See the wiki considerations about the DAO:
Organization represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a central government.
The precise legal status of this type of business organization is unclear. Although unclear, a DAO may functionally be a corporation without legal status as a corporation: a general partnership. This means potentially unlimited legal liability for participants, even if the smart contract code or the DAO's promoters say otherwise.
Looking at the bigger picture, age of the universe, creation of the Earth, dinosaurs dying, humanoid apes, agriculture, organised religion, discovery of America, industrial revolution, telegraph, telephone, radio, TV, internet, blockchain, singularity...
DAO is the evolution.
DAO is new world order.
5.1.2 Except as otherwise provided in this Agreement, all decisions and documents relating to the management and operation of the Company shall be made and executed by a "Majority in Interest" (Majority), where such Majority shall be determined by the Members' vote of their respective ERC20 tokenized interests secured by the following Ethereum blockchain network address
0xd1b9fd165166e950187593524cadba2bb49a884eand as signified through the cryptographic governance interface located at:
https://mainnet.aragon.org/#/openesq.aragonid.eth/(such determination, "Cryptographic Consensus")
Let's take it to the next level.
In the initial period, it is not practical for all centralised services to implement 3DRBP, governments in general are moving slow.
Therefore a concept of DAP (Designated Admin Person) is being developed.
DAP acts as a proxy to execute governance of the DAO but is not legally liable. As a baseline, DAP puts 1000 DAI deposit put into escrow. A single human person can acts as DAP to multiple DAO and operate on the fractional reserve deposit reputation.
Your law is as strong as your ability to enforce it.
Illustrative example. @marxrobertson acts as DAP to IslandDAO and puts 1000 DAI into escrow, so that the DAO as a recourse can obtain the deposit. Mars can also act as DAP to other DAOs such as EstoniaDAO and a single 1000 DAI escrow will be sufficient.
Enhanced level pf protection is possible, with each individual DAO having dedicated ecrow.
Wouldn't it be nice if a DAO could manage Twitter directly?
Starting from Twitter because @jack is bullish on crypto.
Twitter, domains, emails, banks all the have APIs.
3DRBP does exactly what says on the tin.
Protocol for bridging 3D reality.
During the transition period, it will be still the DAP extacting API keys and putting them into a thin client governed by the DAO.
Long term, it will be the DAO officially recognized as the 1st class corporate citizen.
Our unltimate goal is for DAO to be 1st class citizen recognized by modern jurisdictions, to run a business and have bank account without artificial legal shells.
DAO to be 1st class citizen.
Because all the income and expenditure happens transparently on the blockchain, the additional benefit is simplified accounting. No need to hire a specialist firm and auditors if everything is publicly on the blockchain.
PS. We are on the hunt for a transparent bank account, see this Twitter thread:
I am looking for a transparent bank account with a fraud prevention control feature.— Mars Robertson ⚡️⚡️⚡️dearMoon.eth (@marsxrobertson) March 24, 2020
I would like to raise funds and ensure that I cannot run away with the money.#Ethereum provides it out-of-the box:
- everything is visible on the blockchain
- multisig wallets are common