GNOSIS

Ethereum is censorship resistant, globally available, and provides transparent guarantees about future operations of the platform. With Ethereum, we can eliminate middlemen and counterparty risk.

It often is after-the-fact that we realize how much harm results from a decision made by key players such as governments, firms, or organizations. Before such a decision was made, there were certainly people who had a deep understanding about its consequences and therefore good reasons to disapprove it. However, these relevant experts were not enticed enough to share their knowledge with properly-motivated decision makers, nor were non-experts induced to learn that these decisions are inferior. Most importantly, decision-makers ultimately are not held accountable if the decision turns out to not have the consequences they promised. An important contribution to the implementation of inefficient decisions is that our information institutions, i.e. public relations teams, organized interest groups, news media, discussion forums, think tanks, universities, journals, elite committees, and state agencies, fail to induce people to acquire and share relevant information. As the economist Hayek describes, markets make us not only acquire, but also convey knowledge and beliefs. Their inherent dissemination of information through market prices best reflects the dispersed knowledge which all the different individuals possess4. Since markets excel at encouraging people to acquire information, share it via trades, and aggregate that information into consensus prices that convince wider audiences, they seem to be ideal information institutions.