Ethereum whitepaper - 0 views
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The general concept of a "decentralized autonomous organization" is that of a virtual entity that has a certain set of members or shareholders which, perhaps with a 67% majority, have the right to spend the entity's funds and modify its code. The members would collectively decide on how the organization should allocate its funds. Methods for allocating a DAO's funds could range from bounties, salaries to even more exotic mechanisms such as an internal currency to reward work. This essentially replicates the legal trappings of a traditional company or nonprofit but using only cryptographic blockchain technology for enforcement. So far much of the talk around DAOs has been around the "capitalist" model of a "decentralized autonomous corporation" (DAC) with dividend-receiving shareholders and tradable shared; an alternative, perhaps described as a "decentralized autonomous community", would have all members have an equal share in the decision making and require 67% of existing members to agree to add or remove a member. The requirement that one person can only have one membership would then need to be enforced collectively by the group.
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Kurt Laitner on 11 Feb 14key application for OVNs
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Note that the design relies on the randomness of addresses and hashes for data integrity; the contract will likely get corrupted in some fashion after about 2^128 uses
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This implements the "egalitarian" DAO model where members have equal shares. One can easily extend it to a shareholder model by also storing how many shares each owner holds and providing a simple way to transfer shares.
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