Ever since the DAO went live on Etherium, simultaneously blockchain became law and smart contracts replaced lawyers.
In short a complex scheme to get the world to sign a contract that reads:
"I hereby enter this contract - because I cant read the language the contract is written - and unknowingly agree that I will agree to all future contracts, and for good measure I'm going to give the other party to this contract access to my money to expedite the next contract."
And that's why yesterday's Decentralized Autonomous Organization is today's Initial Coin Offering...if people could understand the simple truth:
An ICO "crypto coin" is a receipt for crowdfunding an idea for a product. The receipt/coin is not ownership/equity if the idea ever becomes a successful company. Somehow because the receipts are held on a distributed ledger (block chain) and called a "crypto coin" the receipt has somehow become something of value speculators will buy and sell on a secondary market.
Once you understand this truth you understand why traditional brick and mortars are getting interested in block chain technology, soon customers will buy something at Walmart and as a receipt of the transaction Walmart will issue a "crypto coin" on the blockchain and the customer will be able to sell that in the secondary market and buy more product at Walmart.
Not really, thankfully we cannot put people in prison by mere majority.
People go to prison if they violate the law, not because 51 members out of 100 voted that someone is a bad guy.
Not even democracy works like that, where the majority rules (dictatorship of the majority.) Or, at least, it should not. There are many checks and balances that are definitely not captured by a simple distributed hash.
In short a complex scheme to get the world to sign a contract that reads:
"I hereby enter this contract - because I cant read the language the contract is written - and unknowingly agree that I will agree to all future contracts, and for good measure I'm going to give the other party to this contract access to my money to expedite the next contract."
And that's why yesterday's Decentralized Autonomous Organization is today's Initial Coin Offering...if people could understand the simple truth:
An ICO "crypto coin" is a receipt for crowdfunding an idea for a product. The receipt/coin is not ownership/equity if the idea ever becomes a successful company. Somehow because the receipts are held on a distributed ledger (block chain) and called a "crypto coin" the receipt has somehow become something of value speculators will buy and sell on a secondary market.
Once you understand this truth you understand why traditional brick and mortars are getting interested in block chain technology, soon customers will buy something at Walmart and as a receipt of the transaction Walmart will issue a "crypto coin" on the blockchain and the customer will be able to sell that in the secondary market and buy more product at Walmart.