Because a series of smart contracts granted DAO token holders voting rights, the blockchain based smart contracts performed the function of articles of association or corporate bylaws, in an organization that had no directors, managers, or employees.
Source quote, verbatim
Because a series of smart contracts granted DAO token holders voting rights, the blockchain-based smart contracts imitated the role of articles of association or bylaws.
From
Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017), III.4. Limitations, p. 32 https://ssrn.com/abstract=2939127 · source PDF
Cite as
Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Legal Education in the Blockchain Revolution (2017). SSRN: https://ssrn.com/abstract=2939127
Holds when
decentralized autonomous organizations structured like the DAO
extendskaal:claim:2922176-036 In a decentralized autonomous organization a series of smart contracts grants token holders voting rights, so ...
restated_bykaal:claim:3227933-032 In a DAO, blockchain-based smart contracts granting token holders voting rights perform the function that arti...
extended_bykaal:claim:3799320-020 Because a series of smart contracts grants DAO token holders voting rights, those smart contracts take the pla...
restated_bykaal:claim:3227967-023 A decentralized autonomous organization is merely computer code with no directors, managers or employees, its ...
restated_bykaal:claim:3227933-030 The DAO showed that a corporate-type organization can operate with no physical address, no directors, no manag...
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