The next corporation? How DAOs are using code to replace CEOs and boardrooms

The emergence of blockchain technology has brought with it not only new forms of money, like Bitcoin and Ethereum, new forms of capital raising like ICOs but also new forms of organization or new ways to organize human and financial capital. Among the most ambitious and controversial of these is the Decentralized Autonomous Organizations, or DAOs. A DAO is an attempt to reimagine the way humans coordinate, fund, and govern enterprises by shifting the trust from human hierarchies to immutable code. To understand why DAOs matter, and why they provoke such heated debate, one must place them in the broader history of why firms exist, how corporate governance functions, what edge do corporations have and what role law and economics play in shaping organizations.

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