Last month, , A group of crypto art collectors to 52.5 Million dollars bid for a new Ppleaser Creative Uniswap Promotional video , It's in the headlines . This work of art is based on “ One day Art Meets Science ” Created for ideas , After the auction NFT The money goes to charities .
Even though this time NFT The auction has been widely reported , But few media have mentioned the organizational structure of the auction ： A decentralized autonomous organization （ namely DAO）. Thanks to this organizational structure , Before this 30 A group of people, each of whom is interested in bidding , Now it's able to raise money on social media , And won the bid in a very short time .
Essentially ,DAO It's just a group of organizations running on the Ethereum blockchain with smart contracts as rules . historically , In the encryption industry, large and small groups use DAO To manage protocol development 、 Fund investment or other tasks .
The fact proved that ,DAO Non hierarchical structures are particularly popular in collaborative asset management . And now , With NFT Set off an upsurge , The encryption circle has introduced laws to improve its legitimacy ,DAO Supporters of the United States say DAO It's going to be mainstream .
As the world moves towards Web3.0 The transformation of ,DAO Will play the leading role , Pave the way for a completely decentralized company , these DAO You can get something with Web2.0 The importance and influence of the world's centralized technology giants at the same level .
A decentralized Web3.0（ Also known as the value Internet ） The rise of the Internet is breeding a new organizational structure . This structure surrounds DAPP And the community , Members of the governing community have decision-making power .
Usually ,DAO Members use tokens to vote on topics such as fund allocation . Most of the time ,DAO The impact of members voting depends on how much they contribute to the project ; The result of voting is also based on the degree of participation and voting preference of members .
As for the autonomy part ,DAO It's automatic like a machine ： A set of pre written smart contracts determines the tasks it will perform .DAO The concept of is already developing rapidly DeFi The field is taking root , And become the most popular LEGO toy in Ethereum toolbox .
Professor at Cardoso law school Aaron Wright Yes Decrypt say ：“ It's like we're here DeFi As you can see , All the different systems can talk to each other , We think the same thing will happen to all kinds of organizations .”Wright It's a digital contract platform OpenLaw Co-founder of , He predicted that individuals DAO The independent functions of the project will one day be superimposed together , The organization built will define Web3.
But for critics , from DAO Driven Web It will cause many legal problems and corporate governance problems , And bring disaster .2016 There was something like this in ： at that time , For the first time ever DAO（ This organization is also called DAO） It almost led to the demise of Ethereum .
It's a huge project , raised 1.5 A billion dollar decentralized venture fund , It was the most successful crowdfunding campaign of the time . But an undetected error in the code leads to DAO Failed within weeks of release , Hackers have stolen... From collective funds 5500 Thousands of dollars .
What's controversial is , The Ethereum community voted to protect everyone from loss , Decide to roll back the blockchain . This decision ensures the future of Ethereum , But make DAO The development of our country has regressed for several years .
“ When the hacking happened , suffer DAO The influence of the name , People think it's about DAO Everything is bad .Aragon Co-founder of Luis Cuende Last year I was accepting Decrypt In an interview with ：“ It actually took years for people to change their minds .”
Aragon And completely transparent governance
although DAO Experienced 2016 It's been in the shadow after years of failure , But the related experiments never really stopped .Aragon、DAOstack and Colony And so on DAO We have learned a lesson from it , And understand the importance of audit . They've been working for some big Defi Protocol build and run DAO, Include Synthetix、Aave and Compound. After the surge in project value , All of these projects are in 2020 More control was given back to users in .
Aragon Now it supports 1600 Multiple communities , Include DeFi project Aave and Curve Our community . They provide financial transparency for the project 、 Asset management and protocol governance provide platforms and services .
The community can adopt DAO And program it according to the goal .Sousa Pinto explains , The aim is to create a new kind of authority and “ A set of rules to regulate the interaction between users ”, send “ Governance is completely transparent ”.Aragon An autonomous court has even been set up , To handle disputes .
He claimed that DAO It's the best way to engage a community of thousands of people , And predict things like businesses 、 Entities such as charities and community organizations will soon adopt DAO. He said ：“ It's a great technology , Transparency in governance 、 fair 、 Honest and open .”
But not everyone thinks it's based on DAO Our governance is revolutionary .Dragonfly Capital stay 8 According to a report in May , up to now ,DAO government “ It looks almost the same as traditional corporate governance . Those who have the most token money usually has the final say , And decide how their community works .”
At the same time of technological innovation ,DAO Our management process is constantly improving . for example , Earlier this year it was Aragon An agreement to acquire Vocdoni Digital voting solutions will soon be released , This scheme does not require participants to pay expensive fees to enter the voting process , So as to encourage more participants to join .
Moloch and venture DAO
Current DAO The experiment produced all kinds of innovative ideas . But perhaps the most revolutionary wave of this round is focused on venture capital DAO, And 2017 year ICO The difference is , Such kind DAO On the basis of the concept of hybrid financing, the regulatory level is designed in .
Moloch DAO To manage Ethereum 2.0 It was created with the funding of , The etheric fang 2.0 It's an ongoing expansion plan for Ethereum . It's for a new round of venture DAO（ To raise money for investment DAO） Played a driving role . Its developers focus on simple smart contract solutions , And in order to minimize the possibility of attack and clearly designed the program .
2019 year , The developers in the Ethereum community forked out the code , This bifurcation is used to modify the smart contract , In order to develop more complex DAO. for example MetaCartel Ventures and Marketing DAO, They can distribute and transfer shares and other assets among members . thereafter , Focus on the early investment of Ethereum project DAO MetaCartel Ventures From its 64 Members raised nearly 2400 Thousands of dollars .
Behind these ideas is the cultivation of a healthy venture capital ecosystem , by DAO The project provides convenient financing channels , And help the spirit of technology to flourish . besides ,DAO It also provides the same investment opportunities for experts who use these cutting-edge technologies .
The key is ,MetaCartel And similar companies provide a fast and efficient way of financing . And 2017 Most of the year ICO Different , This approach will not violate U.S. Securities Law . for example ,MetaCartel Ventures Registered a limited liability company in the encryption friendly state of Delaware （LLC）.
OpenLaw Of Aaron Wright say , In the U.S. , Companies can enjoy the benefits of limited liability , because “ Limited liability company is the product of contract ”, and DAO Mainly through software supported smart contracts .
LAO And the law
2020 year 4 month , from OpenLaw Launched in LAO It's a limited liability autonomous organization （Limited Liability autonomobility Organization） Abbreviation , It aligns radical encryption solutions with the traditional world . This is a place with added legal protection venture DAO, It's mainly for investors who want to get returns in the next wave of Ethereum projects .
And MetaCartel DAO equally ,LAO It also uses Moloch Framework , To enable the organization to receive funds , It's not just about payment . up to now , This project has attracted 2500 Million dollars ; in addition , It's already in 40 About 30% Capital of , Including the biggest one right now NFT market SuperRare.
Wright The observed , A lot of builds DAO All of us have learned profound lessons about safety and regulation .LAO Of 68 Members of the team （ limit 100 people ） It's been vetted , To make sure they comply with the relevant KYC And the anti money laundering law . In the U.S. , Only qualified investors are eligible to join .
although LAO Become a model of compliance , But it's not clear what else DAO Whether we attach equal importance to regulation .Wright say , Minefields regulated by American law abound , Especially in token items that may be considered Securities . He added ：“ If you have a very flat 、 Non hierarchical organizations , The ownership and decision-making power of an organization is very participatory , And all the information about the organization is available , I personally strongly advocate that these tokens should not be treated as securities .”
Wright And helped Wyoming, a law friendly state, draft landmark legislation , Trying to clarify DAO The status of . last year , Wyoming also became the first state in the United States to license encryption banks , And it's been extended to the other two states （ Kraken and Avanti ） Issued a license .
Once the new law is enacted ,DAO Members will be granted legal personality , Only traditional companies can enjoy the legal person status .”Wright say ：“ It should be able to make thousands of DAO The organization develops .” He explained that the ：“ To make one of the bills work , A lot of work is needed .”
in fact , Wyoming is not the first state to offer DAO The state of legal personality . Maltese in 2019 The process began in 1991 . However , Maltese efforts have been criticized by Entrepreneurs . They say , Legislation is too complicated , Too much responsibility on the part of operators , This is related to DAO It's the opposite of our spirit . But Malta was the first to lay DAO The basic country , Further amendments can give DAO Legal personality , Reduce the responsibility of operators .
But not everyone is in favor of such legislation . Anderson · A partner in Kiel law firm Preston Byrne Warning ,DAO This may be usurped by money dealers and pawns , They will sell for “ Junk or semi-finished code ” Provide a reasonable explanation .
He called on Wyoming to repeal the act , And claimed that someone had been in 2013 I've tried legal... Since DAO, but DAO It's not going to work and it's in crisis . In any case , The impact of Wyoming legislation may be limited , Because the state has a small population , The least connected to the financial industry ; relatively speaking , Federal securities law is supreme in the United States .
“We Can DAO it”
To raise money venture DAO and ICO There are similarities between them . Some even speculate that ： If it wasn't for the beginning DAO The accident , The Ethereum project has long been DAO As a fundraising tool .
And LAO or MetaCartel Ventures Different （ These two platforms limit the people involved ）, Fundraising platform DuckDAO Allow anyone to invest in the form of holding their tokens ICmarkets foreign exchange www.icmarketschi.com Early start ups , And encourage them to help the project party in customer acquisition and marketing , These include NFT platform Bondly And synthetic encryption assets Base Protocol. （MetaCartel Ventures The official launch , This is the first one in the world based on DAO Build and run venture capital funds .）
image DuckDAO and DAO Maker In this way DAO He also runs the public offering of tokens .DAO Maker The financing plan of (rSHO) stay 2 In May, it was approved by the Maltese regulatory authority . The project searches history by blockchain analysis and scanning wallet address , To identify potential long-term token holders , And train them to be valuable community members .VAIOT Is a start-up company developing artificial intelligence services for enterprises , Because it's in accordance with Maltese law , Also choose rSHO As a way of financing .
VAIOT CEO Christoph Surgowt tell Decrypt：“ We are the first regulated project in Malta , We've cleared the way for other projects , And proved that users can be strict from the regulatory framework 、 Benefit from new sales processes .”
In Asia , People are right. DeFi and DAO My enthusiasm is growing . Japanese start-ups Fracton Ventures Keen to emulate MetaCartel and LAO The success of the . Its founder Toshi Kamei、Naoki Akazawa and Yudai Suzuki Is committed to working with Web3.0 Start ups connect with Asian institutional investors to support DAO The ecological system , So as to enter the dynamic DeFi field . Their slogan is “We can DAO it”.
Suzuki Express , at present , Almost all about DAO Our investments are all in North America . Asian market for DAO I'm also interested in , And it's not easy to get into the network that's taking shape in the United States , Language barriers are part of the reason .
Fracton The three are well aware of the long-term financing problems faced by startups .Kamei It used to be mistletoe （Mistletoe） The producers and investors of ,Mistletoe It was founded by Softbank Masayoshi Son Brother Taizo Son Leadership's social influence Fund . He thinks that , The financing objectives of venture capital often do not have good consistency .“web3.0 Projects need long-term support . We think it's specific to web3.0 The investment model of DAO Will be suitable for these areas .”
Applicable to every scene DAO
Now ,DAO It's not unique to Ethereum .Dora Factory It's part of the poca ecosystem , It's using Boca's own kit for DAO Build an open infrastructure . It's in 2 The first round of financing ended in September .
With NFT boom （ Or foam ） Reach the top , around NFT Formed DAO It has also attracted people's attention .Pleasr DAO The clear purpose of establishment is to win Pplpleasr Artwork , Since then, the DAO The organization bought three more works of artists , And plan to continue investing .
However , It's not the first to work on NFT Of DAO.Flamingo DAO yes LAO On 2020 year 10 A project launched in June . According to the Wright Introduce , The company already owns 40 Members 、1000 A million dollar fund , And acquired about 6-700 Pieces of NFT, These include NBA Top Shot Cards and rare CryptoPunk.
LAO Plan to hatch more in the near future DAO.“ We have such foresight ： Silicon Valley shouldn't just be California's highway , It should be a global network of investment vehicles , Supported by a creative community .
in general , Everything can be DAO. Focus on the author group DAO There have been , for instance mirror.xyz. This DAO The organization regularly has $WRITE competition , Every week, writers who want to participate can compete , The community will vote for the writer they want to see the most .
meanwhile ,Decrypt I recently created my own NFT, And introduced tokens to reward reader engagement . according to Sousa Pinto That's what I'm saying ,DAO It can be an effective way to attract readers , It can also be deployed Decrypt Everyday tools . He stressed that ：“ Voting will be the essence of participation , It's also a way to show preference .”
Sousa Pinto Think , After the token of assets , The next trend will be the tokenization of companies （ Ordinary stocks are not included here ）. The company token corresponds to the different forms of employees' participation in the company and the shares of the company , Corporate tokens can be traded in different markets . The developers also introduced DAO Special tools , For example, decentralized automatic wage system , As a human resource department , Ensure that the efforts of the contributors are rewarded .
But not everyone is keen on it .MIT Technology Review Think , It's a very bad idea to entrust important financial decisions to the public , It's unlikely to generate revenue . They say , In order to make DAO Related projects have been successful in all aspects , A lot of things have to change .
Scalability and high gas Fee is Ethereum's problem , It's also DAO Obstacles to development . In response to this situation ,Metis And other projects are building what's called Layer2 Solution , Other projects believe that the transaction needs to be kept on the chain .
From a broader perspective ,DAO It can overcome the inherent defects of traditional organizations in governance and other aspects . but DAO There are still many problems to be solved , For example, simplify the voting process and reduce the complexity of the overall governance mechanism .
Last , For now ,DAO It's still just an emerging market in encryption and Finance . According to the analysis, the tracking agency DeepDAO The data of , top DAO The scale of assets under management is still only 9.31 Billion dollars . But they are rapidly attracting new converts , Because there have been more than 65000 People become DAO member . Whether or not they are interested in having some high profile NFT, A piece of Decrypt article , Or a place in a huge virtual conference room ,DAO All of the teams are working at the weekly 400 The speed of human growth .