What exactly does crypto want DAOs to be? DanielGKuhn explores the idea that these tech-powered social organizations could grow into entities that rival traditional LLCs and government institutions.
What exactly does crypto want decentralized autonomous organizations to be? I remember a conversation a few years ago over a few cold ones with a former CoinDesker who waxed poetic about the possibility of DAOs. While many people are willing to be quite reductionist when describing DAOs, with the soundbite “Discords with bank accounts,” there is also a real hope these tech-powered social organizations could grow into entities that rival traditional LLCs and government institutions.
Arbitrum’s DAO was pitched as a way to “decentralize” control of the protocol’s development away from Offchain Labs, the company that launched Arbitrum, and bring users and “the community” into the fold. Tokens were airdropped, a reward to early adopters of the system, seemingly with great promise. Unfortunately, the project took some 18 months to build goodwill and a consistent user base, then damaged its credibility in five minutes, according to critics on the project’s Discord.
It’s not worth relitigating exactly what happened, especially considering the Foundation is set to be reformed. But the trouble started because Arbitrum power brokers decided before votes were even cast to fund the organization. Described as a “leaderless cooperative,” the DAO was essentially reduced into a rubber stamp. This shows that there are often human actors behind autonomous smart contracts who get to decide exactly what decentralization looks like.
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