MESSAGE
| DATE | 2016-05-19 |
| FROM | Ruben Safir
|
| SUBJECT | Subject: [Hangout-NYLXS] what is your future
|
http://futurism.com/this-companys-boss-is-a-code-and-they-just-made-127-million-dollars/
DAO (a company that needs no office, no employees, and no president) is
ruled by a computer program. And they just raised $131 million...and
counting.
DAO Just Made History
While a huge segment of the planet is still struggling to grasp the
various concepts revolving around the rapidly emerging cryptocurrency
industry, those that do grasp said concepts are going on a wild shopping
frenzy over the currencies.
Case in point, Decentralized Autonomous Organization (DAO) recently
launched a crowdsale for DAO tokens and nabbed over a hundred million
dollars within a few weeks, making them the largest crowdfunded project
in history.
How DAO Works
DAO, a platform developed by German company Slock.it, is a
self-governing company built upon an irrefutable mathematical code that
is free for everyone to use. It’s main mission is “to blaze a new path
in business organization for the betterment of its members, existing
simultaneously nowhere and everywhere and operating solely with the
steadfast iron will of unstoppable code.”
It runs on the platform Ethereum, which in turn runs on a blockchain,
essentially resulting in a system which allows fast and direct trade,
and records all transactions for everyone to see in absolute
transparency. People can make transactions without any intermediary, and
will enable several capabilities not limited to trade. Ethereum uses
Ether, the regulated “crypto-fuel” that powers the creation of DAO’s
within the system, which the public can buy to exchange for DAO tokens.
Security is assured because it is constantly monitored by an entire
network of people who have a stake in the system, making corruption an
impossibility. According to their website: “Ethereum is a decentralized
platform that runs smart contracts: applications that run exactly as
programmed without any possibility of downtime, censorship, fraud or
third party interference.”
Notably, this means that DAO needs no CEO, no employees, and no office,
as it is monitored and operated by its stockholders—the community of
token owners, using an autonomous system that may be easily accessed by
anyone with a computer and internet connection. Essentially, it is a
company encoded with automated decision-making, eliminating the need for
offices, and practically eradicating corruption and human error.
DAO’s crowdsale has raised over $100 million in a matter of weeks.
As of last look, DAO has acquired 10.85 million ETH, equivalent to more
than $131 million, and they still have ten more days left of their crowd
sale. This means they are holding around one-eighth of the total amount
of ETH in the whole market.
The sale of DAO tokens started April 28 and will last until May 28, with
the selling price scheduled to increase at a steady rate.
--
So many immigrant groups have swept through our town
that Brooklyn, like Atlantis, reaches mythological
proportions in the mind of the world - RI Safir 1998
http://www.mrbrklyn.com
DRM is THEFT - We are the STAKEHOLDERS - RI Safir 2002
http://www.nylxs.com - Leadership Development in Free Software
http://www2.mrbrklyn.com/resources - Unpublished Archive
http://www.coinhangout.com - coins!
http://www.brooklyn-living.com
Being so tracked is for FARM ANIMALS and and extermination camps,
but incompatible with living as a free human being. -RI Safir 2013
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