2022/01/03  阅读:32  主题:红绯

On the Rise: Distributed Autonomous Organizations ("DAOs")

On the Rise: Distributed Autonomous Organizations ("DAOs")

崛起: 分布式自治组织(DAOs)

On July 1, 2021, Wyoming’s state Bill 38 took effect. It provides a legal framework for Decentralized Autonomous Organizations (DAO), an entity that federal or state legislatures have not even considered. The bill applies the Wyoming LLC Act to DAOs, giving them legal status as limited liability companies (LLCs). One of the risks with DAOs was the uncertainty as to how they would be treated under the legal system. There was a legitimate concern that DAO members might be held personally liable for the actions of the DAO under “general partnership” principles. Most DAO members join a DAO to participate in the DAO community’s goals and objectives. Hopefully, it will protect DAOs from being treated legally as general partnerships and solidify the rights of DAOs as legal persons providing clarity and structure to many DAO projects. While this bill does not address all DAO-related issues, it resolves the potential liability faced by members of a DAO and marks a significant step forward to recognize DAOs as legal entities. To be clear, Wyoming is not the first place to legalize DAOs. Malta began the process in 2019. Unfortunately, the Maltese legislation is complicated, and for purists, too much responsibility is vested in a manager, contrary to the purpose of a DAO. But Malta was the first to lay the legal groundwork for the DAO. Future amendments could grant DAOs additional legal personality and reduce the responsibility placed on managers. Some claim that the legal DAOs are unworkable and are wrought with potential dangers. In any case, the impact of Wyoming’s initiatives could be limited given the state’s small population, minimal ties to the financial industry, and the fact that federal securities laws are paramount in the United States.

2021年7月1日,怀俄明州的第38号法案生效。它为分散的自治组织(DAO)提供了一个法律框架,而联邦或州立法机构甚至没有考虑到这个实体。该法案将《怀俄明州有限责任公司法》适用于 DAOs,赋予它们作为有限责任公司(LLCs)的法律地位。DAOs 的风险之一是不确定在法律制度下将如何对待它们。有一种合理的关切是,反腐败行动组织成员可能根据”一般伙伴关系”原则对反腐败行动组织的行动承担个人责任。大多数 DAO 成员加入一个 DAO 以参与 DAO 社区的目标和目的。希望它能保护 DAOs 不被法律上视为普通合伙人,并巩固 DAOs 作为法人的权利,为许多 DAO 项目提供明确性和结构。虽然这项法案没有解决所有与 DAO 相关的问题,但它解决了 DAO 成员面临的潜在责任,并标志着承认 DAOs 为法律实体的重要一步。需要明确的是,怀俄明州并不是第一个使 DAOs 合法化的地方。马耳他在2019年开始了这一进程。不幸的是,马耳他的立法是复杂的,对于纯粹主义者来说,太多的责任被赋予了管理者,这与 DAO 的目的相反。但是,马耳他是第一个为反恐怖主义行动组织奠定法律基础的国家。今后的修正案可以赋予 DAOs 更多的法人资格,并减少管理人员的责任。一些人声称,合法的 DAOs 是不可行的,并带有潜在的危险。无论如何,鉴于怀俄明州人口稀少,与金融业的联系极少,以及联邦证券法在美国至关重要的事实,怀俄明州的举措的影响可能是有限的。

So, what is a DAO: a DAO is a business organization where control and governance are horizontal and distributed among the members. In contrast, LLCs and corporations that are hierarchical are controlled by designated managers, officers, and a board of directors. At the core, a DAO is an organization governed by smart contracts that function autonomously without a central authority. They challenge existing constructs of legal personality for algorithmically run business entities emerging around the globe. A smart contract is computer code (typically using Solidity) executing transactions on a blockchain platform (typically the Ethereum platform) when specified conditions are met. The DAOs smart contracts include the creation and distribution of native tokens. The DAO can then spend the native token to incentivize certain activities or utilize voting mechanisms. Voting rights typically accompany the tokens, and decisions regarding the DAO are generally made through proposals voted on by the members of the DAO. What results is a fully operational autonomous organization independent from any central authority. DAO members typically use governance tokens to vote on topics such as the allocation of funds. The DAO concept has taken root in the Decentralized Finance (DeFi) space. Many DAOs exist today: e.g., Defi projects MakerDAO, Synthetix, Aave, and FlamingoDAO, for collecting non- NFTs. (See, https://www.withersworldwide.com/en-gb/insight/non-fungible-tokens-legal-issues-to-be-considered)

因此,什么是 DAO: DAO 是一个业务组织,其中的控制和治理是水平的,并且分布在成员之间。相比之下,有限责任公司和等级森严的公司则由指定的经理、管理人员和董事会控制。在核心上,DAO 是一个由智能契约管理的组织,它在没有中央权威的情况下自主运行。它们挑战了现有的法律人格结构,这些法律人格结构适用于全球各地出现的算法运营的商业实体。智能契约是指满足特定条件时,在区块链平台(通常是 Ethereum 平台)上执行事务的计算机代码(通常使用 Solidity)。DAOs 智能契约包括创建和分发本地令牌。然后,DAO 可以使用本机标记来激励某些活动或利用投票机制。投票权通常伴随令牌,关于 DAO 的决定通常是通过 DAO 成员投票决定的。其结果是一个完全运作的独立于任何中央权威的自治组织。DAO 成员通常使用治理令牌对诸如资金分配等主题进行投票。DAO 概念已经在分散金融(DeFi)领域扎根。目前存在许多 dao: 例如,Defi 项目 MakerDAO、 Synthetix、 Aave 和 FlamingoDAO 用于收集非 nft。(参见《 https://www.withersworldwide.com/en-gb/insight/non-fungible-tokens-legal-issues-to-be-considered

What are the standards of conduct for a DAO: DAO LLCs organized in Wyoming are governed by articles of organization, operating agreements, and smart contracts. All of the items can detail the rights and duties of the DAO’s members. Under the terms of the legislation, a DAO “is a limited liability company whose articles of organization contain a statement that the company is a” DAO. The DAO’s registered name would also be required to include the appropriate designation, such as “DAO,” “LAO” (limited liability autonomous organization), or “DAO LLC. A Wyoming DAO LLC management can either be vested in its members, i.e., if member-managed, or the smart contract, i.e., algorithmically managed. Under the bill, the default rule on “standards of conduct for members” states: “Unless otherwise provided for in the articles of organization or operating agreement, no member of a DAO shall have any fiduciary duty to the organization or any member except that the members shall be subject to the implied contractual covenant of good faith and fair dealing.” In other words, just like in LLCs, DAO members can always be held liable for bad faith conduct. This is similar to California law, where members must act “consistent with the obligation of good faith and fair dealing” even if the LLC is manager-managed. (See, California Corporations Code section 17704.09., subdivisions (d) and (f)(2).) Having an algorithmically managed entity will reduce the potential for managerial misconduct, which is a large source of LLC litigation. However, as long as the DAO members with voting rights are human, bad faith conduct will be part of the picture, which will lead to litigation. Courts in many jurisdictions have recognized that the right to vote in an entity is a valuable “personal property right” and that actions circumventing or frustrating an individual’s voting rights can support a legal claim.

DAO 的行为标准是什么: 在怀俄明州组织的 DAO 有限责任公司受组织条款、操作协议和智能合同的约束。所有项目都可以详细说明 DAO 成员的权利和义务。根据法律的条款,DAO 是一个组织条款包含公司是一个 DAO 的声明的有限公司。DAO 的注册名称还需要包含适当的名称,如“ DAO”、“ LAO”(有限责任自治组织)或“ DAO LLC”。Wyoming DAO 有限责任公司的管理既可以归属于其成员(如果由成员管理) ,也可以归属于智能合同(如算法管理)。根据该法案,关于”成员行为标准”的缺省规则规定:”除非组织条款或运作协议另有规定,反腐败机制的成员不得对组织或任何成员承担任何信托责任,除非成员应遵守善意和公平交易的默示合同契约换句话说,就像在有限责任公司一样,DAO 成员总是要对恶意行为承担责任。这类似于加利福尼亚州的法律,即使有限责任公司由管理人管理,其成员必须“遵守诚信和公平交易的义务”。(见《加州公司法》第17704.09条。(d)及(f)(2))拥有一个算法管理的实体将减少管理不当的可能性,这是有限责任公司诉讼的一个重要来源。然而,只要拥有表决权的反腐败组织成员是人,恶意行为就会成为其中的一部分,从而导致诉讼。许多司法管辖区的法院承认,在一个实体中的投票权是一项宝贵的”个人财产权”,规避或阻挠个人投票权的行为可以支持法律主张。

What are the advantages to DAO LLC: Much like shareholders of a corporation, LLC members/owners are not personally liable for the LLC’s debts or legal liabilities. Standard corporations are generally burdened with double income taxation. The corporation’s profits are first taxed as income, and shareholders must then pay income taxes on any dividends. On the other hand, LLCs receive “pass-through” treatment allowing allocated profits to be taxed only once on each member’s individual income tax return. Additionally, LLC owners may be able to deduct 20% of their business income with the 20% pass-through deduction established under the Tax Cuts and Jobs Act. Establishing and maintaining a DAO LLC is less complex and burdensome than other entities. A presumption can be made that DAO LLCs will be treated just like any other LLC for tax purposes. DAOs that involve foreign members should always be cognizant of the Federal Withholding Tax, which subjects foreign nationals to a 30% standard flat-rate tax on US source income. The tax is typically withheld from payments made to foreign nationals. A DAO LLC is established by filing articles of organization with and paying a fee to the secretary of state. The filing typically includes:

有限责任公司的优点是什么: 就像公司的股东一样,有限责任公司的成员/所有者个人不对有限责任公司的债务或法律责任承担责任。标准公司普遍承担双重所得税负担。公司的利润首先作为收入纳税,然后股东必须为任何股息支付所得税。另一方面,有限责任公司享受“传递”待遇,允许分配的利润在每个成员的个人所得税申报表上只征税一次。此外,有限责任公司的所有者可以扣除20% 的业务收入与20% 的传递扣除根据减税和就业法规定。建立和维护 DAO LLC 与其他实体相比,不那么复杂和繁琐。可以推定,DAO 有限责任公司将与其他有限责任公司一样处理税务问题。涉及外国成员的 DAOs 应当始终了解联邦预扣税,该税对外国国民征收30% 的美国来源收入标准统一税率。这种税通常是从支付给外国公民的款项中扣除的。有限责任公司是通过向国务卿提交组织章程并向其支付费用而成立的。申请文件通常包括:

• The LLC’s name.
• The location of its principal offices.
• The identity of its members.
• The planned duration of the business.
• Any other statutorily mandated information.

•有限责任公司的名字。* 其主要办事处的地点。•其成员的身份。* 业务计划持续时间。•任何其他法定要求的信息。

What are some concerns with DAO LLC: Concerns can be raised on the issue of whether registration as a Wyoming LLC tempers the fundamental “decentralized” aspect of DAOs. That is, does the US Securities and Exchange Commission (SEC) now have an identifiable entity or individuals that encapsulate network development and governance structure? The determination that such an entity or individuals are “active participants” is crucial to the third prong of the Howey Test as it relates to digital assets, whereby expectation of profits derived from the efforts of others, e.g., a manager, promoter, sponsor, or other third party or affiliated group of third parties is key in determining whether a digital asset is a security Without organizing as an LLC, one could argue that all the participants are independent and do not constitute a structured group of “active participants.” Registration under the law, however, could enable a more sustainable decentralized ecosystem. For instance, technology developments, e.g., user experience (UX), hosting, and maintenance, can be shifted to the DAO rather than being maintained by the initial development team. This change would ultimately allow the decentralized governance protocol to control or direct the control of all facets of the DAO ecosystem technology. Limited groups of people could be elected by the DAO’s governance protocol to oversee non-critical and off-chain decisions. The governance protocol could empower the elected individuals to make decisions regarding certain aspects of treasury management and asset allocation.

DAO 有限责任公司有什么问题: 关于作为怀俄明有限责任公司注册是否能够缓和 DAOs 的基本“分散”方面的问题,可能会引起关注。也就是说,美国证券交易委员会(SEC)现在是否有一个或多个封装网络开发和治理结构的可识别实体?确定这种实体或个人是”积极参与者”对 Howey 测试的第三个方面至关重要,因为它涉及到数字资产,因此,期望从其他人的努力中获得利润是确定数字资产是否是一种证券的关键,如果没有作为有限责任公司组织起来,可以说所有参与者都是独立的,并不构成一个结构化的”积极参与者”集团然而,根据法律注册,可以使一个更可持续的分散的生态系统。例如,技术开发,例如,用户体验(user experience,UX)、托管和维护,可以转移到 DAO,而不是由最初的开发团队维护。这一变化最终允许分散治理协议控制或指导 DAO 生态系统技术的所有方面。有限的人员组可以通过 DAO 的治理协议选举出来,以监督非关键的和离链的决策。治理协议可以授权当选个人就财务管理和资产分配的某些方面作出决定。

A DAO-driven web will spawn and solve legal and corporate governance issues: In 2016, when the first-ever DAO named The DAO nearly caused the Ethereum network’s demise. The project raised 55 million worth of community funds. Ethereum rolled back the blockchain to recover the stolen funds. The decision secured the future of the fledgling platform, but the controversy set the development of DAOs back several years. Plus, the SEC issued an investigative report concluding DAO Tokens were Securities. (See, https://www.sec.gov/news/press-release/2017-131) Despite these setbacks, the DAO experiment has gone forward. Projects such as Aragon, DAOstack, and Colony have picked up from the original DAO. They have continued implementing DAOs for some of the largest DeFi protocols, including Synthetix, Aave, and Compound. Aragon now supports more than 1,600 communities, including the DeFi projects Aave and Curve. They use the platform and services for financial transparency, asset management, and protocol governance.

一个由 DAO 驱动的 web 将产生并解决法律和公司治理问题: 在2016年,当第一个被命名为 DAO 的 DAO 几乎导致了 Ethereum 网络的消亡时。该项目为一个分散的风险投资基金筹集了1.5亿美元,是当时最成功的众筹活动。但是一个代码问题被利用并导致“ DAO”在几周内失败。黑客窃取了价值5500万美元的社区基金。以太回滚区块链,以恢复被盗资金。这个决定确保了这个羽翼未丰的平台的未来,但是争议将 DAOs 的开发推迟了几年。此外,美国证券交易委员会发布了一份调查报告,得出 DAO 代币是证券的结论。尽管有这些挫折,DAO 实验还是向前迈进了一 https://www.sec.gov/news/press-release/2017-131。像 Aragon、 DAOstack 和 Colony 这样的项目都是从原始 DAO 中获得的。他们继续为一些最大的 DeFi 协议实现 dao,包括 Synthetix、 Aave 和 Compound。Aragon 现在支持超过1600个社区,包括 DeFi 项目 Aave 和 Curve。他们使用这个平台和服务来实现金融透明度、资产管理和协议治理。

Meanwhile, the processes by which DAOs are governed are evolving alongside technical innovations. For instance, Vocdoni, a protocol acquired by Aragon, will release digital voting solutions which don’t require participants to pay fees to go on-chain to vote, thus encouraging greater participation. In fact, following the advice of Ethereum’s Vitalik Buterin that DAO’s are useless without decentralized courts, Aragon came up with Aragon Court. This judicial branch uses the Aragon Manifesto as the constitution and serves as the Aragon network jurisdiction. Users have to stake tokens to participate as jurors, defendants, or plaintiffs.

与此同时,随着技术革新,DAOs 的治理过程也在不断发展。例如,被 Aragon 收购的协议 Vocdoni 将发布数字投票解决方案,不要求参与者支付连锁投票的费用,从而鼓励更多的参与。事实上,根据 Ethereum 的 Vitalik Buterin 的建议,如果没有分权法院,反种族主义行动组织是没有用的,Aragon 提出了 Aragon Court。该司法部门以 Aragon Manifesto 为宪法,作为亚拉贡网络司法管辖区。用户必须以陪审员、被告或原告的身份参与。

New use cases for the DAO-spring up daily: MolochDAO, which was created to manage grants to fund the development of Ethereum 2.0, a “proof of stake” scaling initiative, has been instrumental to the new wave of venture DAOs. Its developers focused on simple, smart contract solutions and expressly designed the program to minimize the possibility of an attack. In Asia, too, enthusiasm for DeFi and DAOs is growing. Fracton Ventures, a Japanese startup, is building off of the success of MetaCartel. Fracton plans to involve corporate investors in venture DAOs. These days, DAOs are not exclusive to Ethereum. Dora Factory, which is part of the Polkadot ecosystem, is building an open infrastructure for DAOs using the network’s own suite of tools. It closed its first funding round in February. But, as the NFT craze reaches its peak, it’s the DAOs formed around NFTs that have been getting attention. The PleasrDAO, which was formed for the express purpose of winning the Pplpleasr artwork, has since bought three more of the artist’s works and plans to continue investing.

DAO-spring 的新用例每天都在涌现: MolochDAO 是为了管理赠款以资助 Ethereum 2.0的开发而创建的,这是一个“利益证明”的扩展倡议,对于新一波的风险 DAOs 来说,它起到了重要作用。它的开发人员专注于简单、智能的合同解决方案,并明确设计了程序,以尽量减少攻击的可能性。在亚洲,对 DeFi 和 DAOs 的热情也在增长。日本创业公司 Fracton Ventures 正在借鉴 MetaCartel 的成功经验。弗莱克顿公司计划让公司投资者参与到风险投资领域。如今,DAOs 并不是 Ethereum 独有的。作为 Polkadot 生态系统的一部分,Dora Factory 正在使用网络自己的工具套件为 DAOs 构建一个开放的基础设施。它在二月份完成了第一轮融资。但是,随着非功能性晶体管热潮达到顶峰,围绕非功能性晶体管形成的 DAOs 引起了人们的关注。为了赢得 Pplpleasr 的作品而成立的 PleasrDAO 已经购买了这位艺术家的另外三幅作品,并计划继续投资。

In conclusion, DAO’s are here to stay. Interest in DAOs that was limited to most active members of the blockchain community is changing with the rise of NFTs and DeFi. As investor’s interests in digital assets grow, they can now understand the value of DAO’s that adhere to the rules set by the blockchain community. As it matures, the underlying blockchain infrastructure applied to DAO’s will provide interoperative ecosystems providing performant, inexpensive transactions/settlement, the immutability of contracts, and execution of smart contracts to handle ownership, authenticity, certification, governance, royalty payments, and a host of other ecosystem functionality. The decentralized ecosystem transparency will support and provide price and market efficiency. Decentralization will grow via the network effect, as the rise of innovation, performance, and resulting participation will elevate a vibrant global ecosystem of applications.

总之,DAO 将继续存在下去。对 DAOs 的兴趣仅限于区块链社区中最活跃的成员,随着 nft 和 DeFi 的兴起正在发生变化。随着投资者对数字资产兴趣的增长,他们现在可以理解遵循区块链社区设定的规则的 DAO 的价值。随着它的成熟,应用于 DAO 的底层块环链基础设施将提供可互操作的生态系统,提供可执行的、廉价的交易/结算、不变的合同,以及执行智能合同来处理所有权、真实性、认证、治理、版税支付和其他一系列生态系统功能。分散的生态系统透明度将支持并提供价格和市场效率。地方分权将通过网络效应发展壮大,因为创新、性能和随之而来的参与将提升一个充满活力的全球应用生态系统。


2022/01/03  阅读:32  主题:红绯