Quotable (#11)

Primavera De Filippi on Ethereum:

Ethereum is a contract validating and enforcing system based on a distributed public ledger (or blockchain) such as the one implemented by the Bitcoin cryptocurrency. Yet, Ethereum also features an internal Turing-complete scripting language that can be used to encode advanced transaction types directly into the blockchain. This allows for the deployment of self-enforcing smart contracts (such as joint savings accounts, financial exchange markets, or even trust funds) as well as distributed autonomous organizations (DAOs) that subsist independently of any moral or legal entity. These algorithmical entities are both autonomous and self-sufficient: they charge users from the services they provide so as to pay others for the resources they need (e.g. bandwidth, cpu). Thus, once they have been created and deployed onto the blockchain, they no longer need (nor heed) their creators.

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