Editing Ico crapcoin checklist (section)

= Time for a history lesson =

In 2009, Satoshi Nakamoto published the Bitcoin software.

The software was unique. It introduced a new design that allowed for the creation of trustless, programmable, value-transfer systems, where previously all such attempts to solve this problem relied on third-party trust.

The way that Bitcoin solved this problem was to introduce a new kind of high-security ledger called “the blockchain” where anyone could contribute their spare CPU clock cycles to make the ledger more secure.

This was genuinely revolutionary at the time and it was more than enough to call it “genius” - but the biggest break-through wasn’t that the ledger could be secured between mutually untrusting parties - it was that the ledger introduced a new kind of incentive system to do it.

In the Bitcoin system, new Bitcoins are given out for securing the ledger, in effect inventing '''a new kind of corporation''' that:

# Values contributions made by anyone towards a common goal.
# Requires no trust in providing the quality of the service.
# Requires no one to be trusted to pay employees.

The closest word we have for this concept is still bullshit - but in the blockchain space we can say that Bitcoin was the first example of a '''decentralized autonomous corporation (DACs)'''.

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