Decentralized Applications Beyond

Bitcoin

Scott Driscoll
@scottdriscoll www.scottdriscoll.me

21.co

Overview

Currency Systems
- Metacoins, Colored coins & Sidechains
- Alternatives to Proof-of-Work
- Proof-of-Stake
- Permissioned Blockchains
- Performance & Capacity
- Privacy
- Stability (MakerDAO)
Beyond Currency
- Ethereum Decentralized Computing
- Prediction Markets (Augur)
- IoT & DAOs: Decentralized Autonomous
Organizations
- Storage (Storj & IPFS)
- Identity & Reputation

Coinmarketcap.com

Warning: Illiquid Markets

$10,000,000!!!
(anyone interested?)
ScottsScamCoin
Total Units:
1,000,000

Sell 1 coin for $10

New
ScottsScamCoin
market cap

Why Not Change Bitcoin Itself?

Hard & risky to
change Bitcoin
mid-flight!

Bitcoin: $6 Billion Machine

I have a new
idea for a wing
design!

Building on Bitcoin with Metacoins

Bitcoin Transaction List

Transaction Data
CNTRPRTY...................
Multisig_1_of_3.......
1bb4872938...
44782ba27d...
927bc21287a...

Counterparty
flag detected
Buy order for 10
shares ACME,
Inc at 3 BTC

CounterParty
software scans and
interprets Bitcoin
blockchain

Building on Bitcoin with Metacoins

Colored Coins

= share ACME, Inc

= car

Transaction
Output: 18ab32...
Value: 2 BTC
Initial Assignment

Transaction
Output: 1b3bJrS...
Value: 10 BTC
Output 1b3bJrS...
10 BTC =
1000 Shares ACME, Inc

200 Shares ACME, Inc

Transaction
Output: 11aa32...
Value: 8 BTC
800 Shares ACME, Inc

Transaction
Output: 191b27...
Value: 8 BTC
800 Shares ACME, Inc

Metacoin Concerns

Extra Data Load

Storing data Bitcoin
was never designed to
hold

Security
If .0001 BTC = $1B,
security unbalanced

Lightweight Clients
Difficult to prove asset
ownership without full
copy of blockchain

Verifying Colored Coin Ownership

Colored Coins

= share ACME, Inc

SPV Proof
Initial Assignment

Transaction
Output: 1b3bJrS...
Value: 10 BTC
Output 1b3bJrS...
10 BTC =
1000 Shares ACME, Inc

= car

SPV Proof
SPV Proof
Transaction
Output: 11aa32...
Value: 8 BTC
800 Shares ACME, Inc

Blockchain
Transaction
Output: 191b27...
Value: 8 BTC
800 Shares ACME, Inc

Terminology
Metacoins: projects that build on top of Bitcoin

Altcoins: entirely separate projects

New Coin Startup Challenges

Currencies arent useful

until widely used
No one wants to accept
a new coin

Security
Few miners = low
barrier to attack

Distribution
How to raise money,
fairly distribute coins?
Crowdsale or IPO
(Initial Public Offering)

Counterparty Initial Sale

Counteryparty purchase
Bitcoin Transaction
Output: 1xxx... (unredeemable address)
Value: 10 BTC

Counterparty Tokens

XCP

Sidechains 2 Way Pegged Coins

Bitcoin Blockchain
Bitcoin Transaction
Output: Locking Script...

Sidechain Blockchain
Fancy
coin

Sidechain Transaction
Input: SPV Proof of
locked Bitcoins
Sidechain Transaction
Standard In-chain transfer

Bitcoin Transaction
Input: SPV proof of
Locking on Sidechain

Fancy
coin

Sidechain Transaction
Output: Locking Script

Proof-of-Work Consensus Alternatives,

Challenges

Proof-of-Work: Solution to Byzantine Generals

Problem
Vote
Attack Retreat
Attack Retreat
Attack

Majority want to
attack, so
everyone attacks
attack

Proof-of-Work: Solution to Byzantine Generals

Problem
attack
attack
Vote
Attack Retreat
Attack Retreat
Attack
Vote
Attack Retreat
Attack Retreat
Retreat

Majority want to
attack, so
everyone attacks

retreat
retreat

attack

Proof-of-Work: Solution to Byzantine Generals

Problem
Vote
Attack Retreat
Attack Retreat
Attack
Vote
Attack Retreat
Attack Retreat
Retreat

Majority want to
attack, but not
everyone gets
the message

Proof-of-Work: Agreeing on Transaction Order

Alice
Bob
1st
Bob -> Alice 5.0 BTC

Charlie
5 Bitcoins

Bob -> Charlie 5.0 BTC

Invalid
(Bobs balance empty)

2nd

Proof-of-Work: Agreeing on Transaction Order

Votes have electricity cost, no cheating

Bookkeepers

Alice
Alice
Alice
Alice
Alice
Alice
Alice

Votes
first Charlie first
first Charlie first
first Charlie first
first
first
first
first

Majority votes for Alice,

everyone updates ledger
giving Alice money

Proof-of-Work Centralization

Hashrate percentage by
mining pool (Feb 2016)
Blockchain.info/pools

Majority of mining power controlled by

handful of people, due to:
- ASICs: Computer chips designed solely
for calculating hashes
- Cheap power locations
- Mining pools
Litecoin algorithm, Scrypt, designed to by
ASIC proof by requiring lots of memory
- Litecoin specific ASICs now available
Dash uses X11, a combo of 11 algorithms

21.Co Bitcoin Computer

21.co offers ASIC-based mini-computer

Proof-of-Work Cost
Mining power: 300W / terahash (1e12)
Current mining rate: 1e18 terahashes / s
Overall power: 300W/th * (1e18 th/s) =

300
Megawatts

=
7% Niagara Falls

Is security cost sustainable?

1/3 average power of

Rhode Island 2014

Using Work for Proof and Greater Good

Primecoin
Find special primes for
science

FoldingCoin
Medical problems

Gridcoin
Scientific problems

Finding useful Proof-of-Work hard:

unlimited problems, no pre-solving, provable work, easily verified

Proof-of-Stake Consensus

Picking the Next Block

Bitcoin Proof-of-Work:
h(prev_block_id, transactions, none) < d?

multiple blocks at
same time unlikely,
quickly resolve

Peercoin Proof-of-Stake (simplification):

h(prev_block_id, current_time, coin_id) < coin_balance * d?
utxo (unspent transaction output)

Proof-of-Stake Advantages Over Proof-of-Work

Less energy use

No need to burn energy,
stake is proof

Less centralization
No specialized
hardware. No mining
pools.

Better security
Borrowing 51% of
currency more
expensive than mining
rigs

Mining Multiple Branches

?

Proof-of-Stake Bribe Attack

Attacker buys
something

Goods shipped

Branch B

?
Branch A
Paid for with bribes

New longer branch replaces original

branch and original transaction!

Preselecting Miners and Stake Grinding

Block K miner
selection function:

h( h[K-1000], current_time, coin_id) < coin_balance * d?

Creates incentive to grind block K-1000

Branch B

?
Branch A
Paid for with bribes
K
Preselect the miner of block
K much before block K

Long-run Proof-of-Stake Attack

Very first
block

Trusted source publishes

block hashes periodically
called checkpoints

8ba328

Costless to generate blocks, what prevents original

creators from introducing a longer chain far in the future?

Proof-of-Stake Distribution Questions

IPO or Crowdsale
-

NXT founders < Satoshi

Combo
-

Proof-of-Work has built in

random distribution to new
users

Proof-of-Stake: will only

those with stake get more
stake?

Ethereum uses PoW now,

plans to switch to PoS
later, after good
distribution
Peercoin uses PoS & PoW
Proof-of-Stake
Options

Permissioned and Private Blockchains

Blockchain: anonymous
trustless

open
distributed
decentralized
database

Delegated Proof-of-Stake

delegates

New txn

Blockchains for Banking

Business colleagues, not married

Blockchains for Banking

Cryptographic proof that rules

were followed, evidence of
who did what

Immutable history

3rd parties not needed. Faster,

cheaper wire transfers,
security trades

Cheaper regulatory audits

Blockchains for Global Supply Chains

Automated Interaction
Transparency
Provable inventory visibility

Trustless automated
interaction through Smart
Contracts, automated
contracts

Private Blockchain Organizations

Consortium of 42
financial companies

Customizable consensus
-

Proof-of-Work not needed

1/5, 3/5, 5/5 signatures
required for each block
http://www.multichain.com/

Corda
-

Distributed ledger for recording

financial agreements
Configurable visibility per
transaction
http://r3cev.com/

Improving Performance with Tendermint,

Ripple, & BigChainDB

Building on Existing Distributed Database

Research

Built on decades of
research
Vastly better
performance over
Bitcoin

Existing distributed
database ideas +
blockchain ideas
(cryptography,
immutability, byzantine
attack resilience)

Possible
compromises
Decentralization,
anonymity, openness?

Tendermint
(Proof-of-Stake)

Rounds
Block valid
deposits

Witness 2/3 other

validators approve

Final approval
validators

Ripple

Each validator proposes

transactions

Rounds
1bc, 887, 33a, d5a

Pass on transactions
agreed on by at least
887, 33a, d5a, 66a
25% of validators

887, 33a, 5da

887, 33a, 5da, 66a
887, 33a, 5da
887, 33a, 5da, 66a
887, 33a, 5da, 66a

Pass on transactions
agreed on by at least 887, 33a, d5a
80% of validators

3 final agreed on transactions

887, 33a, 5da

887, 33a, d5a, 66a

887, 33a, d5a, 66a

validators

Blockchain Metrics
Requirements

Performance

Private or open

Transactions / second

Anonymous

Transaction sync time

Censorship resistance

Transaction finality time

Byzantine attack resilience

Storage

Decentralized

Query time / capabilities

- 2.5 minute block time

- Faster sync or finality?

Tendermint, Ripple, Ethereums

Casper: finality in seconds?

Start with performant

distributed database
(RethinkDb)

1 million writes / s

Terabyte data
storage thru
sharding

Add public /
private key crypto,
immutability

Built-in powerful
querying

Openness,
censorship,
Byzantine attacks?

https://www.ascribe.io/

394729
Fingerprint robust to
scaling, cropping & other
manipulations
Create fingerprints of art

Track all over web

https://www.whereonthe.net/0ie20v

Better Privacy with Monero, Ring

Signatures, & Stealth Addresses

Bitcoin Privacy Limitations

My transaction
Txn 228
Bob -> me
3 BTC
Txn 91a
Alice -> me
2 BTC

Alice

5 BTC
Inputs
Txn 228
Txn 91a
Outputs
1b3827
1b993a (change?)

Exchange
2 BTC for $800 USD
KYC Know Your Customer
Alice McReal
Address: 123 Main St.

Charlie ->

Charlie

Store Purchase
5 BTC for laptop
Shipping address:
Charlie Murphy
Address: 456 Main St.

Privacy Motivation
Downside: impedes crime investigations, terrorism prevention

Business
negotiations
Knowledge is power!

Predatory pricing

Personal

Attack if competition
is low on cash

Insurers or employers
use credit against you

Long-lived data
Gov and biz 10 years
later may not be nice

Fungibility
Is every $1 = $1?

5 BTC
Inputs
Txn 228
Txn 91a
Outputs
1b3827
1b993a

Bobs public key

/ Bitcoin address

Input / Output Ambiguity Through Ring

Signatures
CoinJoin
Current Bitcoin solution
$10 serial: 112
$10 serial: 736

$10 serial: 887

$10 serial: 299
$10 serial: 323

Input / Output Ambiguity Through Ring

Signatures
CoinJoin
Current Bitcoin solution

$10 serial: 112

$10
serial:
323
$10
$10serial:
serial:
299
736
$10 serial: 887

Input / Output Ambiguity Through Ring

Signatures
CoinJoin
Current Bitcoin solution

Ring Signature Advantages

over CoinJoin
-

$10 serial: 112

$10 serial: 299
$10$10
serial:
323
serial:
736
$10 serial: 887

Independent operation
Outputs, not transactions
Mixing outputs from
different times
Amount obfuscation
564 = 500 + 60 + 4, mix
each with other equal
outputs

How Ring Signatures Work

Ring Signature
Bitcoin Txn

Alice

Output: 1a5637...
...
Unlocking /
Spending Txn

Pub key
Private key

Output: 1a5637...
188db3
1938ba...
1z4Fe3...
1p09sd...
...

Input: ...
Signature: ...
...

Ring signature proves ownership of a

pub key in set, but not which one

Sig maker:
f(private key, txn)

Ring Sig maker:

f(private key, txn, decoy pubkeys)

Decoy
Decoy
Decoy
Decoy

How Ring Signatures Work Part 2

Ring Signature

Alice

Random nums
x1
x2
x3
x4

Pub key (1a5637)

Private key

Ring Sig Creation

-

Generate random nums for

decoy pub keys, x1,x2
Gen random v
Solve eq for xMine
Sig is
{x1,x2,,xMine,v,pub_keys}

Output: 1a5637...
188db3
1938ba...
1z4Fe3...
1p09sd...
...

Decoy
Decoy
Decoy
Decoy

X1*P1 + x2*P2 + x3*P3 + x4*P4 + XMine*PMine = v

XMine*PMine = v - X1*P1 + x2*P2 + x3*P3 + x4*P4
XMine = ( ) / PMine
Verify: X1*P1 + x2*P2 + x3*P3 + x4*P4 + XMine*PMine =? v
Double spend? Publish special
f(p,PubKey) to mark PubKey used

Stealth Addresses
5 BTC
Inputs
Txn 228
Txn 91a
Outputs
1b3827
1b993a

Bobs public key

/ Bitcoin address

Stealth Addresses
Txn with Stealth
address
Output: 1a5637...
...

Output: 2783b...
Data: 9382ba3

random

Output: 18823b...
...
Output: 1z8Ye4...
...

1a5637
18823b...
1z8Ye4...

Bob addresses
Regular Bitcoin transactions with new
addresses for each transaction

+
Static Stealth
PubKey address
18372bh
Private key
27462a

Txn
Private
Key

Diffie-Hellman Shared Secret

Bob

Alice
Private colors

+
Public shared color

=
Mix private + public
Swap mixes

+
Mix with original private colors

=
Shared secret color

Stealth Addresses

Bobs Stealth Pub

& Private Keys

18372bh
PubKey address
27462a
Private key
Shared secret

Onetime Public
key

Output: 2783b...
Data: 9382ba3
Public color

+
Shared secret

382749

Onetime private key

Txn with Stealth

address

sender

- No coordination
- Requires scanning
blockchain
- Can be outsourced
without full private
key

Ring Signatures and Stealth Addresses

Bobs public key

/ Bitcoin address

Zerocash and Zero Knowledge Proofs

Completely Encrypted Ledger

Transaction
To: 3928d
From: 3928l...
Amount: ae4s932...

Zero Knowledge
Transaction Checker

or

Account
38fuels9
3928343
293044a
48ahk3w...
4938das...
...

Balance
8837ab
392jfkd...
392jdkf...
00392s...
Djfk323...
...

Zero Knowledge Proofs

Encrypt
each test
1=9
2=7
5=4
3=6
2=8

Sudoku Puzzle

place 1-9 everywhere, no repeats

within 3x3 square, row or column

Solution
H(5,6,1,8,4,7,9,2,3) = 3827

Zerocash

Hashed
Transaction

Unencrypted
Transaction
To: Bob
From: Alice
Amount: 5 BTC

Wash

To: 39283a
From: 8umd3...
Amount: 37dkw3...
Serial: 37dijek93...

Spent serial
numbers
9382
2913...
4432...
...

Zerocash Concerns
Performance

New Crypto!

Creation difficult 20
seconds on laptop

Already possible in
Bitcoin!

Gigabytes of data
needed

Trustless information
sale performed in Feb
2016 *

Verification fast

* https://bitcoincore.org/en/2016/02/26/zero-knowledge-contingent-payments-announcement/

Zerocash Concerns
Performance
Verification is fast

New Crypto

Creation requires 20+ seconds

on laptop
Also requires gigabytes of data
Mobile usage therefore limited

Seeking Price Stability with Digix, Tether,

BitUSD, & MakerDao

The Problems with Volatility

Pricing Hassle

Bad for Smart Contracts

2 BTC
Monday = $800
Wed = $600!
Result:
- Price posted in USD
- Any BTC
immediately
converted to USD

Rental Agreement
- Deposit 2 BTC ($800)
- BTC drops
- Deposit now $600!

Volatility
-

Pricing difficult
Disincentivizes holding
Complicates Smart Contracts

Stability Focused Coins

https://dgx.io

Token = 1g gold

Auditor 1 Digital
Signature
Auditor 2 Digital
Signature

Vault in Singapore

https://tether.to/

= $1 USD

Built on Bitcoin via Omnilayer protocol

(a metacoin protocol)

Bank account in Hong Kong

By GFDL, CC BY-SA 3.0,

https://commons.wikimedia.org/w
/index.php?curid=9657534

Maintaining Peg

Digix / Tether
Always willing to buy / sell at
peg point

Collateral
Real gold or USD equivalent
provably available for
exchange (or at least
according to auditors)

NuBits
https://nubits.com/

= $1 USD

Price too high? Print money

Price too low? Buy back
NuBits System

Contract Backed Stable Coins

https://bitshares.org/technology/
price-stable-cryptocurrencies/

https://makerdao.com/

$1 collateral
$.50 collateral
$200 = 1 BTC!
Assume Exchange Rate
$400 = 1 BTC
$1 = .0025 BTC
Goal: StableCoin = $1

.0025

Stable
coin
SmartContract

Contract Backed Stable Coins

https://bitshares.org/technology/
price-stable-cryptocurrencies/

https://makerdao.com/

- Insurance for
black swan
Crashes
- Diverse
collateral via
custodians

$1.50 collateral
$1 collateral

Price update: $266 = 1 BTC

Assume Exchange Rate
$400 = 1 BTC
$1 = .0025 BTC
Goal: StableCoin = $1

.00375
Force close when
collateral approaches
peg

Stable
coin
SmartContract

Why Participate?
Margin Trading

Downsides

Exchange Rate

Trader

1 BTC = $1

1.5 BTC

- Bitcoin locked up

Enter contract

- Risk of forced close

Trade 1 SC for more

bitcoin somewhere else

- Fees

Exchange rate
goes up 100%

Stable
coin

1 SC (stable coin)

1.5 BTC

1 BTC

1.5 BTC

.5 BTC & 1 SC

1.5 BTC

1 BTC = $2

Trade back BTC for 1

SC (now .5 BTC / SC)
Close contract

SmartContract

2.0 BTC = $4

(166% gain on $1.50 during 100%

BTC price gain)

Maintaining Peg with Maker and BitUSD

Costs
Collateral
Collateral is always
available

The fees and other

contracts costs
adjusted to incentivize
greater or fewer
contracts

Arbitrage
Short and long-term
arbitrage opportunities

Ethereum: a Decentralized Computer for

Smart Contracts

Land title registries

DNS Registration

Voting

Betting

Blockchain technology:
enabling trustless interaction
Social networks

Entire organizations
or governments

airbnb eBay-like marketplaces

Insurance
Identity

Prediction markets
Asset tracking

Bitcoin and Other System Challenges

Bitcoin
No loops, convenient memory,
splitting outputs, random
numbers, transaction updates
Meta- and colored-coins
untenable on light clients

New Systems
Hard to bootstrap
Massive effort to get new
system adoption, not useful
until widely used

Ethereum: the Decentralized Computer

https://ethereum.org

Contracts
Programs that run on
Ethereum
Loops, unlimited data
storage, send & receive
money, talk to other
contracts

Ether
Built-in currency
Fuel / fee to run
contracts
Abbreviation: eth

Ethereum Properties

Every node runs contracts, stores

data. Consensus by Proof-ofWork now, Stake later

Goal: unstoppable
applications

External accounts: Like Bitcoin

accounts, hold balance, trigger
contracts by sending them ether.

Transactions contain: to, from,

amount, counter

Demo

Ethereum Demos
- Send ether
- Create a contract
Token: currency, shares, game
objects
- Use another contract
- Use Ethereum-Wallet
-

https://github.com/ethereum/mist/releases

Mist
- Full Dapp (Decentralized app)
explorer
- Coming later!

Ethereum Dapp browser

- Etherscan.io
Dapp listing
- Dapps.ethercasts.com
Will applications be affordable?

Augur & Decentralized Prediction Markets

Will Clinton with the 2016 US election?

Contract: if yes, you get $1
How much would you pay for this future contract?

Market price = likelihood %

Real money tamps down uninformed

Finding Scorpian, a Sunken Submarine

1968

20 miles

200m

Augur: Decentralized Prediction Market

https://www.augur.net/

Decentralized
Hopes to avoid
regulatory shutdown
that happened to
InTrade

Oracles
Provide inputs from real
world about event
outcomes.
More variance in liars,
outliers are punished

Challenges
Need liquid market
unreliable if only few
participants
Sports and politics most
popular
Used for corporate
decision making, but
sometimes disliked

IoT & DAOs (Decentralized Autonomous

Organizations)

Slock.it: Blockchain Controlled Locks

https://slock.it/

What about crowbars?

-

SmartLocks &
other hardware
controlled by
Smart Contracts

Smartlocks dont
prevent crime better
than regular locks
All about automation
No key exchange
meeting
Automated insurance /
deposit

Decentralized airbnb
rental market

https://www.youtube.co
m/watch?v=-Ht23KXic1k

IoT: Internet of Things

Ethereum Computer and DAO

The DAO
-

Ethereum Computer
-

Easy use of Dapps

(Decentralized apps)
Control / rent any IoT
device with WiFi,
ZigBee, Bluetooth

A Decentralized Autonomous Organization that

will invest in projects like SmartLocks and the
Ethereum Computer
Completely controlled by token owners and code
running on Ethereum
Less corruptible, more transparent
Leverage Wisdom of Crowd
https://daohub.org/ ethereum contract:
0xbb9bc244d798123fde783fcc1c72d3bb8c189413

Decentralized Storage with Storj & IPFS

Decentralized,
shared storage
client

farmers

Decentralized,
shared storage
client
Challenge

SJCX

Hash my data with

this seed: 2837

Response
farmers

48723.

micro
payments

Other similar projects

- Ethereums Swarm
- Maidsafe
- IPFSs FileCoin

Decentralized,
shared storage
client

farmers

- Cheaper? 2013: 250,000

PB unused harddrive
space vs 900 PB on
Amazon S3
- More available: paid
storage vs BitTorrent

IPFS: InterPlanetary File System

https://ipfs.io/

Location-based: http://someserver.com/foo/bar.png
Distributed, peer to
peer file system

Content-based: ipfs/Wm832k32ddj/foo/bar.png
Hash of content

Content-based Addressing Benefits

-

Download full drive taking longer

https://www.youtube.com/watch?v=HUVm
ypx9HGI

Versioned linking, no worry that linked content

changes
Only need to store file changes
No need to re-download content
Keep working offline
Distribute storage hopefully help preserve
internet

Identify & Reputation with Identify &

Onename

Namecoin: Decentralized Key / Value Registry

https:X//namecoin.info/

Examples
1st

Altcoin

Scott.bit 192.168.1.127
ScottsBitcoinAddy
ScottsPubKey ...

Fee market to
prevent spam
Initial key has fee to
register
Must be renewed

Identity & Reputation Concerns

Centralized Control

Privacy & Security

Offline: governments

Share id scan or social

security to use service

Online: Google, Facebook,

DNS

Increases identity theft risk

Onename
https://onename.com/

Data

Bitcoin
Blockchain
Key : Hash Registry
OP_RETURN

Name1 hash
Name2 hash

Website
Twitter
Facebook
Github
Pubkey
Bitcoin address

Private Data

Date of birth
Address
Gaming_id_1
Employer

Multiple Identities & Selective Sharing

LinkedIn

Real person

Gaming

Different identities &

reputations for
different groups

Identifi: Reputation via Web of Trust

http://identifi.org/

http://identi.fi/

Bob
2nd degree of Mary
Mary

Jane 1st degree of Mary

Connection Message
Jane is in my Web-of-Trust
(signature of Janes pubkey)

Connection Message
Bob is in my Web-of-Trust
(signature of Bobs pubkey)

Rating Message
Jane is a 9/10 doctor

Rating Message
Bob is 8/10 mechanic

Uses of Identity & Reputation

Marketplaces
OpenBazaar needs
ratings so people can
build trust

Oracles
Augur and many Smart
Contracts need reliable
information feeds from
real world

Voting
Need way to link to real
people.
Potential issues: could
also be used for
coercion or punishment

Summary

Making a better currency

- Proof-of-Work alternatives, Proof-ofStake
- Improving performance
- Enhancing privacy
- Reducing volatility
Private blockchains
Ethereum
- Decentralized computer for Smart
Contracts
- Prediction markets
- Automated renting of rooms via Smart
Locks
- Storj & IFPS
- Identity & reputation

Summary

Decentralization Promises
- Better privacy
- Less censorship
- No 3rd party costs
- More robust systems
Not always better than Centralization
- Centralization more efficient
- Decision making & funding large groups
difficult
- Decentralized Autonomous
Organizations (DAOs) offer promise
- Thanks
Epicenter Bitcoin Podcast
Jaime Ramos