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  • Automated Company Raises Equivalent of $120m in Digital Currency - FT

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    Automated business run on computer code raises equivalent of $120m in digital currency. Vehicle, called the DAO, has no human input beyond its anonymous backers. "There are no humans controlling it, it's just the code," said one of the people behind the idea.

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    Automated company raises equivalent of $120m in digital currency — FT

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    Automated business run on computer code raises equivalent of $120m in digital currency. Vehicle, called the DAO, has no human input beyond its anonymous backers. "There are no humans controlling it, it's just the code," said one of the people behind the idea.

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    16 vues4 pages

    Automated Company Raises Equivalent of $120m in Digital Currency - FT

    Transféré par

    Anonymous Vb5vzGx
    Automated business run on computer code raises equivalent of $120m in digital currency. Vehicle, called the DAO, has no human input beyond its anonymous backers. "There are no humans controlling it, it's just the code," said one of the people behind the idea.

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    © All Rights Reserved
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    sur 4

    5/17/2016

    Automatedcompanyraisesequivalentof$120mindigitalcurrencyFT.com

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    Blockchain

    Automated company raises equivalent of $120m in digital currency


    Code-controlled vehicle with no human input beyond its backers will invest in other
    enterprises

    The DAO has been set up to invest in other businesses, making it a form of investor-directed venture capital fund
    Reuters
    MAY 16, 2016 6:02 PM

    by: Richard Waters in San Francisco

    Anautomatedbusinessrunoncomputercode,withnohumaninput(http://www.ft.
    com/intl/robotweek)beyonditsanonymousbackers,hasraisedtheequivalentof
    $120mindigitalcurrency.
    Thefinancialsupportforthevehicle,calledTheDAO,makesitthemostadvanced
    embodimentyetofanideathathaslongcaptivatedidealists:automaticcompanies
    (http://next.ft.com/content/577216d8080211e6a623b84d06a39ec2)that
    operatewithoutmanagersorboardsofdirectors,makingthemthepurestformof
    shareholdergovernance.
    https://next.ft.com/content/600e137a1ba611e6b286cddde55ca122

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    Automatedcompanyraisesequivalentof$120mindigitalcurrencyFT.com

    TheDAOanacronymofdecentralisedautonomousorganisation,thenamegiven
    tosuchentitieshasbeensetuptoinvestinotherbusinesses,makingitaformof
    investordirectedventurecapitalfund.
    Therearenohumanscontrollingit,itsjustthecode,saidSimonJentzsch,a
    Germansoftwaredeveloperwhowasoneofthepeoplebehindtheidea.Thereisno
    onewhowilltakemoneyforfavouringoneorothercontract.Youwillhavethe
    wisdomofthecrowds.
    AsofMonday,TheDAOhadraised10.7munitsofadigitalcurrencycalledEth,said
    tobeworth$120m.Itsinvestorswillvoteonwhattodowiththemoneyafter
    fundraisingendsonMay28,andafterchoosingbetweenproposalssubmittedtoits
    website.
    Theorganisationisgovernedbyasetofsocalledsmartcontractswhichrunonthe
    Ethereumblockchain,apublicledgerdesignedtomakeitsoperationstransparent
    andenforceable.Thecontractsaredesignedtoguaranteethingslikethe
    deliverables,responsibilitiesandoperatingparametersagreedbycompaniesThe
    DAOinvestsin.
    ThecomputercodebehindtheorganisationwaswrittenbyMrJentzschsbrother,
    Christoph,andreleasedpubliclyonGithub,anonlinerepositoryforcode.
    Wedidntwanttobetheoneswhostartedorcontrolledthis,wedidntwanttodoit
    forourselves,saidMrJentzsch.
    AccordingtoTheDAOswebsite,theonlyhumaninvolvementcomesfromagroup
    ofvolunteerscalledcuratorswhochecktheidentityofpeoplesubmittingproposals
    andmakesuretheprojectsarelegalbeforewhitelistingthem.Theorganisations
    investorswillthenvoteonwhichonestogivemoneyto.

    There are no humans controlling it,


    its just the code. There is no one
    who will take money for favouring
    one or other contract. You will have
    the wisdom of the crowds
    Simon Jentzsch, German software developer

    https://next.ft.com/content/600e137a1ba611e6b286cddde55ca122

    AsofMonday,Slock.it,ablockchain
    technologycompanywheretheJentzsch
    brothersholdseniorpositions,wasoneof
    onlytwoorganisationstopitchforfinancial
    backingfromTheDAO.MrJentzschsaid
    that,ifsuccessful,theywouldusethe
    moneytobuildauniversalsharing
    network,aworldwidenetworkwhereyou
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    cansharewhateverthingsyouhave,[like]carsorhouses.
    HeaddedthatSlock.ithadnotdecidedyethowmuchmoneyitwouldaskfor,but
    thatitwouldhavetonegotiatewithTheDAOforthemoney.
    Askedhowtheautonomousorganisationcouldensureitwasnotbeingusedfor
    moneylaunderingbyitsanonymousinvestors,MrJentzschsaidavehiclehadbeen
    setupinSwitzerlandtofacilitateTheDAOsinvestmentsinothercompanies,since
    Swisslawmakesitpossibletotakemoneyfromanunknownsourceaslongasyou
    knowwhereitsgoing.
    TheonlyotherinvestmentproposallistedonTheDAOswebsiteisforMobitiq,a
    Frenchelectricvehiclestartup.
    Printasinglecopyofthisarticleforpersonaluse.Contactusifyouwishtoprint
    moretodistributetoothers.TheFinancialTimesLtd.

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