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.
What does all this mean for my company, Bitwage, which processes payroll using Bitcoin? Ethereum has a blockchain, so the programming changes required to add the protocol would require some simple modifications. The DAO looks promising, but the Ethereum market cap is just an eighth of Bitcoin’s and the liquidity prior to The DAO going public was not sufficient. We’re still in watch and wait mode on this one.
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