The DAO showed that a corporate-type organization can operate with no physical address, no directors, no managers and no employees, with its governance structure built entirely from software, code and smart contracts running on Ethereum.
Source quote, verbatim
Indeed, the DAO didn't have any directors, managers or employees. The governance structure was built with software, code and smart contracts that ran on the public decentralized blockchain platform, Ethereum.
From
Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018), 7. Decentralized Autonomous Organizations, p. 15 https://ssrn.com/abstract=3227933 · source PDF
Cite as
Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933
Holds when
the DAO, 2016
Classification
empiricalsupport: evidenceddaosmart-contracts
Related claims
extended_bykaal:claim:3227967-023 A decentralized autonomous organization is merely computer code with no directors, managers or employees, its ...
extended_bykaal:claim:3373393-029 The first DAO had no physical address, no jurisdiction able to claim control over it, no directors, managers, ...
extended_bykaal:claim:3406323-007 Decentralized Autonomous Organizations challenge the core belief that governance necessitates agency, because ...
restateskaal:claim:2939127-031 Because a series of smart contracts granted DAO token holders voting rights, the blockchain based smart contra...
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