DAO项目白皮书《DECENTRALIZED AUTONOMOUS ORGANIZATION TO AUTOMATE GOVERNANCE》.pdf

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DECENTRALIZED AUTONOMOUS funds and (2) governance rules are formalized, automated
also be imposed by law in addition to or in the absence of
and enforced using software. Specifically, standard smart
a written agreement between participants.
contract code (Szabo [1997], Miller [1997]) has been writ-
Historically, corporations have only been able to act
ten that can be used to form a Decentralized Autonomous
through people (or through corporate entities that were
Organization (DAO) on the Ethereum blockchain. This
themselves ultimately controlled by people). This presents
paper explains how a DAO’s code works, focusing on some
two simple and fundamental problems. Whatever a pri-
basic formation and governance features, including struc-
vate contract or public law require: (1) people do not
ture, creation and voting rights.
always follow the rules and (2) people do not always agree
First a DAO’s Creation Phase and basic functionality
what the rules actually require. Collaboration without a
are described. Then minority owner rights are discussed
corporate form does not solve these problems, necessarily,
and a solution to the “Majority Robbing the Minority At-
and it may introduce others. In the absence of a corpor