Ethereum co-founder Vitalik Buterin has joined the discourse surrounding Visa’s past structure, comparing its early model to modern decentralized organizations. His insights arise from a recent discussion sparked by Polygon co-founder Mihailo Bjelic on X (formerly Twitter).
Bjelic had pointed out that Visa began as a cooperative, echoing the proto-DAO concept. Buterin agreed, stating that Visa’s early structure shared characteristics with today’s decentralized autonomous organizations (DAOs). However, he noted the shift towards a more centralized model over time.
He attributed this change to factors like merchant charges and fees, prompting a perception of increased control within the network. This perspective aligns with ongoing debates about Visa’s role in the digital economy, particularly after discussions regarding its influence on certain video games.
Several platforms have seen changes in their handling of adult content, leading to pushback from players and developers. This has led to calls for alternative payment methods, including the exploration of decentralized platforms and blockchain-based marketplaces that could circumvent Visa’s restrictions.
Buterin’s insights highlight a significant link between crypto ideals and the future of financial systems. The debate around Visa’s evolution underscores how centralized structures can impact content accessibility even when legal boundaries remain intact.
The discussion has sparked discussions on creating open, accessible payment networks that prioritize user control over financial network policies.