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Having access to a distributed, Turing-complete computing engine with verifiable semantics opens a world of possibilities. Let’s take a look at interesting ideas already implemented or under imple- mentation in Ethereum. 2.2.3.1 The Decentralized Autonomous Organization (DAO) The DAO is, literally, an organization. It has members, it has a central authority (the owner), members can cast votes and the organization itself can perform any operations any other account could do. Members can create proposals, in the form of transactions, and voting members from the organization can cast votes to either approve the proposal or dismiss it. Proposals have a limit of time after which votes are counted and a decision is taken. The decision to perform or dismiss the proposal is carried by the contract of the DAO. In other words, no central authority can decide the fate of a proposal, and this is certified by the contract and the nature of the blockchain. The owner can be changed by a proposal. The only privilege the owner has is the ability to add or remove voting members. In fact, the DAO we have just described is only one of the possible implementations. There are many improvements or modifications that can be performed to create whatever type of hierarchy. A Congress, a shareholder association, a democracy, these are all possibilities. To learn more about DAOs, the main Ethereum website has a whole area15 dedicated to them. 2.2.3.2 A Central Bank or Your Own Coin Although ether has real value and can be traded for other coins, other coin systems can be imple- mented on top of Ethereum. For instance, you could design your own coin with a central authority that can create money, authorize transactions or arbitrate disputes. Take a look at a possible implementation by following this tutorial16. 2.2.3.3 A Crowdfunding System Crowdfunding lets donors send money for a project that has not been completed or even started. In this way, funding for projects of different sizes is possible. The amount of money donated for the project is what usually decides the fate of the project. The usual problem with crowdfunding is the need for a central figure to hold founders responsible in case a project is not satisfactorily completed after funding, or to make sure all the money donated actually arrives at the hands of the founders. In other words, crowdfunding requires a considerable amount of trust to be placed in both the founder of a project and the central authority. But with Ethereum this needn’t be so. With Ethereum, it is possible to design a contract that takes a certain amount of money from donors and stores it in an account. The funds in this account can be kept away from the hands of the founders until they provide proof of their progress. When a certain milestone is achieved, the funds can be released. On the other hand, if the founders fail to provide proof of their progress 15 https://www.ethereum.org/dao 16 https://www.ethereum.org/token 38PDF Image | Intro to Ethereum and Smart Contracts
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