A decentralized autonomous organization is merely computer code with no directors, managers or employees, its governance structure built with software, code and smart contracts running on a public decentralized blockchain platform.
Source quote, verbatim
DAOs are "merely" computer code. They don't have any directors, managers or employees. The governance structure is built with and on software, code and smart contracts that ran on a public decentralized blockchain platform (in most cases Ethereum).
From
Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Legal Education in a Digital Age Why 'Coding for Lawyers' Matters (2018), VII. Smart Contracts, p. 25 https://ssrn.com/abstract=3227967 · source PDF
Cite as
Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Legal Education in a Digital Age Why 'Coding for Lawyers' Matters (2018). SSRN: https://ssrn.com/abstract=3227967
Holds when
DAOs built on public platforms, in most cases Ethereum
extendskaal:claim:3227933-030 The DAO showed that a corporate-type organization can operate with no physical address, no directors, no manag...
restateskaal:claim:2939127-031 Because a series of smart contracts granted DAO token holders voting rights, the blockchain based smart contra...
restateskaal:claim:2922176-036 In a decentralized autonomous organization a series of smart contracts grants token holders voting rights, so ...
extended_bykaal:claim:3406323-007 Decentralized Autonomous Organizations challenge the core belief that governance necessitates agency, because ...
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