Quotable (#163)

The frontier of automation:

In theory, distributed autonomous organizations (of which the DAO is one of the first examples) are a hardcoded solution to the age-old principal-agent problem. Simply put, backers shouldn’t have to worry about a third party mismanaging their funds when that third party is a computer program that no one party controls. […] At a time when the financial services industry is trying to automate old processes to cut costs, errors and friction, DAOs represent perhaps the most extreme attempt to take people out of the picture. …

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