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Koinify and the Future of DApps and DAOs

A new crowdfunding company called Koinify is seeking to help developers raise funding for the creation of new decentralized apps (Dapps) and decentralized autonomous organizations (DAOs) as well as crypto currency infrastructure projects.

Koinify will help start ups within this space to crowd fund their projects by selling tokens on CounterParty's 'Bitcoin 2.0' distributed asset exchange. CounterParty is built on top of the Bitcoin block chain and allows anyone to create their own assets and sell them for bitcoin through a distributed exchange, as well as allowing asset issuers to pay dividends and asset owners to freely trade their tokens.

According to Koinify's page on Angel List (https://angel.co/koinify, they have raised at least $450,000 USD seed capital, including contributions from relatively high profile investment funds such as IDG Captial.

Tom Ding, a former senior manager at eBay is listed as the company founder, whilst Dario Mutabdzija is listed as a co-founder.

A recent blog post from Koinify, which outlines their vision for the future of Dapps and DAOs and hints at the kind of businesses they would like to help fund, makes for interesting reading.

In '2020: A call for DApps and DAOs' Ding outlines five criteria for recognizing the kind of business or software project which would be suitable for 'DApp'ificiation':

  1. Divisibility and Verifiability: The various tasks which must be performed have to be easily divisible into discrete chunks whose output can be readily verified.
  2. Commoditization: Leading on from the first point, Ding notes that business within industries undergoing a 'commoditization phase', in which major innovation has subsided and the emphasis has instead moved on to scaling up output and increasing efficiency, are ideally subjects for decentralization.
  3. Local Maxima in positive relation to Global Maxima – the non-hierarchical nature of decentralized projects means that what is in the interest of each individual part of a system must also be in the interests of the whole system, so that each part is free to pursue self interest without being a danger to the health of the whole system.
  4. Low Profit Businesses: Ding suggests that decentralization may be most useful in industries with low profitability, in which the elimination of management overheads may provide a significant competitive advantage over established players.
  5. Corruption Costs: Businesses which are usually more susceptible than the average to costs associated with corrupt management may also benefit from decentralization.

Having outlined the general characteristics of businesses and products most capable of becoming successful DApps or DACS, Ding goes on to provide a more specific list of examples, detailing the kind of project which Koinify is hoping to enable:

a. Blockchain Infrastructure: Including the migration of any application which requires an 'immutable record' from traditional private database storage of information into a public block chain model, with an emphasis on anything which uses this to enable 'self-regulation'.

b. Decentralized storage for sensitive / private data: With special mention of a decentralized successor to Git, a Human DNA database with controlled access and a decentralized search engine.

c. Communication & Collaboration tools: Such as 'True P2P encrypted messaging'.

d. Financial Systems: Examples include decentralized retail banking, health care insurance, and a 'crypto unit of account'.

e. Peer-to-peer Computing: for performing tasks such as the processing of big data, scientific calculation, mesh network creation and graphics rendering via a distributed network of machines

f. Physical Infrastructure Projects: Including decentralized versions of websites which enable peer to peer service provision, usch as Uber and AirBnB.

g. Decentralized Governance Projects: Relating to things like intellectual property management, citizenship and Futarchy

With the launch of both Maidsafe and Ethereum planned for the final quarter of 2014, and other projects such as Ripple's 'Codius' smart contracts and Bitshares X banking DAC already launched, in the last month or two, we are really reaching a point now where DApps and DAOs are on the verge of going from a far off vision to a concrete reality. Personally I find that very exciting. I am looking forward to the first wave of these projects coming out, and hoping that companies like Koinify can help developers to make these things happen whilst also perhaps providing me with an opportunity to get involved. Whether the projects which actually use Koinify will be as exciting as I think, however, is something that I will just have to wait to find out.

Categories: E-Currency | Business


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