The Decentralized Autonomous Organization is a venture capital firm, like Andreessen Horowitz or Kleiner Perkins. It chooses new ideas and businesses to invest in. But the DAO isn’t run by rich white Silicon Valley dudes. It’s run by a network of machines that operate according to the same basic principles that drive the bitcoin digital currency. If you put money into the DAO, these machines let you vote on which new ideas it should invest in. The more money you put in, the more votes you get.
By the time the deadline for investing in the DAO arrived late last month, about 10,000 people had anonymously poured more than $168 million into this new online creation. That makes it the largest crowdfunded project ever. Now, it’s time for the DAO to start accepting pitches for all those anonymous people to vote on, bringing a new kind of democracy to the iconic
Original URL: http://feedproxy.google.com/~r/feedsapi/BwPx/~3/fHlyqEAlChA/