Introduction to DAOs - Ethereum Meetup Warsaw 28.04
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Slides from a presentation delivered at the Ethereum Meetup Warsaw on 28.04.2016. @maciejolpinski www.maciejolpinski.com
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Introduction to DAOs - Ethereum Meetup Warsaw 28.04
- 1. INTRODUCTION TO DAOS DECENTRALISED AUTONOMOUS ORGANISATIONS FOR NON-TECHNICAL PEOPLE ETHEREUM MEETUP WARSAW @MACIEJOLPINSKI
- 2. HUMAN COOPERATIONAS WE TRANSITION TO THE DIGITAL SOCIETY WE NEED NEW COOPERATION METHODS HUNTER-GATHERER LOCAL AGRARIAN SMALL SCALE INDUSTRIAL LARGE SCALE WORD OF MOUTH DIGITAL GLOBAL SCALE WORD OF MOUTH PRINT COMPUTER CODE LEGAL SYSTEMS ???
- 3. MONEY JOINT STOCK COMPANIES 16th century 19th century NATION STATES PEOPLE INVENT ABSTRACTIONS TO COOPERATE 21st century ??? ?
- 4. SHARE RISK/REWARDS COMBINE SKILLSETS Sea trade was risky, risk distribution provided steady returns Captains, crews, trade routes Surplus capital could be reinvested into sea trade ALLOCATE CAPITAL EARLY JOINT STOCK COMPANIES
- 5. STARTUPS are the engines of value creation in digital economy high risk/high reward activities with strong network effects winner takes all
- 6. PROBLEM: VALUE CREATION GLOBAL AND DECENTRALISED (WE ALL WORK FOR FB OR GOOGLE) BUT WEALTH ACCUMULATION IS STILL LOCAL AND CENTRALISED IN SILICON VALLEY
- 7. INDUSTRIAL ERA ABSTRACTIONS NOT ALIGNED WITH DIGITAL ECONOMY EVERYONE HAS ACCESS TO INFORMATION FEW HAVE ACCESS TO INVESTMENT OPPORTUNITY IN DIGITAL VENTURES
- 8. BITCOIN the coordination network with software based incentives Bitcoin proved that people respond to incentives expressed in computer code Pure software with no 3rd party can align human behaviours in the physical world PEOPLE RESPOND TO INCENTIVES
- 9. ETHEREUM - PLATFORM FOR PROGRAMMABLE INCENTIVE NETWORKS ALLOWS TO DESIGN INCENTIVE MODELS FOR OTHER ACTIVITIES THAN JUST CURRENCY CREATION ALLOWS DISTRIBUTION OF ECONOMIC RISKS/REWARDS OVER THE INTERNET
- 10. DAO incentive-based, economic coordination mechanism on the blockchain WHAT IS THE DAO? expressed in code and transmitted via the Internet allows people to participate in risks & rewards of digital ventures
- 11. TOKENS CREATE ECONOMIC LINKS BETWEEN DAO PARTICIPANTS
- 12. WEB 3.0 - THE WEB OF SHARED ECONOMIC GOALS WEB 1.0 WEB OF PAGES HYPERLINKS WEB 2.0 SOCIAL NETWORKS LIKES, FOLLOWS WEB 3.0 INCENTIVE NETWORKS/DAOS TOKENS influence influence
- 13. ETHEREUM WON’T BE ABOUT BUILDING PHOTO SHARING APPS. IT WILL BE ABOUT DISTRIBUTING REWARDS FROM PHOTO SHARING APPS. THIS IS THE REAL INNOVATION. IF WE HOLD THE SAME TOKEN, WE HAVE 'SKINS IN THE SAME GAME'
- 14. ETHEREUM'S VALUE IS NOT IN COMPUTATION (IT'S SLOW, EXPENSIVE) IT'S IN BUILDING NEW ECONOMIC ALIGNMENT SCHEMES (DAO) AT ALMOST ZERO COST. FOCUS ON THIS.
- 15. PEOPLE/TALENT WHO ARE THEY? HOW MUCH 'SKIN IN THE GAME' THEY HAVE'? HOW MUCH DO THEY LOSE IF DAO FAILS PRODUCT WHAT PRODUCT DOES THE DAO OFFER? WHAT IS THE MARKET? HOW IS IT BETTER THAN ALTERNATIVES? COMPETITION CAN YOU COPY THE MODEL EASILY IF SUCCESFUL? WHAT 'MOATS' DOES THE DAO HAVE TO PROTECT IT FROM COPYING/FORKING BEFORE YOU INVEST IN A DAO... REMEMBER THAT SAME OLD RULES APPLY