Ethereum: blockchains, digital assets, smart contracts, decentralized autonomous organizations

This means that if any one party tries to change or manipulate information on their own copy, then everyone else will know about it immediately – because their copies will not match up anymore!

Blockchain is a distributed database that maintains immutable records of transactions. The data in a blockchain is not stored in one place, but rather on every computer (or node) that participates in the network. This makes it very secure: no single entity can affect the information stored on it, since all copies of the blockchain are identical and constantly synchronized with each other.

Spotting The Blockchain Opportunities

Blockchains are not a technology, they’re the result of a number of technologies working together. Just like any other technology, blockchains have their limitations and their own strengths and weaknesses.

Ethereum blockchains digital assets smart contracts decentralized autonomous organizations

There are tiny bits of code, which can be admired and skipped.

We´ll look at Ethereum´s benefits first, how it is used and what can be done with it; then explain blockchain machinery, visiting the terms that you´ll be confronted with in every discussion about its application. Exactly what you need to tell the signal from the noise in the echo chamber of honest misunderstandings and desperate marketing.

We take a good hard look at limitations, throw in some history and names and give a realistic outlook.

The index reads like an FAQ and you can use the book like that.
However, there is a strong build up, one chapter leading to the next, as optimized path to understanding all the interconnected, moving parts. There´s quite a number of them.

Blockchains are not a trivial topic.

Ethereum blockchains digital assets smart contracts decentralized autonomous organizations pdf

As alleged in the complaint, the DAO therefore functioned as custodian of the funds, and thus “had a legal duty as custodian to exercise reasonable care to protect the funds.” Notably, the founders had turned over governance rights to the protocol to token-holders on the third blockchain, Ethereum, and the hacker was therefore unable to use the private key to drain the funds from the Ethereum-based protocol.

The plaintiffs also claim that the DAO “acknowledge[d] its responsibility for the loss,” but has since only offered a “woefully inadequate” resolution plan.

Liability and Jurisdictional Implications for DAOs

DAOs as General Partnerships

Various legal structures in the United States (absent the ability to pierce the corporate veil) operate to protect equity holders from personal liability for the debts and actions of the corporation.

Yet, the hack occurred precisely because the governance keys were not handed to the token-holders but were retained by the founding team. Short of collectively insisting that governance control be passed to the DAO (the BZRX token-holders), it is unclear what the DAO members could have done to prevent the hack.

This point is accentuated by the fact that the governance keys were handed over to the DAO on the protocol’s deployment on Ethereum, and the hacker was unable to steal the funds from that blockchain. This definitional ambiguity appears to make Sarcuni a particularly challenging test-case for asserting that the DAO and its members as general partners should be assigned some liability.

Jurisdictional Considerations for DAOs

Beyond liability issues, plaintiffs’ complaint raises significant jurisdictional implications.

Plaintiffs or proposed class held meaningful stakes of BZRX token” (emphasis added), suggesting that the plaintiffs may be trying to distinguish that some token-holders should not be considered general partners given their limited ownership or activity. Relatedly, it would be a slightly perverse outcome if in this instance, “meaningful” token-holders were not able to join the suit purely by virtue of being token-holders and thus become defendants in the same suit, particularly as those who had funds stolen from them in the hack were almost certainly token-holders.

Second, the complaint is asserting negligence on the part of the bZx DAO — which it appears to define as those who hold the BZRX token (surreptitiously, the complaint lacks an unambiguous definition of “bZx DAO”) — and the other defendants, for failing to adequately secure the funds.

There´s quite a number of them.

Blockchains are not a trivial topic. The fact that blockchain client programs are small has fooled many people into believing it can´t possibly be that hard.

The challenges are in the implications though.

But what’s in this book will put you ahead of almost everyone outside the core bubble.

A deep dive into this field now – at least getting started – will help you to become part of the fun ahead. It should allow you to stand out, land deals or a great job.

It will also make you see first hand how early we are in the game.

Hopefully, we will find a contributor to the blockchain community in you, strengthening the portfolio of real-world use cases.

A complaint filed in federal court will test the boundaries of protection from liability for individuals behind decentralized autonomous organizations.

By Stephen P. Wink, Nima H. Mohebbi, Adam Zuckerman, and Deric Behar

On May 2, 2022, a putative class action was filed in the US District Court for the Southern District of California against the bZx protocol decentralized autonomous organization (DAO), the DAO’s two individual co-founders, two limited liability corporations (LLCs) that invested in the DAO and participated in its governance, and several other associated entities.

DAOs are (in theory) organizations without a centralized leadership structure like traditional corporations or other limited liability entities.

Blockchain For the Non-Technical

*** THIS IS A PREVIEW PRINT ***

As IBM´s official liaison to the Ethereum core developers I gave talks on blockchain topics pretty much around the world. After one keynote I was asked for a non-technical guide to understand blockchains.
This is it.

The book aims to help you get your head around blockchains in general and around Ethereum specifically. Since Ethereum is currently the pre-imminent blockchain, it makes sense as reference point.
The essential stuff is the same for any blockchain.

This text was written for people with a fast grasp, who are not programmers. Reading this should give you the basics to cut through the hype and to identify blockchain opportunities in your professional domain.

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