Bitcoin is the perfect use case for DROs

DROs (Dispute Resolution Organisations) are a theorised stateless entity. It basically represents people in the broader society. Its a glorified insurance company if you will. So how does it work? Well, it keeps your bitcoin. And if you hurt someone, there is obviously going to be a dispute, most likely. Since they hold your bitcoin, they represent you and have to settle the dispute, possibly paying out bitcoin to the counter-parts DRO. So there are no prisons, your bitcoins are whats at stake. Its also a way to scale bitcoin because transactions can take place internally for most things. But large scale settlements are done on the blockchain.

I could write a whole book about this thing and i probably should. But ultimately i should start the DRO and get started.

TL;DR a DRO is your wallet, insurance provider, representative and... bank

submitted by /u/midlert
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from Bitcoin - The Currency of the Internet https://ift.tt/3mOETPq

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