The DAO that wasn't: Decentralized Autonomous Organizations
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The document discusses decentralized autonomous organizations (DAOs), including the first DAO in 2018, how DAOs compare to traditional for-profit corporations, and how DAOs could evolve to incorporate aspects of liquid democracy and become a new type of operating system that competes with traditional for-profit companies. Smart contracts, oracles, decentralized autonomous hardware, and Aragon (a DAO management app) are mentioned as technologies that could enable new forms of decentralized organizations in the future.
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The DAO that wasn't: Decentralized Autonomous Organizations
- 2. The DAO that wasn’t
- 6. Sharing Economy ./. Peer-to-Peer
- 9. Oracles
- 11. Autonomous Objects Services Layer Proprietary IP Open Source Layer Vendor Abstraction Public Blockchain
- 12. Aragon (dApp)
- 13. Liquid Democracy
- 14. A New Operating System
- 15. DAO eating FPO
Editor's Notes
- The DAO was a digital decentralized autonomous organization, and a form of investor-directed venture capital fund. The DAO had an objective to provide a new decentralized business model for organizing both commercial and non-profit enterprises. It was instantiated on the Ethereum blockchain, and had no conventional management structure or board of directors. The code of the DAO is open-source. The DAO was stateless, and not tied to any particular nation state. As a result, many questions of how government regulators would deal with a stateless fund were yet to be dealt with. The DAO was crowdfunded via a token sale in May 2016. It set the record for the largest crowdfunding campaign in history. In June 2016, users exploited a vulnerability in the DAO code to enable them to siphon off one third of The DAO's funds to a subsidiary account. On 20 July 2016 01:20:40 PM +UTC at Block 1920000, the Ethereum community decided to hard-fork the Ethereum blockchain to restore virtually all funds to the original contract. This was controversial, and led to a fork in Ethereum, where the original unforked blockchain was maintained as Ethereum Classic, thus breaking Ethereum into two separate active blockchains, each with its own cryptocurrency
- AirBnb: 9,000 employees Uber: 12,000 employess
- Smart contracts allow the performance of credible transactions without third parties. Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994.
- An oracle is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts. TYPES: Software; Hardware; Inbound; Outbound
- Aragon is a project that aims to disintermediate the creation and maintenance of organizational structures by using blockchain technology. Raised ETH 275,000 (ETH@$90 - $25MM) in 15 Minutes in May 2017 Still only at version 0.5 10 employees - Requires runner; i.e. MetaMask
- Catch 22