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The DAO is essentially a 'Smart Contract' (read: a computer program which runs over the blockchain) between the willing investors to collectively fund various p
by splintercell 10y ago
The DAO is essentially a 'Smart Contract' (read: a computer program which runs over the blockchain) between the willing investors to collectively fund various projects (in exchange of a certain return).
People are investing in this because they want to participate in the future blockchain/non-blockchain projects which will seek funding from the DAO.
Others can submit proposals to this smart contract, and community can vote on it (in proportion of their investment).
- kang 10y agoThere are non-smartContract program that run on blockchain. That is not what a smart contract is.
- killerstorm 10y agoA concept of a 'smart contract' isn't well-defined, thus it's hard to tell if something is a 'smart contract'. But programs which run on Ethereum blockchain are officially called contracts.
- splintercell 10y agoYour criticism is like if someone said "Using cryptography you can securely store any information you don't want anyone else but yourself to see", and you criticize it by saying "You can also store information you want others to see using cryptography". That said, technically bitcoin is a smart contract too, a Smart Contract for a virtual currency.