Gavin Wood- Booting the Shadow Aristocracy
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The upcoming revolution of trust-commoditization will fundamentally alter power structures in society, disenfranchising institutions and its constituents born into a role of assumed guardianship of our economic and political world. I'll discuss why they were there the in first place, what has changed and throw some ideas around for how it might play out. http://ouisharefest.com
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Gavin Wood- Booting the Shadow Aristocracy
- 1. Gavin Wood Booting the Shadow Aristocracy • Gavin Wood • Ethcore Limited • @gavofyork
- 2. There’s a Shadow Aristocracy Corporations, Institutions and Governments The only way to send economically “strong signals” between ourselves They are in control of our interactions Try making a payment, having a bank account or doing business without them They “protect” our ID from predators And often, they fail.
- 3. It works because we trust them We can interact with each other, because we believe the other will be held to account by the trusted intermediary Words are cheap: action is everything
- 4. Trust is Thinning Incompetence and misbehaviour 2008 crisis, Snowden, Assange, and all the others A paper world in a digital revolution As business is reborn on the Internet, we need a digital solution, not a facelift
- 5. And there’s a New Solution Trustless Consensus Computing Blockchain, Bitcoin, Ethereum
- 6. Blockchain A crowd solution to an age-old problem Crowd-sourced consensus to enforce the rules Bitcoin Rules of a basic currency (ownership of physical fungible tokens). Crypto-currency Ethereum Any rules. Crypto-law
- 7. Moving beyond the Status Quo Out with the old Fewer and lighter points on the trust network: Omnipotent banks Gatekeeper lawyers 1% for notaries 7% for Paypal In with the New Ownership over personal authority: no need for proxy authorities New businesses to match-make, guide, secure, transition and organise. New services to take advantage of vanishing transaction costs for rule-based interactions. New freedoms to take advantage of an allegal interaction infrastructure.
- 8. Booting the Shadow Aristocracy Questions? Dr. Gavin Wood @gavofyork