If the emergence of bitcoin affirms one mind-blowing thing, it’s that money is never a product of any government. Money, like language, emerges from human interactions. Money itself is a language, a medium for transferring or transacting values from one being to another (Antonopoulos, 2017).
To a few people (especially economists of the Austrian school), nothing about the fundamental idea on the origin of money above is new. They believe that money is a miraculous product of human actions.
Satoshi Nakamoto (SN) may have believed it, too. Be that as it may not, the way SN presented bitcoin single-handedly to the world was nothing short of a miracle, if mundane.
Rather than patenting the invention, instead of presenting it as a proprietary ownership like Gates with Microsoft or Zuckermann his FB, Nakamoto opted for a free decentralised, and open-source property.
The rest is history. Bitcoin is here to stay with us, free for anybody to use and modify the system any way they see fit. This, along with btc’s other ingenious attributes, may explain why bitcoin is phenomenally valuable, and the market rewards it with a high price.
(Let me digress: Today, however, if a new coin got introduced in the manner bitcoin was presented, and with similar features as itself, most of us would most likely not budge to buy it. In my opinion this does not reflect btc’s shortcoming, or how limitedly valuable it actually is; rather, it goes to show how much we have developed in our appreciation of the technology.)
The emergence of EOS
Yet it wasn’t until EOS emerged that crypto functionalities and its governance system have been significantly developed further. EOS is not merely a cryptocurrency that promises improved technology per se but also, perhaps more interestingly and significantly, a “new” socio-politico-economic systems of property arrangement and governance.
EOS quintessentially shows us that the term “cryptocurrency” is a misnomer. EOS–introduced neither as a currency nor a real-estate as some people have put it–is envisioned as an ecosystem in which voluntary property arrangement and governance can be managed by and for members of the global community.
Two buzzwords we often use nowadays are disruption and ecosystem. When it comes to EOS the first thing it has disrupted is its own ecosystem. Starting with its unique year-long ICO and the introduction of its Constitution, EOS is now in the processes of creating and tweaking its mechanisms for incentivisation and labor-division. It aims to be truly and globally decentralised autonomous company (DAC).
What this means is that EOS is actually reviving olden ideals of cooperative, an economic arrangement through a company/organisation design that goes back to the early 19th century Europe. EOS creator Daniel Lamirer isn’t attempting to contain or label an old wine in a new bottle. He seems to be approaching to attain those lofty ideals from a diametrically different angle by means of the free market mechanism. This is an interesting twist in the development of cooperatives.
The historical development of cooperatives in the world, right from their precursory forms before the 19th century until their various forms today, not only in Europe but in the rest of continents, has been replete with political favouritism and governmental interventions, eg. tax holiday/reduction. The thing unfolding with EOS vision of DACs or DAOs (Decentralised Autonomous Community/Organisation) right under our nose today is both different and unprecedented. Everything is designed to start from the community and to end right there. If cooperatives as we have always known it tend to be socialistic in nature, what is unfolding is a different sort based on the free market idealism.
This post makes a case for appreciating EOS as a global socio-politico-economic experiment in actually giving sovereignty back to individuals (eg. community members) by re-conceptualising cooperative as a property arrangement system. To some people this experimentation may be more appealing than other aspects of EOS. Whether or not it succeeds, EOS is making history in reshaping what we think of the property and scalability of cooperatives. (*)