This post explores the legal standing of DAOs and provides insight on how to structure your DAO to minimize liability for its members. A DAO, aka Decentralized Autonomous Organization, leverages blockchain technology to empower a group of people to reach a consensus over the state of their organization. I originally coined the phrase “Decentralized Autonomous Company” in 2013 to describe Bitcoin. The thinking was that Bitcoin was autonomously achieving its purpose without reliance on any centralized infrastructure.
It’s time to introduce next generation of decentralized autonomous organizations.
Is ƒractally building on EOS?
A smart contract is computer code that deterministically executes an algorithm to determine property rights according to the signed statements of individuals. They enable a community to efficiently and unambiguously reach a shared consensus on who owns what.