30 years ago, the concept of being able to communicate instantly over video with anyone around the world was unimaginable.Today, the same can be said about fully autonomous corporations, without any leadership, management or employees, being able to drive a return on investment for their stakeholders.The funny thing is that it is not artificial intelligence that is making this change possible.In fact, it is all being made possible from the ideas that have been inspired from the most popular digital currency, bitcoin.
The DAO, short for The Distributed Autonomous Organization, is an entirely new way of organizing investment.It has raised over $150m in crowdfunding dollars by over 20,000 individuals since April 30th, making it is the largest crowdfunded effort in history .The DAO’s features depend on a new Bitcoin-inspired blockchain called Ethereum .
Ethereum is a blockchain implementation created in 2014 by Vitalik Buterin, who was just nineteen at the time. Bitcoin was five years old then and Buterin carefully studied its strengths and weaknesses. Vitalik recognized that while Bitcoin could function well for companies looking to use it as a way to send money faster and cheaper across borders , it lacked the flexibility to achieve the promise of a fully programable currency.As a result, he built the Ethereum blockchain such that every node involved in Ethereum has a fully functional virtual computer inside built specifically to run programs known as smart contracts. Front Page Of The DAO The DAO is a set of smart contracts that define a venture capital fund, which is directed by DAO Token Holders. This is similar to holding shares in a public company, but the fund itself is stateless, existing in all computers running Ethereum, having neither a physical address nor a board of directors.
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