Colony ethereum
Colony is infrastructure for the future of work: self-organizing companies that run via software, not paperwork. Aron Fischer. Aron Fischer: Colony is about enabling people to work together on projects that matter to them. The Colony protocol is a new type of more fluid organizational structure that we think will allow for a company or project to better allocate shared resources, adapt to changes, and manage all the day-to-day coordination activities that are traditionally handled by something like a bureaucracy or management hierarchy.
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- Penguins offer varied clues to Antarctic climate change
- Effect Of Dibenzo-18-Crown-6 On Haematopoitic Cells Colony Formation Of Mouse Bone Marrow
- The early history of ether anaesthesia in the Cape Colony, South Africa
- Blockchain, smart contracts and decentralized organisations
- Is Colony a Glimpse of the Blockchain-based Future of Work?
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Penguins offer varied clues to Antarctic climate change
The way that we think about organizations will change a lot in the next decade. A handful of tool builders are now shaping how these new, blockchain-based organizational forms could change the future of work.
The other day, I interviewed a pioneer of the Decentralized Autonomous Organization. Jack du Rose has been interested in distributed work for many years. Jack felt there had to be a better way of coordinating his highly distributed network of suppliers and jewelry makers. Then, on Christmas , he got a very special present. Vitalik Buterin published his Ethereum white paper , and Jack hooked. The focus of his work is now an Ethereum-based tool, called Colony.
Jack had long been interested in complex adaptive systems , which he saw as a much more natural way to coordinate human work than the organizational hierarchies we tend to use. Ant colonies are a type of complex adaptive system, and so, yes, the inspiration for the name was actually the ant colony. The purpose of this article is to highlight some of the more revolutionary thinking behind this new platform, so if you want details on the technology, your best source is the white paper.
Colony is a protocol for building a Decentralized Autonomous Organization using open source smart contracts on the Ethereum network. Think blockchain enabling the future of coordinated work. Once it becomes publicly available in , people will be able to create their own colonies. Each colony will be able to issue its own tokens to reward contributions from members.
Those of you who regularly read the Vital Edge know that taking care of stakeholders is something I care a lot about. I mean there is no giving them a piece of the pie because that implies directed relationship. Equity is the key to wealth, so solving the problem of ownership is really important. The second thing I like about Colony is that it embodies a very nuanced understanding of rewarding people for their contributions to shared ventures. In essence, what Jack is saying in the above quote is that contribution begets both ownership and influence.
Whereas tokens are completely transferable, like shares in a company, reputation is not. In Colony, you earn reputation through demonstrating a particular skill and by applying that skill in a particular domain.
So, it makes sense that reputation is both member-specific and non-transferable. Colony has no interest in being in the game of issuing securities or in enabling its users to issue their own securities. There is a legal reason for this but there is also a philosophical perspective at play. The other important thing about Colony reputation is that, just as in real life, you build reputation within colonies over time.
That means continuing to contribute to its success over time. Colony is building a tool for rewarding contributions that is very different from the way most companies work now.
Today, most people earn salaries or hourly wages, while the rewards of ownership are held in relatively few hands. In Colony, the rewards of working together are owned by everyone and divvied up based on your reputation and your tokens.
What this means is that in this model, ownership is a living thing. When you stop contributing, your reputation dies, and so does your compensation. In other words, I believe that what Colony is building here is a compensation platform designed not for shareholders , but for stakeholders. These are the people who are contributing an ongoing stake. If ongoing contributions are so important, why not just skip the whole token thing and just tie all compensation to reputation?
This question gets us to another interesting aspect of the Colony design. Tokens are deliberately fixed as a finite resource. Just as there are only 21 million BitCoins that can ever be mined, the number of tokens in a given colony is also fixed. Beyond this though, there is another philosophical question that the token is designed to address, and that is the question of risk. Members who contribute to a colony in its early stages assume more risk than those who contribute later, when the colony is well-established and earning revenue.
Colony acknowledges the risks of an early investment in a colony by not decaying them over time as it does with reputation. So, as long as a member maintains their reputation in good standing, their early investments will be maintained. This too is fair, as it rewards the inherent risks of new ventures. Colony makes another important distinction between reputation and tokens. Reputation gives you influence in the governance of a colony, whereas tokens generally do not.
And that means you have to be involved and actively contributing to its success. Many startups today carry huge dependencies on Facebook for traffic and Amazon for hosting.
They have no single point of failure because they run on a decentralized, peer-to-peer network. They are there as long as there is the desire to use them. I asked Jack where he thought all this might end up in terms of the future of work. In other words, we may well have one or two fairly risky bets that we balance with a handful of more sure things. This makes sense.
As an owner, you will always want to hedge your bets. Colony itself is a risky, new venture, but I am very excited about what this team is building. I think it has the potential to change the way we think about ownership and may even give us a new platform for operationalizing stakeholder-centric organizations. Colony really could change the future of organizations as well as the future of work.
I will be keeping an eye on it. Colony and the Decentralized Autonomous Organization The purpose of this article is to highlight some of the more revolutionary thinking behind this new platform, so if you want details on the technology, your best source is the white paper.
The Fruits of Ownership Those of you who regularly read the Vital Edge know that taking care of stakeholders is something I care a lot about. Tokens Compensate Risk If ongoing contributions are so important, why not just skip the whole token thing and just tie all compensation to reputation?
Governance and Influence Colony makes another important distinction between reputation and tokens. The Future of Work I asked Jack where he thought all this might end up in terms of the future of work.
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Effect Of Dibenzo-18-Crown-6 On Haematopoitic Cells Colony Formation Of Mouse Bone Marrow
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The early history of ether anaesthesia in the Cape Colony, South Africa
Colony is an Ethereum-based project building a platform for the future of work. Today, they announced a global online hackathon competition to coincide with the release of the colonyJS library. ColonyJS provides javascript developers with powerful blockchain functionality, without needing to directly manipulate complex smart contracts. The release marks a key milestone for Colony ahead of their mainnet launch later this year. The hackathon is entirely virtual so teams from around the world will communicate over Gitter and submit their projects on Github on June 24 to a panel of 15 expert judges including Alex Van de Sande of the Ethereum Foundation , Ryan Selkis of Messari , and Evan Van Ness of Week in Ethereum. Colony provides the infrastructure for the future of work: self-organizing companies that run via software, not paperwork. Starting with mechanisms for division of labour, token incentives, and a reputation system which quantifies the expertise of contributors to a project, colonyJS provides javascript developers with powerful blockchain functionality, without needing to directly manipulate complex smart contracts. Gitcoin and Colony have aligned visions on how the future of work will look.
Blockchain, smart contracts and decentralized organisations
Demo Footage. A Walled-Garden Metaverse. The game takes place on an alternate reality Moon Colony, where a society of technologically advanced space animals named Colonists have set up massive glass dome cities which are hot destinations for chic materialism, party lifestyle, and moon mining. Take a look at our roadmap or blog for development progress.
Is Colony a Glimpse of the Blockchain-based Future of Work?
Colony has set out to construct a properly incentivized foundation for the next generation of applications built on the Avalanche platform. Powered by a first of its kind funding mechanism, Colony imbues traditional venture capital with a spirit of Community through open governance, support and inclusion. Colony will implement a DAO structure over time to decentralize itself. In addition to ushering in promising projects, Colony will contribute to Avalanche protocols by providing capital to increase liquidity and secure networks by running nodes. On top of these features, Colony will maintain an Index dedicated to projects built on Avalanche. Colony will also contribute to subnets validation if allowed.
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Colony is a flexible and easy-to-use framework for creating and running DAOs. It provides everything an organization needs to operate on-chain: Payments, Teams, Authority, Governance, Fundraising, Revenue sharing, Arbitration, and the ability to interact with any other smart contract on Ethereum. Users can either find a tool to handle each different aspect one tool to track contributions, one tool to manage compensation, etc. Instead of combining dozens of individual tools, which also makes the onboarding of new contributors more complex, Colony empowers users with one end-to-end solution. The DAO tooling landscape has dramatically changed over the past four years, with dozens of established tools used by large DAOs. Will Colony actually be able to replace all of them with their all-in-one tool? Will DAOs actually want more customizability, creating their own stack instead of a more prescriptive end-to-end solution? Get early access by filling out this Typeform.
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Work is changing. We are seeing the rise of freelance work, the gig economy, and self employment. We are seeing successful companies built with completely distributed teams. And we are seeing traditional organizations embrace open source philosophy. These trends will continue, creating opportunities for new tools and workflows to emerge in order to support this new paradigm. Colony envisions a future with a new type of organization, one that is open, self-organizing, meritocratic, and native to the web.
Colony makes it easy for people all over the world to build organizations together, online. Simple enough for beginners, powerful enough for pros. Go from zero to DAO in 90 seconds. No framework gets you up and running faster. Creating a Colony DAO is a simple step-by-step process. No special technical know-how required.
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