a new business world within a blockchain
TRANSCRIPT
A New Business World Within a Blockchain
(Note: this is a draft! Final version will have more pics & less text)
2014Alexander Chepurnoy
Disclaimer
This talk is about technically possible things only. No any legal issues being discussing. Please refer laws applicable before doing anything. The speaker has no any responsibility in case of any laws violation.
My Background / Interests:
● NXT core developer (alias transfer, voting system, etc)
● Blockchain-based applications advocate (cryptamail, secureae, etc)
● Distributed Systems Development● Functional Programming● Finite State Systems & Model Checking
This talk is about
● Decentralized Exchanges● IPOs on DEs● Distributed Shareholders Voting ● Dividends● Smart Contracts● Virtual Corporations● Distributed Autonomous Corporations
Decentralized Exchanges
● NXT & its clones(NAE, NEM, NTX, NFD,NAS...)● Bitshares● Counterparty
IPO on Decentralized Exchange
● + Low cost● + Could be backed by anything(a company, a
picture, a nonsense)● - As a result, a lot of thrash comes in
IPO Example: Coinomat
● Backed by quickly growing online business● Weekly dividends● Revenue stats open, but not verified by 3rd
party or in trustless way●
● Todo: picture
IPO Example: BgCaffee
● Backed by offline business● Buongiorno Caffe opened November 2013 in
Pretoria, South Africa● “The assets sold will always represent 50% of the total
profit of all shops for their lifetime and no additional assets will be sold without the addition of a new shop or business unit that generates profit, that is our guarantee”
● No trustless or 3rd party control though
IPO Example: NXTdrop
● Assets backed by paintings● No any hard profit promises
● (todo: picture)
IPO Example: BadPonzi
Ponzi scheme guaranteed, lol:
“Buy some “Bad Ponzi Token” (BPT) and I will spend 3 times a week 70% of the revenue to the asset holders according to their shares.”
Fund Raising
● Loans● Angel & Venture Capital● Crowdfunding● Distributed Assets Exchanges!
A Business Without Venture Capital
● Publish business plan● Issue assets● Raise funds● Get shareholders feedback/opinion via voting ● Pay dividends via blockchain
Voting via Blockchain
● Distributed● Decentralized(anybody could start a poll)● Cheap● Results are public & verifiable● Example in my article: “Shareholders Meeting
via Blockchain in 20 Lines of Code”
Dividends: Coinomat
● (todo: picture here)
Guarantees
● Enforced by Law● Enforced by other trusted party ● Trustless enforcement
Dividends Promise (SecureAE v. 0.1)
{
"contents" : "clause",
"ver" : 1,
"assetId" : 565748484,
"datetime_start_utc" : "Aug-16-2014 11:59",
"datetime_end_utc" : "Sep-16-2014 11:59",
"sum" : 500
}
Trustless Smart Contracts
Some kind of scripting over blockchain needed: e.g. Ethereum, cfb's Smart Contracts, ciyam's AT etc
Virtual Corporations
● Special types of accounts● Dedicated operations: incorporations,
dividends, board polls, corporate statements● Law?
Distributed Autonomous Corporations
● NameCoin● NXT AE● A driver-less car● A currency itself●
(todo: some pictures)
DACs + Smart Contracts
That would be funny!
Open Problems
● Blokchain bloating● Blockchain scripting: bloating,
computational requirements, halting problem
● Formal semantics of statements
Conclusions
So many exciting things we already have: decentralized exchanges, new models of fundraising, distributed shareholders meetings, simple contracts & few DACs!
Conclusions
Hard challenges to complete: formal contracts, trustless guarantees, sophisticated DACs