A Decentralized Autonomous Organizations is an “entity” without any central point of control, with a certain agenda, business plan, and protocol. (ref)
A DAO is a decentralized (or distributed) network of narrow-AI autonomous agents which perform an output-maximizing production function and which divides its labor into computationally intractable tasks (which it incentivizes humans to do) and tasks which it performs itself. It can be thought of as a corporation run without any human involvement under the control of an incorruptible set of business rules. These rules are typically implemented as publicly auditable open-source software distributed across the computers of their stakeholders. A human becomes a stakeholder by buying stock in the company or being paid in that stock to provide services for the company. This stock may entitle its owner to a share of the profits of the DAC, participation in its growth, and/or a say in how it is run. (ref)
In this economic theory, the role of the firm is played by the DAO, and the role of the entrepreneur is played by the programmers who develop the DAO. (ref)
Acronyms (all mean the same thing)
- DAO – Decentralized Autonomous Organizations
- DA – Decentralized applications
- DAC – Distributed Autonomous Corporations, Decentralized Autonomous Corporations, Distributed Autonomous Community
- They are corporations – they are free and independent persons (but don’t have legal personality).
- They are autonomous – once up to speed, they no longer need (or heed) their creators.
- They are distributed – there are no central points of control or failure that can be attacked.
- They are transparent – their books and business rules are auditable by all.
- They are confidential – customer information is securely (and incorruptibly) protected.
- They are trustworthy – because no interaction with them depends on trust.
- They are fiduciaries – acting solely in their customers’ and shareholders’ interests.
- They are self-regulating – they robotically obey their own rules.
- They are incorruptible – no one can exercise seductive or coercive influence over them.
- They are sovereign – over their digital resources (but don’t have legal capacity).
Protocols & framework
Citations from articles:
- The Economist about DAC (raw text)- 2014-01 – In fact, Bitcoin’s blockchain model—a cryptographically-secure open ledger of all transactions distributed to every node—was the critical innovation that opened the door to DAC research.
- Bootstrapping A Decentralized Autonomous Corporation: Part 1 , Part 2 , Part 3 – do we really need the people? On the one hand, the answer is yes – On the other hand, however, over the past two hundred years the answer has been increasingly no. – The question is, can we approach the problem from the other direction: even if we still need human beings to perform certain specialized tasks, can we remove the management from the equation instead?
- Bitcoin and the Three Laws of Robotics – by Stan Larimer, President, Invictus Innovations, Inc.
- Decentralized Autonomous Organizations Are About to Take a Huge Leap Forward – we can see that in the next few years decentralized autonomous organizations are potentially going to become much more powerful than they are today.
- Agent example: StoreJ – When StorJ interacts with people it does so as a peer, not as a tool.
- Agents defintion – It may even be that people find themselves working for the programs because they need the money, rather than programs working for the people. Being a peer rather than a tool is what distinguishes a program that uses Bitcoin from an agent.
- Ethereum forum with lotof ideas for DA – A Next-Generation Smart Contract and Decentralized Application Platform
- DAOs Are Not Scary, Part 1: Self-Enforcing Contracts And Factum Law
- Ethereum – White Paper – A Next-Generation Smart Contract and Decentralized Application Platform
- What is a DAC (distributed autonomous corporation) – Andreas Antonopoulos ?
- Smart contract, property, Mike Hearn – vidoe1, video2, slides
- We automated mechanical work with the machine and now we have also started automated knowledge worker.
- Role of the humans for the coorperations (also the traditionals) can be seen as sensors to the real world environment.
Who is Who
- Charles Hoskinson – Ethereum
- Vitalik Buterin – Ethereum
- Daniel Larimer, co-founder Invictus Innovations, Inc
- David Johnston – Mastercoin
- Agents – An agent is an autonomous program that is able to survive by selling services for Bitcoins, and using the proceeds to rent server capacity. Agents that are profitable enough may replicate themselves by spawning additional instances on other servers.
- Smart Property – is property whose ownership is controlled via the Bitcoin block chain, using contracts. Examples could include physical property such as cars, phones or houses. Smart property also includes non-physical property like shares in a company or access rights to a remote computer. Making property smart allows it to be traded with radically less trust.
- Smart Contract – ref1, ref2, ref3, contract – A distributed contract is a method of using Bitcoin to form agreements with people via the block chain. Contracts don’t make anything possible that was previously impossible, but rather, they allow you to solve common problems in a way that minimizes trust. Minimal trust often makes things more convenient by allowing human judgements to be taken out of the loop, thus allowing complete automation.
- Main site: http://www.ethereum.org
- Forum: http://forum.ethereum.org
- Blog: http://blog.ethereum.org
- Reddit: http://www.reddit.com/r/ethereum/
- Wiki: http://wiki.ethereum.org
- Code: https://code.ethereum.org
- IRC as well, #ethereum on Freenode.
- News: http://news.ethereum.org (TBC)
- Whitepaper: http://ethereum.org/ethereum.html
- Google+: http://google.com/+EthereumOrgOfficial
About Ethereum over Internet
- Quora – Bitcoin is your store of value, your gold vaults. When you want to put your capital to work you need an engine (Ethereum) and to run the engine you need oil (Ether).