I funded a small amount of it.
DAOs (distributed Autonomous Organizations) could be better thought of in a corporate governance framework.
A) Least distributed corporate governance: Sole proprietorship who owns 100% of their business
Every other organization sits between least and most distributed
B) Most distributed corporate governance: Full democracy state controlled
DAOs are special because the voting mechanism lets people vote across boarders/jurisdictions etc from their computer... but it also relies on the creators giving the right level of control to the DAO voting. If they gave voters 100% control, someone could do a 51% attack and have it destroyed, or something else. But, if they don't give enough control it is effectively a rug pull.
ConstitutionDAO is an amazing initiative because it puts so many assumptions up for a test, and crosses crypto world to mainstream. Its revolutionary.
The 'power' struggle is real... and fully on display
DAOs (distributed Autonomous Organizations) could be better thought of in a corporate governance framework.
A) Least distributed corporate governance: Sole proprietorship who owns 100% of their business
Every other organization sits between least and most distributed
B) Most distributed corporate governance: Full democracy state controlled
DAOs are special because the voting mechanism lets people vote across boarders/jurisdictions etc from their computer... but it also relies on the creators giving the right level of control to the DAO voting. If they gave voters 100% control, someone could do a 51% attack and have it destroyed, or something else. But, if they don't give enough control it is effectively a rug pull.
ConstitutionDAO is an amazing initiative because it puts so many assumptions up for a test, and crosses crypto world to mainstream. Its revolutionary.
The 'power' struggle is real... and fully on display