Pangburn 2015 (†826)Pangburn, DJ. “The Humans Who Dream of Companies That Won’t Need Us.” (Fast Company, 19 June 2015).
- Ethereum (para.3): Bitcoin’s blockchain model has been proposed as the backbone for a wide range of applications, from asset trading to real estate transactions, from escrow services to even a “national income distribution” system. What Ethereum proposes, in effect, is a global computer that could not only handle those transactions but also eventually emulate many of the functions of companies like Uber, Airbnb, Dropbox, Amazon, and Kickstarter—but without the “inefficient” bureaucracies and the other intermediaries who take a slice of the pie. That is to say, companies that, once started, can run themselves. (†2160)
- Turing-complete (para.5): Bitcoin as a whole is a step in that direction, but it’s only one application. Ethereum, on the other hand, is “Turing complete,” a system in which a program can be written to find an answer—or to execute a smart contract that can buy something, sell something, or do something. In aggregate, a group of smart contracts could run what is known in Ethereum-speak as a “decentralized autonomous organization” (DAO) or a “distributed autonomous corporation” (DAC)—in other words, a corporation distilled to its most basic tasks, and operated by little more than code and the logic of if this, then that. (†2159)