Follow Hong Kong’s district election

Today is a big day for Hong Kong, as the people are voting for their district representatives. Never before has there been such a high voter turnout: 71.2%. I haven’t found any English website that allows you to follow the results live, so here is a Chinese website: https://dce2019.thestandnews.com/

Yellow is the pro-democracy camp and red is the pro-establishment (pro-Beijing) camp. As of this writing, some results have come in already and the pro-democracy camp is far ahead having occupied more than 90% of the seats (45 against 4).

This is the first stage of the 2019-2020 election cycle. The election will fill 452 seats on Hong Kong’s 18 District Councils. Next year, there will be elections for the territory-wide Legislative Council.

Elections HK screenshot

 

Hong Kong Police storm Polytechnic University of Hong Kong: a selection of news articles

《BBC》

//Those who remain seem determined to fight to the end, no matter the risk.//

https://www.bbc.co.uk/news/world-asia-china-50452277

《Financial Times》

//“Everyone is exhausted and [when] someone wants to leave, they can’t. There are even kids that are 11, 12 years old,” said a social worker trapped in the campus//

https://on.ft.com/2XnuyPo

《The Guardian》

//“Those people on the front, they are putting their lives on the line to fight for what they believe … they are doing it for all of us.” – Calvin See, 27//

https://www.theguardian.com/world/2019/nov/17/fire-rocks-and-teargas-fly-in-day-of-battle-at-hong-kong-university

《The New York Times》

//“They were all in good spirits,” he said. “They were not being deterred. They were ready to be arrested. They said, ‘We stand for freedom, dignity, democracy, human rights.’ They said they were staying.” – The pastor, William Devlin//

《Washington Post》

//“Carrie Lam’s murderous regime has resorted to brutality, which makes Hong Kong become a state of savage existence and astonishes the international communities,” he said in a statement early Monday.//

https://www.washingtonpost.com/world/hong-kong-police-pummel-university-with-water-cannon-as-officer-hit-by-arrow/2019/11/17/f004c978-091f-11ea-8054-289aef6e38a3_story.html?hpid=hp_hp-top-table-main_hong-kong-7am%3Ahomepage%2Fstory-ans

《The Times》

//“We’re fighting for our rights: we’re fighting for freedom of expression,” said a woman aged 25 who identified herself only as Mary-Jane. //

https://www.thetimes.co.uk/edition/world/hong-kong-police-use-sonic-weapon-against-protesters-in-battle-for-university-2glk882r2

《Al Jazeera》

//”The Hong Kong government has all along decided to treat this as a law-and-order matter and has had no willingness to negotiate or talk or listen in any serious way to the demands of the protesters. At the end of the day, there has to be some kind of political solution,” Roderic Wye told Al Jazeera.//

https://www.aljazeera.com/news/2019/11/hong-kong-fire-tear-gas-protesters-injure-officer-arrow-191117111609972.html

《CNN》

//”If we don’t come out, no one will come out and protect our freedoms. Polytechnic University is my home,” – A 23-year-old protester and Polytechnic University alumnus//

https://edition.cnn.com/2019/11/17/asia/hong-kong-protests-november-17-intl-hnk/index.html

Creativity of Hong Kong protesters: Protest Songs

The Hong Kong protests are sometimes called “open-source protests”, “decentralized protests” or “water revolution” due to its leaderless and organic nature. It’s a great example of how order can emerge within a decentralized social organization.

The protests may seem chaotic, but if one looks closer one can easily identify the diversity of roles that protesters and different communication tools are playing – making up an harmonious order. Below, you can find the different groups and tools within the movement that I have been able to identify.

Communication channels LIHKG, Reddit, Twitter, Telegram, Facebook and more… Communication channels with high encryption standards and servers outside of Hong Kong are preferred as to maintain more privacy and to make it harder for the HK government to close down the servers or seize account information of protesters
Protest songs Glory to Hong Kong, We Will Fight for Hong Kong, Sing Hallelujah to the Lord, Do you hear the People sing, Below the Lion Rock, Boundless Oceans Vast Skies, Raise the Umbrellas, Add Oil etc…
Teargas ‘fire fighters’ Fire fighters whose main role in the protests is to extinguish the police’s tear gas
Dunkirk moment When the police shut down the Hong Kong metro system (MTR) after the protests at the HK Airport, most protesters either had to walk home or take the buses back to Hong Kong central. As buses were checked by the police to find, and in many cases arrest, the protesters, some sympathizers of the protests took their cars to HK Airport and give them a ride home
Pro-HK pr Artists mobilize themselves in Telegram groups – some are as large as containing 200+ artists – to create art and other pr material to support the protests
Suppliers and first-aid people Suppliers donate anonymous travel cards, cash, clothes, vouchers, temporary housing etc… The first-aid people give medical care to those injured in the protests. They carry around first-aid kits
Protect the Children group Elderly that come between the police and young protesters during confrontations to give the youngsters time to flee

In this post, I’d like to share some protest songs that have emerged in the past few months. Some songs were specifically created during the protests, while others are older songs that have been adopted to emphasize the spirit of the movement.

Compilation of several Protest Songs

Glory to Hong Kong

We will fight for Hong Kong

Be Water

Do you hear the People sing

Boundless Oceans vast Skies

Fly with You (和你飛)

High Wall and Egg (牆與雞蛋)

This song is based on the following quotation from Haruki Murakami’s Jerusalem Prize acceptance speech in 2009:

If there is a hard, high wall and an egg that breaks against it, no matter how right the wall or how wrong the egg, I will stand on the side of the egg. Why? Because each of us is an egg, a unique soul enclosed in a fragile egg. Each of us is confronting a high wall. The high wall is the system which forces us to do the things we would not ordinarily see fit to do as individuals… We are all human beings, individuals, fragile eggs. We have no hope against the wall: it’s too high, too dark, too cold. To fight the wall, we must join our souls together for warmth, strength. We must not let the system control us – create who we are. It is we who created the system.

No Withdrawal, No Surrender, No Retreat (不撤∙不散∙亦不退)

Welcome to the Black Parade

Where to view live videos on the Hong Kong protests?

I’ve been following the Hong Kong protests very closely since it started. Watching the live videos of the protests gives you a better impression of what Hong Kong is really like at the moment.

In this post, I’d like to share a link where you can view live videos of on the spot journalists:

https://ncehk2019.github.io/nce-live/

Declaration of the Establishment of the Provisional Government of Hong Kong

The chief executive of Hong Kong has passed the anti-mask law today, further escalating Hong Kongers’ anger. Large groups of protesters in Hong Kong have now declared the establishment of a provisional government of Hong Kong in several neighborhoods.

The main premise of the declaration is that when a government does not represent the people anymore, the people have the right to establish their own government. The English version of the full declaration is as follows:

In the development of human civilisation it is inevitable for a dysfunctional institution to be abolished and replaced by a better one. This is how progress is made. If a government is not of the people, by the people, for the people, then it is inevitable that the people will establish a government of the people. The Hong Kong Special Administrative Region Government has proved itself to be not of the people, by the people, for the people. We hereby declare the establishment of the Provisional Government of Hong Kong.

‘We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.’ We have always identified with this inviolable principle of truth. The government and the legislature are established by the people to ensure that their rights will be protected against encroachment. All the powers of the government are derived from the people. If a government violates this principle, then the people have an absolute right to abolish it and establish a new one.

The HKSAR government, which is controlled by the People’s Republic of China and the Chinese Communist Party, has turned a blind eye to the demands of the people, deprived the people of their rights, failed to enact laws safeguarding the wellbeing of the people, and taken away the freedoms of the people. Today, against the wishes of the majority of the people, the HKSAR government bypassed the Legislative Council and enacted the Anti-Mask Law in a deliberate attempt to deny people the right of assembly. We believe that the HKSAR government has lost its legitimacy as well as the authorisation from the people. We thereby declare the immediate abolition of the powers of the Chief Executive and the principal officials of the HKSAR government.

The Provisional Government of Hong Kong declares:

  1. The departments of the HKSAR government from now on shall be placed under the authority of the Hong Kong Provisional Government;
  2. The chief executive, the chief secretary, the directors and deputy directors of the bureaus, the heads and deputy heads of the departments shall leave office and the new post holders shall be appointed by the Provisional Government;
  3. All departments shall immediately cease all the new policies promulgated by the HKSAR Government since 2018, and personnel at all levels of personnel shall retain office and maintain the operation of necessary services of the departments until further notice;
  4. The Provisional Government’s term ends in five years or until the formation of a government under a chief executive nominated and elected by universal suffrage (whichever is sooner); the Provisional Government shall prepare for the election within one year of its establishment and complete the election within three years;
  5. The chief executive and the appointed officials of the Provisional Government shall not be eligible for appointment as officials of the government or public organisations once they leave office;
  6. The provisions of the Laws of Hong Kong shall remain in force until new laws are enacted by the Hong Kong Provisional Government;
  7. The Legislative Council shall be dissolved and the Provisional Legislative Council shall be elected within three months and the Legislative Council shall be elected within one year; there shall be 70 seats in the Provisional Legislative Council: 12 seats each for Hong Kong Island and the Kowloon West constituencies, 10 seats for East Kowloon East, and 18 seats each for the New Territories West and New Territories East.

On Facebook’s new cryptocurrency, the Libra. What will its consequences be for Bitcoin, blockchain and the financial world?

After many years on the sidelines, a consortium of large corporations and social impact organizations led by Facebook will soon enter the blockchain space. In the past week, Facebook has given more details regarding their future cryptocurrency, the Libra. It is supposed to be released by the consortium in the first half of 2020.

This article is my first reaction to the Libra White Paper, which describes Libra as a cryptocurrency with low volatility that will make use of its native Libra blockchain. What follows is a description of Libra as described in the White Paper, and 11 predictions about its consequences for the blockchain and financial world.

Goal of Libra
The goal of the Libra Association is to create a stable currency that makes use of a secure and stable open-source blockchain. Open-source means that the source code is public for anyone to see. In order to keep the currency stable, it will be backed by Libra Reserves – a basket of low-volatility assets, such as bank deposits and short term government securities in currencies from stable and reputable central banks such as the USD, EUR, CNY, and GBP. These assets will be managed by a global network of custodians. The Libra will thus enjoy the benefits of stable traditional government money and the benefits of blockchain-based cryptocurrencies. Users of Libra should theoretically be able to make transactions with Libra coins with low costs, and within immediate speeds to anyone anywhere in the world.

The Libra Association is hopeful that it will give a boost to better and cheaper financial services, therefore, making financial services accessible for everyone.

Considerations for building the Libra blockchain
The Libra blockchain has been developed, while taking the following three requirements into consideration:

  1. It must be scalable to accommodate billions of accounts, meaning that it can process a high transaction throughput with low latency.
  2. Funds and financial data must be secure.
  3. It must be flexible enough to power the ecosystem’s governance and future implementations of innovative financial services and upgrades to the network are possible.

In order to make the above possible, the association has chosen to:

  • Develop a new programming language, called Move. The goal of Move is to make the development of “smart contracts” and transaction logic more secure. Hence, with fewer risks that a software developer writes mistakes into his code that lead to unforeseen bugs and unpredictable behavior of the software.
  • In addition, a Byzantine Fault Tolerance consensus protocol suitable for processing a great number of transactions will be used. This protocol will also be more energy efficient, than for example Bitcoin’s “Proof of Work” consensus protocol, and have less network latency. The protocol is a set of rules determining how consensus about the correct state of the blockchain within a blockchain network can be reached and what the requirements are for approving transactions.
  • Finally, according to the White Paper, the blockchain will be pseudonymous and will offer users the option to create multiple addresses that cannot be linked to their real-world identities.

The Libra Association
The Libra Association will consist of a consortium of around 100 founding members. It has approximately 30 members so far. Among these members are PayPal, Mastercard, Visa, Spotify, Über and Ebay. In order to become a founding member, they had to put in $10 million for the Libra Rerserve. In addition to commercial corporations, there are also social impact organizations such as Women’s World Banking and Kiva. The members of the consortium will receive Libra Investment Token (LIT) with which they can participate in the governance of the Libra Association. It is also possible that they will be rewarded with LIT for maintaining the blockchain and approving the transactions.

Facebook is going into the banking business with ...
The founding members of the Libra Association so far.

The Libra Association will manage the Libra Reserve for the stability and growth of the Libra economy. The interest earned from the reserves will be used to cover their costs. The Libra Association will be the only party that can issue and burn (destroy) Libra tokens. When authorized resellers have bought Libra from the Association with fiat money, new Libra will be issued. Libra will only be burned when authorized resellers sell their Libra to the Libra Association in exchange for their underlying assets. The Libra Reserve thus acts as the “buyer of last resort”. The policy of the Libra Association can only be changed through majority consensus of the members. It’s still unclear how much consensus is needed to change the Association’s policies. It’s also unclear how much consensus is needed to approve a transaction. It’s expected that this will be similar to other Byzantine Fault Tolerance protocols and that 67% consensus is needed.

Another goal of the Libra Association is to develop a standard for open digital identities. Such identities are, according to the Association, a prerequisite for financial inclusion.

Permissioned blockchain
According to the White Paper, the blockchain is permissioned. This means that not everyone is able to run the blockchain on their own computer – only the members of the Association are allowed to do so. They are nonetheless planning to make the transition towards a permissionless environment in which everyone can run his or her blockchain node within 5 years.

Is the Libra blockchain really a blockchain?
Although the Libra Association asserts that Libra is blockchain-based, one could argue that it’s actually not. Blockchains normally make use of data blocks that are chained to each other. Libra, on the other hand, is a single database and does not make use of such blocks. It acts more like a payment scheme.

For more details regarding this topic, see the following article of Simon Lelieveldt.

If Libra does not make use of a blockchain, is it a cryptocurrency?
Some may believe that Libra is not a real cryptocurrency if it does not make use of blockchain. However, in order to be consistent, they should then also maintain that B-money – a precursor to Bitcoin with many similar properties as Bitcoin, but without the use of blockchain – is not a cryptocurrency.

I will not get deeper into the discussion whether Libra is a blockchain or a cryptocurrency.

Calibra wallet
Libra will be implemented into the ecosystem of Facebook and will also be available in other applications owned by Facebook, such as Messenger, Whatsapp, and Instagram. The wallet in which Libra will be stored is called the Calibra wallet.

What will be Libra’s consequences for the blockchain and financial world?
It’s difficult to make correct predictions about Libra, especially since many details about Libra are still missing. Nonetheless, there some predictions I already dare to make.

  1. The Libra blockchain will not be entirely neutral and borderless. The Libra Association will conform to governmental rules and regulations. It will hence be unlikely that transactions to sanctioned countries, such as Iran, will be approved.
  2. The Libra blockchain will compete with banks and fintech companies. It will introduce innovative financial products that will directly compete with financial products offered by banks and fintech companies. Also, Libra transactions will not require payment service providers and intermediary banks and schemes to facilitate the transactions. People could, for example, be able to send money abroad with low transaction costs, and pay with Libra for Über rides and Spotify without traditional payment facilitating intermediaries.
  3. Libra will compete with central banks. Libra could undermine the demand for national currencies – something that central banks and national governments will not accept. Shortly after the announcement of Libra, French and Russian politicians have already expressed their worries that Libra will undermine their national financial system. In addition, it will also be more difficult for central banks to prevent capital flight. Recently, voices have been raised in the United States to (temporarily) stop the development of Libra in order to make sure it will not compete with the USD. Thus, it’s still unsure whether the Association will be able to release Libra in the first half of 2020.
  4. Libra will lead to tension with rules and regulations, and show that current financial rules and regulations are outdated. The call for clearer regulations with respect to cryptocurrencies will grow.
  5. Libra will show that those who say “cryptocurrencies are not interesting, it’s all about blockchain” are dead wrong. Cryptocurrencies will be a tremendous force for mainstream adoption of blockchain, just like e-mail was for the internet.
  6. Libra will compete with stablecoins. Stablecoins are cryptocurrencies that are pegged to assets with stable value. Think for example about the USD, the EUR and precious metals. Stablecoins that already exist are Tether (USDT), Gemini Dollar (GUSD), bit.USD, and Coinbase Dollar (USDC).
  7. It’s unclear how the Libra Association will handle their users’ privacy. I expect that users will be required to provide private information if they would like to make use of the Calibra wallet. The White Paper mentions that having a digital identity is a prerequisite to make use of Libra. However, it also mentions that users will be able to create wallets that cannot be linked to their real-world identities. In addition, it’s also unclear how the Association will deal with users’ transaction data. The Association members will be able to view all transaction data as they are allowed to run a Libra node on the network.
  8. The people that will benefit most from Libra are those who are still facing big barriers to participate in the financial world. If Libra is able to lower the barriers of entree, it will greatly improve the financial opportunities of the unbanked.
  9. Libra will lead to more intensified discussions about what money is. People will become more skeptical about national currencies, and more will become convinced of the benefits of privately issued currencies like cryptocurrencies.
  10. Libra will make people more familiar with cryptocurrencies and better educated about the benefits of blockchain.
  11. In the long run, people will look for alternative currencies that cannot be controlled by governments and central banks. They will hence make more use of cryptocurrencies that are open, public, borderless, neutral and censorship resistant like Bitcoin. These currencies will eventually benefit from Libra.

Conclusion
Libra is an interesting development that will benefit the blockchain space, as well as the financial world. The members of the Libra Association already have a combined reach of more than 2.5 billion people, so they can accelerate mainstream adoption of blockchain. Users will be able to perform transactions against lower costs and with immediate speed. Those that will benefit most from Libra will be mainly people from developing countries.

Eventually, though, Libra will lead to greater adoption of cryptocurrencies that are truly open, public, borderless, neutral and censorship resistant like Bitcoin.

The Philosophy and Ethics behind Blockchain (smart talk)

I have recently given a 7-minute smart talk on “the Philosophy and Ethics behind Blockchain” at the Saxion Smart Solutions Festival. The talk is intended for laymen who are interested in the intersection of Philosophy and Blockchain.

What follows is a video and transcript of the talk.

Purpose of my Smart Talk

The purpose of this smart talk is four-fold:

  1. Firstly, I contend that philosophy matters if we would like to understand the practical and social implications of Blockchain;
  2. I then give a brief description of Crypto-Anarchism, a philosophy that together with the Cypherpunk movement have deeply influenced the Blockchain space from its early beginnings;
  3. This is then followed by a description of the essence of the Bitcoin Blockchain. I also make a comparative analysis between the Bitcoin Blockchain and Crypto-Anarchism;
  4. Finally, I will conclude that the Blockchain space is moving towards the development of products that are very well in line with its initial philosophy. These products are Distributed Autonomous Organizations or DAOs in short.

Why Philosophy Matters

I believe that in order to understand something, and to understand where it’s going to we have to understand where it’s coming from. In other words, if we want to understand the practical and social implications of Blockchain, we cannot dismiss the philosophy that has given birth to it.

What is the Crypto-Anarchist and Cypherpunk philosophy?

The invention of Blockchain has a long and very intriguing history. Blockchain was invented in 2008 by Satoshi Nakamoto, a mysterious person or group of people whose real identity until this day has always been concealed. Although Blockchain was invented in 2008, we also know that Satoshi was heavily influenced by crypto-anarchists and cypherpunks.

In 1992, a crypto-anarchist called Timothy May invited a group of cryptographers, mathematicians, engineers, and others concerned with our liberties for a meeting. Their goal was to think of ways to protect

  1. their privacy,
  2. their political freedom,
  3. and their economic freedom through the use of cryptography.

Cryptography is the science or practice of making information unintelligible. It is a means to protect your communication. For example, if you make a purchase on a webshop you actually don’t send a message to the payment service provider that includes your name, your product Y, the amount X and the time Z. What you send is a message that is scrambled into something unintelligible so that whenever a person intercepts the message – for example a malicious hacker – will not be able to understand it.

Crypto-anarchists and cypherpunks are practical idealists so they developed real-life applications that supported their ideals. They developed such things as untraceable e-mail, untraceable payments. They discussed ideas of anonymous markets, self-enforcing smart contracts, secure messaging etc. Most of the technical elements that form the foundation of Bitcoin and the Bitcoin Blockchain were already developed by this group of people.

This group of people that came together in 1992 are known as Cypherpunks. I am sure that most people know at least one person from that group. The Dutchman Robert Gonggrijp (founder of XS4ALL) was part of this group as well as Julian Assange (founder of Wikileaks).

An important question we have to raise here is:

“What are Crypto-anarchists and Cypherpunks and what do they want?”

In the words of Timothy May (1994),

“Crypto-anarchy is the cyberspatial realization of anarcho-capitalism (libertarian anarchism)… Digital cash, untraceable and anonymous (like real cash), is also coming, though various technical and practical hurdles remain… For libertarians, strong crypto provides the means by which government will be avoided.”

Working in the same philosophical tradition as John Locke. The crypto-anarchists are also strict contractarians. They believe that two parties should be allowed to engage in any social and economic activity as long as both parties agree on the said activity. In other words, they believe that every social interaction should be legitimate as long as it happens voluntarily and without coercion. They are very skeptical of centralized institutions, such as governments as – according to them – governments are monopolistic coercive institutions. They want governments to be limited, and preferably non-existent. Crypto-anarchists don’t equate anarchism with disorder. They believe that within an anarchist society – thus one without a government – rules and regulations will emerge naturally from the ground up.

“And what are cypherpunks?”

Cypherpunks are activists who are also very skeptical of centralized institutions like governments. They use cryptography as the means to preserve the freedoms they deem important.

Let’s sum up what they want.

Crypto-anarchists/Cypherpunks
Transparency: Transparency of governments
Voluntaryism: Voluntaryist social and economic interactions
Privacy: Privacy for everyone
Propertarian: Strict property rights
Free markets: No institutional monopoly of money production
Decentralization: Decentralization of power. Social order happens from the bottom-up

Overview of the workings of the Bitcoin Blockchain

Now, let’s take a look at what a Blockchain is and see how it’s related to Crypto-anarchism and Cypherpunk. The most basic explanation of Blockchain is that it is a database, distributed among a network of computers so that every computer has an exact copy of this database. Every computer on the network – also called a node – verifies every mutation of the database. When someone tries to insert malicious data into the Blockchain, the network will easily discover it. In order to hijack the database, you need to be able to hijack a majority of the nodes on the network.

This is in stark contrast with traditional, centralized networks that contain a central server. The relationship between the central server and the connected devices is called a client-server relationship. However, one could also refer to it as a master-slave relationship. The central server has an administrator. This administrator can determine who Is adding what content to the database, he stores your password, your username etc. In such a network, you have to trust the administrator that he acts properly. These type of networks are very prone for corruption, censorship and attacks. In order to attack this centralized network, all you have to do is attack this central server. Therefore, we also say that it has a single point of failure (SPOF).

This is the most basic explanation of what Blockchain is and how its contrasts with centralized networks – but it’s also a boring explanation. A question I’d like us to explore is:

“What is the essence of Blockchain?”

The essence of Blockchain, I beleive, is that it creates trust in a network of unknown participants. It is an elegant solution to the possible corruption of digital networks. In its essence, it is a technology against censorship and corruption of digital networks. There is no need to appeal to authority, because rules are set by consensus, reached through active discussions and persuasion instead of coercion.

In this sense, the Bitcoin Blockchain perfectly matches the philosophy of Crypto-anarchism and Cypherpunk.

Comparison between Crypto-Anarchism and the Bitcoin Blockchain

Crypto-anarchists/Cypherpunks Bitcoin Blockchain
Transparency: Transparency of governments Transparency: Blockchain is open source and transparent. Everyone can look into the source code and follow every transaction.
Voluntaryism: Voluntaryist social and economic interactions Voluntaryism: Everyone is free to join and leave the network. Everyone is allowed to use Bitcoin, and not coerced into using it.
Privacy: Privacy for everyone Privacy: Anyone, anywhere can create a Bitcoin wallet without having to provide private information. Bitcoin addresses are pseudonymous and its encouraged to use a different Bitcoin address for every transaction.
Propertarian: Strict property rights Propertarian: When you own your private key of your wallet, no one can take it away from you.
Free markets: No institutional monopoly of money production Free markets: Introduces competition in money production.
Decentralization: Decentralization of power. Social order happens from the bottom-up Decentralization: Blockchain is copied and distributed over a large network of computers. There’s no need to appeal to authority to participate or to make transactions. In that sense, it is radically neutral. Everyone on the network, no matter whether you are a king or humble civil servant, is treated the same and according to pre-specified consensus rules.

What types of applications can we look forward to

Knowing where Blockchain came from. What can we say about the types of applications they would like to build? What types of applications can we look forward to in the future that hold true to this anti-censorship/anti-corruption philosophy of the Crypto-anarchists and Cypherpunks?

The ultimate types of application for them are Distributed Autonomous Organizations or DAOs for short. These are organizations, that don’t have a single point of decision-making. They have no board of directors, no select group of owners that have exclusive ownership rights, no one executive that directs the organization. These organizations, instead, are open and inclusive for anyone. They are ruled by machine consensus and not by the whims of a small group of people.

There are already DAOs. Bitcoin was the first DAO. There is no Bitcoin company, no Bitcoin executive. If you think about DAOs, imagine a Facebook without a Facebook CEO, a YouTube without a YouTube company, and an investment fund without a fund manager.