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> Currently only the privileged can found and fund new companies. What? It's about $200 in Seattle to file to register a Limited Liability Company. It's a stretch to call that 'only the privileged'.
> The individual must have a net worth greater than $1 million, either individually or jointly with the individual’s spouse. [1] http://www.sec.gov/info/smallbus/secg/accredited-investor-ne...
> Currently only the privileged can found and fund new companies. What? It's about $200 in Seattle to file to register a Limited Liability Company. It's a stretch to call that 'only the privileged'.
Anyone know how to legally assign a corporation over to an autonomous system?
Charlie Stross is smiling somewhere. https://en.wikipedia.org/wiki/Accelerando
the article doesn't actually explain the "autonomous" bit imo. This looks rather more like a distributed decision making platform. Say, liquid democracy + ethereum, rather than Accelerando-style "sentient alien corporations". Noticeably, the DAO does not seem to be able to make any decision, it does things through proposals suggested by people which are voted on. Still cool anyway.
A corporation, being a legal fiction, can only act through physical persons. So in that respect, no corporation can be truly autonomous. It sounds like what they have done is taken all the paperwork associated with corporate activity: by-laws, annual meeting minutes, resolutions, etc., and put them into a block chain. A more proper description would be a paperless corporation.
That's like saying a car can't be autonomous because some programmers wrote the software that it uses.
And after reading the article, they aren't a legally recognized corporation.
the article doesn't actually explain the "autonomous" bit imo. This looks rather more like a distributed decision making platform. Say, liquid democracy + ethereum, rather than Accelerando-style "sentient alien corporations". Noticeably, the DAO does not seem to be able to make any decision, it does things through proposals suggested by people which are voted on. Still cool anyway.
TLDR; A computer program living on the ethereum blockchain is currently in control of 107+ million dollars, making it the second largest crowdfunded project in history. Shareholders vote on proposals to give money to other entities (probably also programs on the ethereum blockchain) that they hope will make money and send it to the parent contract. All votes are managed by a program written in EVM code, which runs on…
Don't forget that the stock market is the original mass-crowdfunded project. Anyone can become an owner if you go to a brokerage account, and ownership rights entitles you to a vote for the board of directors and a share of the profits (ie: the dividend)
Earlier quoted context omitted.
That's like saying a car can't be autonomous because some programmers wrote the software that it uses.
No, a corporation is a legal entity that must have directors and officers, aka people. Without that, you don't have a corporation. And after reading the article, they aren't a legally recognized corporation.
OR, a corporation is a legal entity formed by a corporate charter that is treated as a person under the law. In any case, whatever these ethereum-based things are, they aren't corporations.