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Die Decentralized Autonomous Organization (DAO) und ihr Verständnis als Unternehmen

Author

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  • Welker, Carl B.

Abstract

Distributed Ledger Technologies (DLT) and their most prominent version, the blockchain, enable a new type of organization: Decentralized Autonomous Organizations (DAOs). DAOs consist of software code, mainly smart contracts, and the DAO members. Members keep governance tokens that grant property rights, e.g. voting rights. DAOs are featured by anonymity of their members and zero hierarchy coordination. Subsequently, DAOs are predestined for shaping web3 communities, managing decentralized applications (dApps) and operating digital business of any kind in the future. In last instance, DAOs may be entirely autonomous due to fully automated smart contracts. Since DAOs operate on blockchains, they are far from day-to-day bureaucracy and formal legal requirements. Seen from a common business point of view, startups and entrepreneurs might criticize a lack of structure and decency of DAOs. Moreover, it has been reported that U.S. authorities sued and made DAO initiators and token owners personally liable for violating federal law. This discussion paper describes essential features of DAOs and discusses major characteristics of a business firm. Moreover, the author points at favourable U.S. locations for setting up a DAO with a LLC body, however still keeping core web3 features such as its decentralized mode of operation and anonymity for token owners.

Suggested Citation

  • Welker, Carl B., 2024. "Die Decentralized Autonomous Organization (DAO) und ihr Verständnis als Unternehmen," IU Discussion Papers - Business & Management 6 (Juni 2024), IU International University of Applied Sciences.
    • Handle: RePEc:zbw:iubhbm:300237
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    More about this item

    Keywords

    Startups; Web3; Distributed Ledger Technologies; Blockchain; Tokenization; Decentralized Autonomous Organization; DAO; Wyoming; LAO;
    All these keywords.

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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