow and many other sites.
@ -24,11 +22,11 @@ In Markdown, you control the display of the document. For instance, you can form
Head over to our [Markdown Guide](https://playbook.datopian.com/markdown/#why-markdown) to learn more about Markdown and how to use it.
#### Front Matter
### Front Matter
In the world of computer programming, front matter is metadata (data about data) at the top of a file. Front matter does two things: a) it displays key info about a page (such as its title and description) in a structured way which helps with a consistent layout throughout the site and b) is used as metadata for SEO (search engine optimization) purposes, helping our content to reach interested readers.
##### Using front matter
#### Using front matter
Front matter should always be at the very top of the Markdown file, marked out by three dashes (---) above and below.
@ -38,7 +36,7 @@ You can copy and paste this into the Markdown file you are editing and fill in t
Remember to include the three dashes above and below and to paste at the very top of the file.
#### Episode notes/deep dive pages
### Episode notes/deep dive pages
Note that the template for episode notes/deep dive pages which accompany video conversations is [here](https://github.com/life-itself/web3/blob/main/templates/template.md).
@ -99,8 +97,8 @@ In this stage, you ‘fork’ the Life Itself Web3 repository, i.e. you make a r
In this stage, you ‘clone’ your forked repository, i.e. you copy your forked version of the Life Itself Web3 repo to your computer so that you can make edits on your local machine without affecting the remote git repo. 00:40-01:50 of the [video tutorial](https://drive.google.com/file/d/1mWqXDx6ICJ_1qreoYoB774weWi-AtyDo/view) corresponds to this stage. _If you’ve cloned the forked repo before, skip this stage._
* Search your computer for its ‘terminal’ and open it. The terminal is simply a text-based way of interacting with the computer through commands. In the terminal, you can type commands, manipulate files, execute programs, and open documents. (00:03-00:39)
* On your forked repo page (make sure you’re not on the main repo page), click the green ‘Code’ button and copy the HTTPS link
* Type into Terminal `cd < directory >`, where < directory > is replaced by the path to the folder you want to navigate to. E.g. “cd Desktop/Folder/life_itself/tutorial”. On a Mac, you can drag the folder to the terminal after typing “cd”. Otherwise, you can find the folder path [Mac](https://www.howtogeek.com/721126/3-ways-to-see-the-current-folder-path-on-mac/#:~:text=Open%20a%20Finder%20window%2C%20and,path%20to%20the%20current%20folder.); [Windows](https://www.wikihow.com/Find-a-File%27s-Path-on-Windows) and type or paste it in manually.
* What you’re doing here is navigating in Terminal to the folder on your computer where you want to save the cloned repository (i.e. changing the working directory). Normally, on your computer you do this by searching for a folder and clicking on the icon to open it. In Terminal, you do this by typing commands. The command for changing directory is: < directory >. (00:40-1:11)
* Type into Terminal "cd `directory`", where `directory` is replaced by the path to the folder you want to navigate to. E.g. “cd Desktop/Folder/life_itself/tutorial”. On a Mac, you can drag the folder to the terminal after typing “cd”. Otherwise, you can find the folder path [Mac](https://www.howtogeek.com/721126/3-ways-to-see-the-current-folder-path-on-mac/#:~:text=Open%20a%20Finder%20window%2C%20and,path%20to%20the%20current%20folder.); [Windows](https://www.wikihow.com/Find-a-File%27s-Path-on-Windows) and type or paste it in manually.
* What you’re doing here is navigating in Terminal to the folder on your computer where you want to save the cloned repository (i.e. changing the working directory). Normally, on your computer you do this by searching for a folder and clicking on the icon to open it. In Terminal, you do this by typing commands. The command for changing directory is: `directory`. (00:40-1:11)
* Type into Terminal the command “git clone” and then paste the repo URL you copied. E.g. “git clone https://github.com/life-itself/web3.git”. Press enter. (1:13-1:48)
* N.B. When you try this, you may be prompted to install command line developer tools to be able to run git commands, e.g. XCode for Mac. If this is the case, follow the instructions for installation.
@ -108,11 +106,11 @@ In this stage, you ‘clone’ your forked repository, i.e. you copy your forked
In this stage, you create a new ‘branch’, or temporary version, of the repository on which to make edits. These edits will later be merged with the main repository branch.
* Navigate in Terminal to the Life Itself Web3 repo which has been cloned to your computer. To do this, type `cd web3` or `cd < directory >` (as in Stage 2). Press enter. (1:49-2:02)
* Navigate in Terminal to the Life Itself Web3 repo which has been cloned to your computer. To do this, type "cd web3" or "cd `directory`" (as in Stage 2). Press enter. (1:49-2:02)
* Update your local clone of the remote repository. _You don’t need to do this if you’ve only just cloned the repo just now._
* Type into Terminal “git pull”. Press enter.
* Create a branch on which to make edits
* Type `git checkout -b < your_branch_name >`. E.g. you might name your branch “edits”. So you would type “git checkout -b edits”. This command will create a new branch and switch you to this branch. N.B. the branch name cannot contain spaces.
* Type "git checkout -b `your_branch_name`". E.g. you might name your branch “edits”. So you would type “git checkout -b edits”. This command will create a new branch and switch you to this branch. N.B. the branch name cannot contain spaces.
##### Stage 4: Edit
@ -141,9 +139,9 @@ In this stage, you prepare the changes you have made (and saved) to a Markdown f
* Go to your computer’s Terminal (4:59-5:08)
* Type “git status”. Press enter. (5:09-5:30)
* Type `git add < name of modified file >`. E.g. “git add site/content/test.md”. Press enter. (5:31-6:06) If you’ve edited more than one file, you can type “git add .” to add all the modified files with one command.
* Type `git commit -m “ < description of edit > ”`. E.g. `git commit -m “fix typo”` or `git commit -m “add extra text to definition”`. Press enter. Note that the description of the edit must be in double quotation marks. (6:07-7:01)
* Type `git push origin < your_branch_name >`, replacing < your_branch_name > with the name of the branch you create.
* Type "git add `name of modified file`". E.g. “git add site/content/test.md”. Press enter. (5:31-6:06) If you’ve edited more than one file, you can type “git add.” to add all the modified files with one command.
* Type "git commit -m “`description of edit`"". E.g. "git commit -m “fix typo”" or "git commit -m “add extra text to definition”". Press enter. Note that the description of the edit must be in double quotation marks. (6:07-7:01)
* Type "git push origin `your_branch_name`", replacing `your_branch_name` with the name of the branch you create.
* Submit your changes for review: Go to your Github repo and click on the “Compare & pull request” button. Add a description and submit the pull request.
* Someone from our team will review and confirm the merge. Once they’ve done that, your edit will appear on the site! Thanks for contributing!