Will DAOs be the new "business" of the future?

DAO, the full name is a decentralized autonomous organization, that is, "a multi-central autonomous organization", and some people in China also call it "brand". According to the content of the official Ethereum website,DAO is an organization formed to form an interest group around a specific role, which engages and engages the organization through the process (smart contract) of implementing the blockchain to achieve the goal.

Ethereum's official website also adds: Understanding DAOs can be thought of as "Internet native business objects integrated and managed by their members" (Internet native companies).Organizations do not have leaders as “leaders, managers and managers”. All operations are organized by smart contract. All decisions are made by the opinion of the members and are voted on by all the members.Ethereum claims that DAOs can ensure that all members have a voice in the organization (everyone in the organization has a voice).

This year the DAO, temporarily known as DAO, attempted to purchase legal documents from 1787 published by Sotheby's, which led to the rapid boom in the internet market. Legal DAO raised $ 49 million in Ethereum virtual currency through the public service in a short period of time. Although the campaign failed,But how does the law deal with such a business? Do i need legal help?Today my maternal grandparents are having a legal discussion with you.

Do you need DAO?

According to Ethereum, DAO's main goal is to create a new organization that is open, transparent, independent and fair. Use people, money, equipment and other resources and use them in an open and transparent way to achieve old organizational goals. How can DAOs be a future guide for businesses to benefit from improvements, after all who can refuse to invest in a "business" that is performing well, has transparent data, and has enough sound?

In other words, DAOs can solve many disadvantages of modern businesses, or systems can be inefficient. For example, in today's business where ownership and management are separate, the actual functioning of the business depends on good management by "directors, officers and officers." "Great leaders. Whether it works well depends on the personal ability and leadership of "Dong Jian Gao". If a corporate enterprise is referred to a group of “managers, executives and managers” with low potential, misconduct and corruption. , it would be wrong to think that it could be devastating without it.

Managers, executives and CEOs are the foundation of company policy, and the company principle is that it is best to restore rights to everyone involved beyond changing the policy. for “centralized” managers, directors and general managers. come In a decentralized DAO, each member is a participant, has the right to express their point of view with their voice, and everyone has the right to comment and vote fairly. The operation and direction of DAO is not determined by the minority, and the distribution of benefits is easier, operation and maintenance costs are reduced, so that the benefits of distributing products are always greater than any prior design. . the model works.

Cost of DAO

As the aggregation of resources has developed in the age of industrialization, companies have always gradually widened their limits in the digital information age. Company / affiliate relationships have been transformed by a wide range of business practices and diversity, and the concert industry is a good example of the relationship between Apple and App Store app developers, Dididache and Didi Driver, and Meituan . Take-out is not the realm of traditional social work. These fundraisers have become popular with protesters due to the ease of their involvement and exit process.

Yes, this does not deny that today's society still has a tradition of work as usual, but in addition to the work relationship, we have always added “stakeholders” to the company. (As noted by Ben Schecter, CEO of RabbitHole, the external partner is a self-service provider that participates in a joint venture as a self-service provider that contributes to the development of the business outside of the working relationship of the company.

Undoubtedly, organizational systems with strict internal and external boundaries can wreak havoc on the ever-growing number of “peripheral stakeholders”. Additional resources that are discarded after use and disposal. But based on current age data or the concept of development that preceded humans, this model is unsuccessful and inaccurate.

Productivity determines the relation between production, and only the relation of production which passes to production can promote the success of the enterprise and the development of the relation. Perhaps the most important and most important aspect of DAO is that we build relationships and provide relationships trying to meet the needs of new developments. do not know). So we need DAO and we need to learn more about DAO.

in beautyNational law to see the legitimacy of DAOs

The company is now focused on the continued development of the industry after the industrial revolution, the restrictive role having become the foundation of the company's sound. Moreover, the division of labor and mergers have developed in the form of enterprise-enterprises. There are three main types of modern organizations. These are the enterprise system, the owner system (small business, private) and the partnership. Company law is the legal framework governing cooperation and adjustments for improvement.

If so, does the DAO need a due process hearing? In theory, a CAD with a perfect design and good finish does not need external supervision, but historical experience shows that whatever the design is, it is not good. The continued functioning of internal partnerships requires external, timely collaboration. Therefore, the management and cooperation of DAO under the current law is also important.

The current law specifically governing DAO from an international perspective is the US State of Wyoming DAO Law (in addition to the Wyoming Distributed Autonomous Organization, "DAO Act"), which was approved by the Legislature of the United States. State of Wyoming in April 2021. The signing of the president began on July 1, 2021. This means that for the first time in history, the DAO as an official organization was recognized by the right. In addition, this bill is important because it clarifies the rules of establishment, governance, rights and responsibilities of DAO members.

events

According to the Wyoming DAO, a DAO is defined as a "limited liability company" and all Wyoming entities are limited liability companies established under Section 12 17-29- of the Limited Liability Companies Act of Wyoming. , Article 101 (13) Legal persons up to article 17-29-1102 may cede to DAO agencies by modifying the articles of association. It also means that the State of Wyoming Limited Liability Companies Act applies to DAO.

The US limited liability company is a form of corporation that began in the 1990s. Unlike corporate liability as stipulated by Korean law, it gives the power to joint ventures and minority businesses to unite. State today. One of the most popular forms of mergers and acquisitions. American society limits the liability of its members to any liability protection that affects the revenues of the United States government. This is called membership management. Members of the United States restrict corporate liability which may be human or legal, and there are no restrictions for members.

At the same time, the bill requires DAO agencies to differentiate themselves from other businesses. A DAO's registered name must include a Decentralized Autonomous Organization or its DAO, LAO, or DAO LLC name to identify the identity of the DAO. , it should be clearly stated in the merger documents that this is a DAO organization.

CAD standards and standards management

Wyoming law states: Who can create a DAO, but a DAO must have at least two members, must be signed by at least two members, and must include the old DAO copies and backups of the organization's cooperative assets. Secretary of State for Information. , the natural organization DAO does not have to be a member of the organization. The DAO can design and implement all legal objectives, whether they are successful or not.

Regarding the management model,The bill recognizes that smart contracts play an important role in DAO agencies., DAO's charter is only recognized by law if there is a verifiable smart contract. As we all know, cooperation products are enterprise cooperation products and play an important role in business management. The bill would allow DAOs to have their own employment contract, but if the contract or other organizational documents are inconsistent with the terms of the smart contract, the Smart Contracts bill will win. This means that smart contracts have become an integral part of the DAO organization and are used directly to manage the entire DAO organization.

Removal of members and dissolution of the DAO

By law, DAO members can only leave DAO under a joint venture, smart contract, or employment contract (if there is a contract). Smart words). In practice, only half of the votes cast can be reversed after each member's vote.

With the repeal of the DAO, the Code sets out specific conditions for the removal of intermediaries: (1) the expiration of the period specified in the smart contract and other organizational documents, (2) the members of the DAO vote for the deletion, (3) smart contracts and other agency information (4) DAO does not approve or comply with the request in one year;

enter at the end

If blockchain is a technology and a virtualization technology and NFT is a business application, then DAO is also the implementation of this concept. We need to think about the following question when we take advantage of it.Why does the concept of decentralization today include such a large information market?

Maybe it's because web.3.0 gives the file attribute information. Perhaps this is because the manufacturing relationship has not evolved with the current development of the industry. Maybe that's because age records give everyone a chance to hear and see. our rapid development of modern technology and the accumulation of valuable resources make it difficult to trust ourselves and others. Isn't it a question of "trust" which will ultimately be resolved by classification?

Like a family,The advantages of DAO are also its disadvantages.: A great design that can work together without “trust” will require that a group of “same” partners come together under the leadership of one eager to accomplish. This is the essence of the gap. . Although the main purpose of this coalition is to raise funds.

That is why in the modern organizational system, various forms of organization have a degree of humanity. Even in "civil law", it is specified in article 967 of the association. for commercial purposesmoney sharing, risk sharingagreement. "

After all, humans are animals, and trust is our human thought and teaching. If the declaration of the best course of action has abandoned an important part of the human condition, we have reason to ignore it, because we cannot estimate where the increasing pressure of it will take us to go.