Blockchain VC fund raises $100m+

A new entity called The DAO (Distributed Autonomous Organization), created using the Bitcoin-inspired financial platform Ethereum, has collected more than $100 million worth of cryptocurrency since late April, and will use the funds to support projects in the sharing economy. The DAO is being touted as a model for a new kind of organization, created and run using blockchain software rather than conventional corporate structures.

Nearly everything having to do with Bitcoin and blockchain sounds like some mix of sci-fi, magic, and a pyramid scheme, so bear with us as we try and unpack all that.

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