The NuBit Network is the first intentional DAO (Decentralised Autonomous Organization) and remains the most mature and capable one on the planet. There are proof of work coins that have a much greater market cap that have realised our DAO model has great value and have tried to retrofit it onto their proof of work network. These include Ethereum, Dash and BitShares, the latter of which actually made the switch to proof of stake after starting out as a proof of work network.
NuBits and B&C Exchange stand alone as the only networks designed from the ground up as fully functional DAOs. Our capacity to function as a DAO far outstrips the ability of Ethereum or Dash to do so. Not very many people understand the important differences in the way voting works on a proof of work chain versus a proof of stake chain. Arriving at anything close to a fair and simple way of voting on a proof of work chain is very difficult. Operations such as custodial grants would be extremely difficult to perform securely on proof of work chains. Motion voting on proof of work chains will be difficult to make fair among token holders. The architectural integrity and usability of our DAO far exceeds any other in existence.
Our custodial grant mechanism is amazing and nothing like it exists on any other chain. Shareholders actually choose exactly who receives what funds through votes in proportion to their stake. Creating money without a centralised authority has proven to be incredibly secure. Remember that time someone nearly created 8 billion in NuBits by using an exploit? Neither do I, because nothing like that has happened. Shareholders have been remarkably responsible in their allocation of resources. It really is possible to just show up on our forum and say “I want to provide this service for this fee”. Shareholders, acting only as peers without any authority, have granted such requests on many occasions. This is incredible. A diffuse organization that anyone can petition to hire them without any appeal to authority or a management structure. This isn’t a dream or proposal. It is a reality that has been demonstrated repeatedly. We did it.
We have created a new type of authority, which is really no authority at all. We created a peer-to-peer authority. It is a most curious invention. Peer-to-peer authority. Seems like an oxymoron. In the past and up until now, the accepted dogma was that coordinating people’s action required centralised authority. We are the heretics that say no, this new technology allows humanity to enter a new era. We don’t need centralised authority that is easily captured, highly corruptible and inclined to utilise violence and threats of violence. We can have sublime order, tight and complex cooperation, and the consensus and unity that people want authority to produce without any centralised authority structure. We can have an authority that consists of the network and the blockchain itself, that is derived from nothing but perfectly equal peers. It has profound implications for peace. It is radically transparent and egalitarian. It well suited to live in the world that is emerging.
There are many important ways diverse Peershares can create peace and order in the world. We have to make NuBits a success in order to give other Peershare applications a chance to the make the world a peaceful and orderly place free of the violence, corruption and stupidity that accompany centralised power.
Let’s make adjustments to our economic model and continue the work of developing and establishing peer-to-peer authority. The truth is, even if we had no product yet, I would expect the most mature and functional DAO to sell for far in excess of 1 million USD. The capabilities of the organism we have created are amazing. Creating a fully functional DAO with capable and attentive shareholders is an amazing feat that has tremendous value. No one else has done it. Let’s make sure the world understands we are the premier DAO, because we actually are, no doubt. Other projects are making fantastic promises about what they can do in the future, but we are in an excellent position to brag about what we have already accomplished.