Code alone is not institution: the institutional infrastructure that supports cooperative governance has to be rebuilt for the DAO form, not assumed away by it.
Source quote, verbatim
The lesson was clear at the time and remains clear now: code alone is not institution. The institutional infrastructure that supports cooperative governance has to be rebuilt for the DAO form, not assumed away by it.
From
Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026), I. Introduction, p. 4 https://ssrn.com/abstract=6819121 · source PDF
Cite as
Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121
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