Decentralized autonomous organizations have received much attention in recent weeks since Ethereum launched its new Decentralized Autonomous Organization platform, featuring projects such as Slock.it and Digix, among others. Ethereum has chosen to ignore the elephant in the room in its press releases: there’s another DAO. It’s Bitcoin, and it’s the biggest blockchain technology around.
The First DAO
Bitcoin is undoubtedly an online creation community: an internet based ecosystem of participants who contribute – often in isolation of each other – towards one single stated project or goal. Online creation communities create a robust cross-section of the Internet, and while a quiet phenomenon, they have built, and will continue to build, the Internet of the future.
Bitcoin, based on a distributed protocol that provides financial services based on certain parameters, represents a distributed autonomous organization. Jeff Garzik, early Bitcoin developer, calls Bitcoin the decentralized autonomous organism.
While Ethereum has garnered attention for the DAO concept, it’s true that Bitcoin has existed in