That's very old (but very good) news.
Nov 5th is when BitShares X merged with DNS and VOTE to become just BitShares - a self-funding SuperDAC.
Part of the "merger" deal was a unified set of 2.5B shares that encompassed what would have been three destructively competing businesses.
(The extra 20% phase in gradually over 2 years so as to not rock the boat.)
This upgrade is also where BitShares got the ability to fund its developers using the same per-block issuing process as Bitcoin.
(Except Bitcoin buys electricity with its 10% annual issuance while BitShares uses up to 6.3% issuance productively to pay developers and marketers to do useful work instead of generating heat.)
Here are some of the advantages that made us decide to go with a merged SuperDAC:
The Origin of BitShares
Part 9
What is a SuperDAC?
SuperDAC - noun - soup-er-dak
A Decentralized Autonomous Company (DAC) providing common services that support layering of other DAC business models onto a common public ledger for the sake of shared network effect.
The need to merge our various DACs into a single "SuperDAC" was based on the realization that they all needed a whole bunch of common services that are much less effective
if they aren't common services:
- A unified basket of stable, robust global currencies (bitAssets)
- A unified set of well compensated, best-of-breed delegates.
- A unified name system.
- A unified secure messaging system.
- A unified set of on and off ramps - portals to the fiat world.
- A unified marketing message.
- A unified consensus-based governing system.
- A unified family of tools and wallets.
- A unified way for newcomers to make instant friends with everyone already there.
- A built-in venture capital system where you can compete for start-up funds - democratically.
New business developers (DAC engineers) shouldn't want to reinvent these things any more than I would want to reinvent my computer's device drivers and operating system. And what sense would it make to have different competing operating systems, each with a subset of drivers and services?
Gee, I sure wish I could go back in time and invest in MS-DOS.
Rats.
An opportunity like that will never come around again.
BitShares took the whole ecosystem into one DAC friendly free-trade zone
with all the services that benefit from network effect already in place.
Any developer who wants to build a business would be crazy to stay on the outside and try to replicate that. Even if they can pick up the toolkit and get all the functions -
the network effect doesn't come with the toolkit! You get that by joining the club. You still run your own business with its own custom storefront and Internet presence. You just skipped a year or two of trying to get traffic to stop by!
Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?
We offer instant network effect. Built in.
