kaal:claim:3441904-013

Unlike corporate governance systems, the decentralized nexus of incomplete smart contracts has no supply of majoritarian default rules to fill its gaps, and corporate law's default rules are largely incompatible because they are based on natural language.

Source quote, verbatim

Unlike existing corporate governance systems, however, the decentralized nexus of incomplete smart contracts does not have a supply of majoritarian default rules that could fill incomplete code-based smart contracts.

From

Wulf A. Kaal, Blockchain-Based Corporate Governance (2019), III. Governance Shortcomings in DAOs, p. 13
https://ssrn.com/abstract=3441904 · source PDF

Cite as

Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904

Holds when

blockchain based entities organized through smart contracts

Classification

failuresupport: arguedfailure: missing-default-rulesfamily: smart-contract-rigiditydao

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