Tagdistributed autonomous corporations

Mindful Cyborgs: Distributed Autonomous Corporations Find Love in All the Wrong Places

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.

Ethereum: A Platform for Building Bitcoin-style Applicatons

I wrote about Ethereum, next generation cryptocurrencies and distributed autonomous corporations for Wired:

Most people think of bitcoin as a form of money, if they think of bitcoin at all. But 19-year-old hacker Vitalik Buterin sees it as something more — much more. He sees it as a new way of building just about any internet application.

The bitcoin digital currency is driven by open source software that runs across thousands of machines around the globe. Borrowing code from this rather clever piece of software, independent hackers have already built applications such as the Twitter-style social network Twister , the encrypted e-mail alternative Bitmessage , and the unseizable domain name system Namecoin . But Buterin believes that many other applications can benefit from the genius of the bitcoin software, and that’s why he’s joining forces with several other hackers to create something called Ethereum .

He envisions Ethereum as an online service that lets you build practically anything in the image of bitcoin and run it across a worldwide network of machines. At its core, bitcoin is a way of reliably storing and moving digital objects or pieces of information. Today, it stores and moves money, but Buterin believes the same basic system could give rise to a new breed of social networks, data storage systems and securities markets — all operated without the help of a central authority.

Full Story: Wired: Teenage Hacker Transforms Web Into One Giant Bitcoin Network

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