Will blockchain protocol-based commonwealth replace traditional company structure ?— Patrick Dai

The Qtum team has been busy developing just like almost every team in the blockchain space. The more people we meet, the more questions we get asked, but they tend to start with the basics. What is Blockchain? What are tokens? Where’s the meaning in the Qtum project? What’s the difference between Qtum, EOS, Ethereum, and every other blockchain? And, what’s the difference between an ICO and equity financing?

For many of these questions, it’s difficult to have an accurate understanding. There are many reasons causing this problem. One being that blockchain technology is a combination of a concept of technological change and organizational change, which can be difficult to explain to the general public.

Before 2014, the industry didn’t have an idea of what is a blockchain. From 2009–2014, industry practitioners just called everything a coin or cryptocurrency. Since 2014, the industry has changed to advancing beyond the technology being used for its financial attributes.

Blockchain networks themselves are a complex set of systems and software engineering, mathematical principles, cryptography, network architecture, consensus mechanisms, and economic models. Without the cultivation of higher education in a science and engineering background, it’s difficult to understand.

Expecting everyone to understand the technology behind the blockchain, the innovations in the space and get an accurate understanding of the project, is similar to expecting everyone to understand the concept of partial derivatives in calculus, and binary entropy functions. For the most part, fewer than 1% of the population will every truly understand all these different aspects that make the technology what it is.

This is why, most of the time, explaining blockchain technology to “CEOs,” “journalists,” or “anonymous” and having them try to make a judgment of a project, is especially hard. No matter how intelligent a person is, most people limit their expertise to a particular field.

If blockchain technology itself were only a simple technology innovation, it wouldn’t have caused such a massive uproar between scientists, economists, mathematicians, government officials, the press and so forth. The blockchain is the essence of change in what we can conceptualize.

In the form of organization reconstruction, the transformation of social collaboration mechanisms, pooling together, creating a new concept. This concept is ordinarily difficult to recognize all of a sudden, and even if we understand it clearly, it can be difficult to accept.

If someone told you, in the next 30 years, perhaps all the companies will disappear, everyone will say you are a crazy. But this kind of “company” organizational structure, in the thousands of years of human history, has only existed for 300 years.

Blockchain development can make humanity quickly establish a new kind of “organization structure,” this kind of autonomous organization structure exists on the blockchain network, protocol, and in our minds. Everyone can grasp the idea of a company. But I feel the next era will be this is a protocol-based commonwealth.

A protocol-based commonwealth with the development of Internet and blockchain technology will make virtual organizations become mainstream in the next 10 to 20 years.

Qtum will be part of the new era of societal collaboration.