I love the blockchain and the disruption it is bringing. My favourite blockchain project is EOS. It raised a record breaking $4 billions USD in its crowdsale and is launching this week.
What is EOS?
In a nutshell EOS is a platform, like a layer, that sits on the Blockchain giving developers the tools they need to build decentralised apps called dApps with smart contract functionality. These dApps will become communities - decentralised autonomous communities DAC's - in which the middle man is done away with so the users benefit directly from the efficiencies and cost savings achieved.
The impact of this technology can not be underestimated. In Ronald Coase's 1937 paper "The Nature of the Firm" Coase discusses why individuals choose to form partnerships, companies and other business entities rather than trading bilaterally through contracts on a market. He goes on to say the corporation is required to operate a market place but concludes that when property rights become so certain and transaction costs so low then the corporation will no longer be required. Back in 1937 the implications of this sound logic could not be seen but today with the blockchain the Coase Theorem can become a reality and EOS have built an ecosystem that has been designed to be aligned with Coase Theorem.
Corporations with their expensive offices, staffing costs, management structures are ripe for being replaced by dApps. DAC's will share the cost efficiencies within the community and the users creating a revolutionary bottom up business model and wealth creation system. Could the blockchain and EOS specifically herald the beginning of the end of the corporation?
*Acknowledgement: thanks to Kyle at The Awakenment who put me onto Ronald Coase and the Coase Theorum