In the latest episode of Mindful Cyborgs, Chris Dancy, Alex Williams and I talked about distributed autonomous corporations (DACs), Her and more. Here I am trying to explain the idea of DACs:
Working on a couple of stories that should be up by the time this podcast goes up on an idea that’s spreading through the Bitcoin community called distributed autonomous corporations and the idea is that Bitcoin is actually already one of these things. It’s like a bank that isn’t really owned by anyone and exists on its own. So, as long as at least a few people running the Bitcoin software somewhere in the world is going to keep going. So, pretty much as long as people are using it will exist without anybody really going and shutting it down.
The only people with an ownership stake are the people who own Bitcoin who are the people which is awarded to miners. So, they’re sort of like shareholders in a corporation. So, it kind of rethinks Bitcoin as less as like a currency and more as a corporation that awards stock and there’s a few other of these things.
Alex and I talked about Twister I think last time which is a Twitter clone that uses Bitcoin protocol. Doesn’t actually use Bitcoins at all, the actual Bitcoin network for authentication and uses BitTorrent for distribution. So, it’s a similar thing only it’s a social network that just exists out there running in the world. The miners are just awarded with promoted messages on the network. The only way you get paid is through advertisements, which is a very attention economy sort of idea I guess.
Download and Full Transcript: Mindful Cyborgs: Distributed Autonomous Corporations Find Love in All the Wrong Places
So far only one of the stories I mentioned, my article on Ethereum is up. But here’s another article on the idea of DACs.