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Decentralized Autonomous Organizations
The document discusses decentralized autonomous organizations (DAOs), including the first DAO in 2018, how DAOs compare to traditional for-profit corporations, and how DAOs could evolve to incorporate aspects of liquid democracy and become a new type of operating system that competes with traditional for-profit companies. Smart contracts, oracles, decentralized autonomous hardware, and Aragon (a DAO management app) are mentioned as technologies that could enable new forms of decentralized organizations in the future.
Decentralized Autonomous Organizations
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- 2. The DAO thatwasn’t
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- 6. Sharing Economy ./.Peer-to-Peer
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- 11. Autonomous Objects Services Layer ProprietaryIP Open Source Layer Vendor Abstraction Public Blockchain
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- 14. A New OperatingSystem
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Editor's Notes
- #3 The DAO was a digital decentralized autonomous organization, and a form of investor-directed venture capital fund. The DAO had an objective to provide a new decentralized business model for organizing both commercial and non-profit enterprises. It was instantiated on the Ethereum blockchain, and had no conventional management structure or board of directors. The code of the DAO is open-source. The DAO was stateless, and not tied to any particular nation state. As a result, many questions of how government regulators would deal with a stateless fund were yet to be dealt with. The DAO was crowdfunded via a token sale in May 2016. It set the record for the largest crowdfunding campaign in history. In June 2016, users exploited a vulnerability in the DAO code to enable them to siphon off one third of The DAO's funds to a subsidiary account. On 20 July 2016 01:20:40 PM +UTC at Block 1920000, the Ethereum community decided to hard-fork the Ethereum blockchain to restore virtually all funds to the original contract. This was controversial, and led to a fork in Ethereum, where the original unforked blockchain was maintained as Ethereum Classic, thus breaking Ethereum into two separate active blockchains, each with its own cryptocurrency
- #7 AirBnb: 9,000 employees Uber: 12,000 employess
- #9 Smart contracts allow the performance of credible transactions without third parties. Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994.
- #10 An oracle is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts. TYPES: Software; Hardware; Inbound; Outbound
- #13 Aragon is a project that aims to disintermediate the creation and maintenance of organizational structures by using blockchain technology. Raised ETH 275,000 (ETH@$90 - $25MM) in 15 Minutes in May 2017 Still only at version 0.5 10 employees - Requires runner; i.e. MetaMask
- #14 Catch 22