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Decentralized Autonomous Society - Triple Canopy 26/01/2018 Decentralized Autonomous Society - Triple Canopy Event Published on December 16, 2014 Decentralized Autonomous Society Information Transcript What follows is an edited transcript of Decentralized Autonomous Society, a conversation between Vitalik Buterin, inventor of Ethereum—a platform and programming language for cryptocurrencies and decentralized applications —and Triple Canopy senior editor Sam Frank that occurred in December 2014 at the Swiss Institute in New York. Buterin and Frank speak about Ethereum and cryptocurrencies such as Bitcoin, the theory behind cryptoanarchism, and the lessons of the online drug market Silk Road. They go on to speculate on the potential of Ethereum to provide replacements for corporate and governmental structures and services ranging from Dropbox to Social Security, and, ultimately, on the possibility of a totally decentralized future built on the blockchain. SAM FRANK I’ll begin at the end then move back to the beginning. On Reddit, someone asked Vitalik about the future he sees coming out of the technology he’s working on. Vitalik described a scenario: https://www.canopycanopycanopy.com/contents/decentralized-autonomous-society?sub=decentralized-autonomous-society-transcript 1/12 26/01/2018 Decentralized Autonomous Society - Triple Canopy “You wake up, and see that $17.27 was automatically deducted from your primary wallet, as you had authorized to happen every day, to pay the rent for your apartment; if you canceled the authorization, then, after a warning period, ownership in the land-registry contract would automatically transfer back to the landlord, and the door lock would no longer recognize signatures signed by your smartphone’s private key as valid for letting you in. Of course, your landlord is bound by the same restrictions. If he shuts off his account that pays the local government $6.60 land-value tax per day, then he loses ownership and the contract automatically switches over so you are renting from the government instead. The government itself is simply a large decentralized organization, and you can see in real time the $6.60 moving on the blockchain and eventually getting into an account to pay for a medical-research program trying to extend the human lifespan from 170 years to 230. “The Internet that you are using to access this information is based on a decentralized and incentivized mesh-networking platform; you paid $0.0009 to access the information, but your laptop also earned $0.0014 transmitting other people’s packets at the same time. “You get into your Mastercar self-driving car to go to work (originally, all self- driving cars were made by Google, but Master Corporation, a decentralized autonomous entity that automatically uses a combination of futarchy and liquid democracy to determine how the company should spend its funds each day, proved that its governance mechanism was so efficient that it overtook Google on some core services within three years, and alt-Mastercorps took over most of its other operations). You get in, and Mastercar runs a optimized version of the A* search algorithm (for which James Wilbur automatically got a bounty of $782,228 worth of MSC from the Master Contract) to determine the optimal path to your primary workplace. Given that your self-tracking app has detected that you value your own time (or, rather, the delta between time spent in a car versus time spent at home or work) at an average of $14.18 per hour, the Mastercar’s algorithm chooses a route that takes an extra eleven minutes in order to avoid road tolls and also on the way moves a shipment from one side of the city to the other. You drive out, and thirty minutes later you have spent $1.04 on electricity for your car, $1.39 on road tolls, but receive a reward of $2.60 for moving the shipment over. “You arrive at work—a location which is a hybrid living/working space where “employees” of five different alt-versions of Master Corporation are spending most of their time, except that you chose to live at home because you have a family. You then get to work, running simulations of a proposed new scalability algorithm for the now community/DAO-driven Ethereum 6.0.” So this is the future—maybe Google will get us there—but now I’ll give a little bit of the start. Vitalik, you’re twenty; you moved from Russia to Canada when you were young, and you’ve programmed since childhood. VITALIK BUTERIN Since I was about ten or so. For half a decade I mainly programmed video games that I ended up playing myself immediately after I wrote them. https://www.canopycanopycanopy.com/contents/decentralized-autonomous-society?sub=decentralized-autonomous-society-transcript 2/12 26/01/2018 Decentralized Autonomous Society - Triple Canopy FRANK When did you realize that Bitcoin was important and interesting, and not just a fake currency for nerds? BUTERIN My dad told me about it. And my immediate reaction was, “Well, it has no intrinsic value, it’s backed by nothing, so it’s never going to work.” I just ignored it for a few weeks. Then I heard about it again from a completely different source, and if I hear about something twice it’s probably at least somewhat legit, so I looked into it. Once I started, I got in pretty quickly. If you use email, you know it just works well. You type in your message, you hit send, and it gets sent. The kind of online financial system we have today only kind of works. From a cryptographic perspective, it’s backward. What you’re doing when you’re paying with your credit card is giving the merchant the equivalent of your private key. You’re giving them all the information that they need to make payments on your behalf themselves. The way payment works is that instead of your typing in “OK, here’s where I sent the money to and how much I sent,” you send this form authorizing them to do whatever they want. Hopefully they won’t do anything too nefarious. With Bitcoin, here are the fields where you put in whom you’re sending to and the item you’re sending, and here’s the send line. You click it, and that’s it. It makes sense. It’s exactly how a financial system should look. I also liked how it’s more developer friendly. It doesn’t stop you from actually hacking into the lowest- level components. Some people like to handle things like cash and gold because they feel tangible. To me, Bitcoin feels tangible in the sense that I can touch it on the command line. FRANK People have been writing about the decentralized database called the blockchain, and about the idea that Bitcoin is a way of establishing consensus without a third party like a bank or a government. BUTERIN A blockchain is a database or ledger that updates itself according to certain rules. In the case of Bitcoin, the database stores how many bitcoins everyone has. The rule is that if you have some number of bitcoins, then you have the ability to reduce that number by some amount—but not by more than what you have—and increase the balance of someone else’s account by the same amount. It’s a mathematical formula that’s defined by three lines of computer code. On the financial side, going beyond just Bitcoin the currency, you could build various sorts of economic platforms using a blockchain. If you look at Kickstarter, where someone wants to raise money, and the way it works is if they get to the goal by the time limit then they get the money, but if they don’t get there then people get all the money back—once again, this is a very small amount of programming logic. You should be able to write a platform that lets you do that without too much difficulty. FRANK You were trying to build on top of Bitcoin and you got frustrated, right? BUTERIN I was working on a project called Colored Coins—a way of creating your own asset and using the Bitcoin blockchain to track it—and another project called Master Coin, which was trying to build financial tools on top of Bitcoin. And I noticed that these different approaches to extending Bitcoin’s functionality were https://www.canopycanopycanopy.com/contents/decentralized-autonomous-society?sub=decentralized-autonomous-society-transcript 3/12 26/01/2018 Decentralized Autonomous Society - Triple Canopy trying to increase the number of features. Imagine if you had a calculator and then people realized that, oh, hey, people might also want to use the device in their pocket to listen to music, so let’s take a calculator and tape a Walkman to it, and oh, by the way, people want a clock, so let’s tape a watch to the side as well. Meanwhile, Apple comes out with the iPhone, which can do just about a million different things. Ethereum is the idea that, instead of taking a calculator and taping a Walkman to it and so forth, you just have a computer, and that computer runs arbitrary program code, which you can use for whatever sort of app or feature you want. Bitcoin was never designed to be the foundational base layer for everything. FRANK “Everything” meaning “decentralized computing”? BUTERIN Decentralized computing, decentralized name registry, asset management, and so forth. I kept on noticing various technical issues. We were trying to strap on functionality to something that was never meant to have functionality strapped on. People sometimes call Bitcoin the HTTP or TCP/IP of money.
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