Interesting. Since the DAC genesis block would be poured from the ProtoShares block chain it seems a PTS holder would be getting a piece of the action right from day one even if they didn't do the import until later. Cool.
Second question...which is more about the nature of ProtoShares: If I import my PTS privkey into the PowerBall DAC wallet have I "spent" by PTS or just gained access to a clone of them in the form of Powerball DAC shares leaving me free to also import my PTS privkey into the next DAC and the next one and the next one and....?
Yes, and you don't have to "spend" your PTS, you get a clone of whatever shares you hold as shares in the new DAC as well. Both. And again and again and...
Owning ProtoShares is owning rights to all future DACs that honor the ProtoShares Social Contract. All Invictus sponsored DACs will do so. We hope others will adopt our community that way too.
So in a round about way PTS has a proof of stake type behavior based around a social contract? is it fair to compere it to proof of stake or is there a better metaphor?
I wouldn’t call it a proof of stake in the traditional sense because it is a one-time event at genesis that is performed by the developer as a social contract not by miners in the block chain.
ProtoShares was conceived with a number of objectives.• A way to separate investing in an
idea from investing in one or more
implementations of the idea.
• An incentive for competitors to cooperate on building an implementation because they are all stakeholders in the idea.
• A way to vet an idea and attract venture capitalists based upon prediction market evidence that the idea has value.
• A way for developers to invest in an idea and raise funding by generating growth from showing more and more evidence that they will successfully implement the idea in a way that benefits investors in the idea.
• A way for someone with a good idea but lacking the ability to implement it to share it and benefit from its ultimate implementation by somebody else.
• A way for an entire community to participate in “pre-mining” in a way that might be deemed fair (e.g. for DACs that must start out with enough currency to operate and enough credibility to get listed on exchanges from Day One.)
• A more graceful “soft fork” way to upgrade to version two of a DAC by instantiating the new in parallel with the old and let the owners (shareholders) not just the employees (miners) decide when and if value transitions from the old to the new.
• A way to build a community and get them to cooperate on the implementation because they all have a stake in the idea.
Here’s the biggie: If a currency backed by the services of an unmanned company like Bitcoin makes sense, then a currency backed by the potential of an entire product line of unmanned companies should be much stronger, and eventually one backed by the potential of an entire industry would be even more robust, stable and valuable.