WEF - Decentralized Autonomous Organizations Beyond the Hype 2022（英文）行业资料

Incollaborationwiththe

WhartonBlockchainand

DigitalAssetProject

DecentralizedAutonomous

Organizations:BeyondtheHype

WHITEPAPER

JUNE2022

Images:GettyImages

Contents

Foreword3

Executivesummary4

Introduction5

1WhatisaDAO?6

1.1EmergenceofDAOs6

1.2HistoryofDAOs7

1.3DAOstrengthsandweaknesses8

2Practicalelements10

2.1LaunchingDAOs10

2.2ManagingDAOs11

3CategoriesofDAOs12

3.1Meansandobjectives13

3.2Definingterms15

4KeyissuesforthefutureofDAOs16

4.1Practicalchallenges16

4.2Legalandregulatorychallenges18

Conclusion19

Contributors20

Endnotes21

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DecentralizedAutonomousOrganizations:BeyondtheHype2

June2022

DecentralizedAutonomousOrganizations:

BeyondtheHype

Foreword

AidenSlavin

ProjectLead,CryptoImpactandSustainabilityAccelerator,WorldEconomicForum,USA

Innovationhasalwaysdrivenorganizationalcoordination.Fromtheriseofthejoint-stockcompanyintheseventeenthcentury,thedevelopmentoflimitedliabilityinthenineteenthandtheproliferationoftheinternetinthetwentieth,novelstructuresandtechnologieshave,throughouthistory,profoundlyalteredthewayhumanityorganizeswork.Today,blockchains,digitalassetsandrelatedtechnologiesarechanginghumancoordinationataquickerratethanbefore,creatingbothopportunitiesandchallenges.

Worldwide,entrepreneursarehitchingthepowerofdistributedledgertechnologytoanewformofcoordination,decentralizedautonomousorganizations(DAOs),todeployresources,coordinateactivitiesandmakedecisionscommunally.Byempoweringmemberstopropose,voteonandeffectchangestoanentity,DAOsenablecommunitiestoworkcollectivelytowardsachievingsharedgoals,oftenwithouttop-down,hierarchalmanagement.

Althoughcentralizedgovernancehasmadepossiblethecreationofsomeofthemostpowerfulenterprisesinhistory,centralizationcomesatacost.Withasmallminorityincharge,centralizedentitiestendtomakedecisionsopaquelyandconcentratepoweratthetop.Theoverheadsofcentralizedmanagementcanbesignificant.Moreover,centralizedorganizationsmayoveremphasizenarrowgoalsattheexpenseofbroadersocietalconsiderations.

Bycontrast,DAOsaspiretooperatewithoutconventionalcentralizedintermediariesorinstitutionalstructures.DAOsmayofferawaytodemocratizethemanagementoforganizationsanddirectefforttowardsawidevarietyofgoals,

KevinWerbach

ProfessorofLegalStudiesandBusinessEthicsandDirector,BlockchainandDigitalAssetProject,WhartonSchool,UniversityofPennsylvania,USA

includingprosocialends.Likewise,DAOshavethepotentialtorealizegainsintransparency,accountabilityandmorerelativetotraditionalorganizationalstructures,includingcorporations.Yetpracticalchallengesofgovernance,cybersecurityandpowerconcentration,combinedwithregulatoryuncertaintyandfragmentation,couldleadtofurtherhacks,privacyissuesandinequality.

SinceDAOinnovationisevolvingrapidlyandisprimarilyledbytheprivatesector,itisvitalforpolicy-makersandregulatorstostayengaged.Harnessingtechnologiesforeffectivecoordinationrequiresmorethanjustinnovation.ForDAOstorealizetheirfullpotential,recentinnovationsmustbecombinedwithevidence-based,fit-for-purposepolicyandgovernanceinformedbypublic-privatecollaborationfocusedonensuringthatDAOsaredevelopedandmanagedinamannerbeneficialtosocietyatlarge.

ThisjointWorldEconomicForumandWhartonSchooloftheUniversityofPennsylvaniapublicationaimstoshedlightonthistopic,offeringafoundationforpolicy-makers,regulatorsandseniorbusinessleaderstounderstandtheDAOecosystem.ForthcomingpublicationsfromthiscollaborationwillprovidepolicyframeworksforevaluatingDAOs,principles-basedapproachesforgoverningDAOsandreflectionsonearlyexperimentsinleveragingDAOsforsocialimpact.

Throughouthistory,anytoolthatmeaningfullyimprovedorganizationalcoordinationeventuallybecamewidespread,sparkingdramaticeconomicandsocialchanges.OnlytimewilltellwhetherDAOswilljointhislist.Itisourhopethatthisreporthelpsrealizethebenefitsofthisemergingform.

DecentralizedAutonomousOrganizations:BeyondtheHype3

Open-sourcesoftware,blockchaintechnology,economicincentivesandprogrammablesmartcontractshavethepotentialtooffergreatertransparency,trust,adaptabilityandspeed.

Executivesummary

Inrecentyears,decentralizedautonomousorganizations(DAOs),entitiesthatuseblockchains,digitalassetsandrelatedtechnologiestodirectresources,coordinateactivitiesandmakedecisions,haveexperiencedexplosivegrowth.AccordingtotheanalyticsserviceDeepDAO,in2021thetotalvalueofDAOtreasuriessurgedfortyfold,from$400millionto$16billion,andthenumberofDAOparticipantsincreasedby130timesfrom13,000to1.6million.1AsDAOinnovationhaslargelybeenledbytheprivatesectorandDAOsarebeingdevelopedforanincreasinglywidevarietyofpurposes,itiscriticalthatpolicy-makers,regulatorsandseniorexecutivesdevelopanuancedunderstandingoftheseentities.

DAOproponentsassertthatthenovelorganizationalformcanaddressthelimitationsofcentralizedgovernance,offeringawaytodemocratizemanagementanddirecteffortstowardsawidevarietyofaims,includingprosocialgoals.Open-sourcesoftware,blockchaintechnology,economicincentivesandprogrammablesmartcontractshavethepotentialtooffergreatertransparency,trust,adaptabilityandspeedovertraditionalorganizationalformssuchascorporations.Atthesametime,DAOsfacechallengesofscalability,engagement,cybersecurity,privacyandregulatoryuncertainty.QuestionsremainaboutwhetherDAOsfulfiltheirvisionofdecentralizedgovernanceinpractice.

Toequippolicy-makers,regulatorsandbusinessleaderstodevelopnuanced,fit-for-purposeapproachestoDAOs,thisreportprovidesanoverviewoftheDAOlandscape,exploresDAOs’advantagesanddisadvantagescomparedtotraditionalorganizationalstructuresandoffersabreakdownofsomeofthekeyriskstheyface.Forthcomingpublicationsdevelopedfromthisinternationalcollaborationamongacademics,legalpractitioners,DAOentrepreneurs,technologistsandcryptoexpertswillofferguidelinesfordevelopingDAOs,recommendationsforpolicyresponsesandassessmentsofsocialimpactusecases.

1.Thelandscape

ThefirstfunctionalDAO,knownas“TheDAO”,wascreatedin2016.Inamatterofweeks,itraised$150millioninethertocreateanorganizationforcollectiveinvestmentinblockchainprojects.2WhenabuginTheDAO’scodewasexploitedtosiphonoffaconsiderableamountofthecommittedassets,innovatorsdoubleddownondevelopingimprovedDAOtoolingandsupportinginfrastructure.Today,DAOsbenefitingfromarangeoftoolsare

beingdeployedforfunctionsasvariousasgrant-making,socialnetworkinganddrivingsocialimpact.Generally,theDAOlandscapecanbesegmentedaccordingtoobjectiveandmeans;namely,theprimaryobjectiveoftheDAOandthemeansaDAOusestoachievethatobjective.WhilesomeDAOsaimtopoweranetworkorapplication,otherspursueaspecificcommunalobjective.Likewise,whilesomeDAOsmanageactivities,othersdeploycapitaltoachievetheirgoal.Thisreportoffersanoveltaxonomy,breakingdowntheDAOecosystemintoninecategories.

2.Strengthsandweaknesses

AlthoughDAOsarenascent,keystrengthsandweaknessesarealreadyemerging.Relativetotraditionalorganizationalformssuchascorporations,DAOsmayofferawaytoachievegreatertransparency,trust,adaptabilityandspeed.Theyalsomakepossiblerapidexperimentationandthepotentialtodirectactivitytowardsamultiplicityofgoals.Conversely,DAOshavemanypotentialweaknesses.DAOstodayconfrontissuesofgovernance,voterengagement,powerconcentration,cybersecurityandmore.Perhapsmostcrucially,DAOsfaceregulatoryfragmentationanduncertainty.

3.Keyrisks

Severalpractical,legalandregulatoryrisksaffectDAOs.Liketheblockchainstheyrunon,manyDAOsfacelimitationsandsecuritychallenges.Likewise,duetotheirpseudonymousnature,DAOscancreateinformationasymmetriesbetweencreatorsandcontributors.DAOsalsocontinuetoconfrontahostofgovernance-relatedrisks,suchasalackofvoterengagementandvoterfatigue.Moreover,powerconcentrationinDAOspresentsachallengetothevisionofdecentralizationespousedbyDAOpractitioners.Crucially,DAOsalsofacelegalandregulatoryrisksconcerninglegalstatus,applicablelawsandregulations,andjurisdictionaluncertainty.

Critically,theaimofthisreportisnottoprovideacomprehensiveanalysisoftheDAOecosystembuttoidentifythekeyemergingbenefitsandrisksofDAOs.DAOsarenascent;theiroperations,utilityandfunctionsarestillbeingdefined.AsDAOscontinuetodevelop,ourhopeisthatthisreportwillhelpdecision-makersdevelopinformedanalysesandactionablestrategies.

DecentralizedAutonomousOrganizations:BeyondtheHype4

Introduction

Decentralizedautonomousorganizations(DAOs)areentitiesthatleverageblockchains,digitalassetsandrelatedtechnologiestodeployresources,coordinateactivitiesandmakedecisions.DAOsattempttodecentralizetheoperationoffirmsandothercollectiveentitiesbymakingfunctionalandfinancialinformationtransparentandempoweringtoken-holdingmemberstopropose,voteonandenactchanges.3

DAOshaverecentlyexperiencedexplosivegrowth.AccordingtotheanalyticsserviceDeepDAO,thetotalcombinedvalueofDAOtreasuriesincreasedroughlyfortyfold(from$380millionto$16billion)fromJanuarytoSeptember2021.4DAOsarebeingcreatedtoachievepurposesasdiverseasinvesting,communitynetworking,governingdecentralizedapplicationsanddrivingsocialimpact.5Nonetheless,DAOsarestillearlyintheirdevelopment.

TheaimofthisreportistodemystifyDAOsforawiderangeofaudiences,includingpolicy-makers,regulatorsandbusinessleaders.ItdescribesthefundamentalelementsofDAOs,theDAOecosystemandkeyongoingdevelopments.Inaddition,itofferscasestudiesthatexemplifycriticalemergingstrengthsandweaknessesofDAOsandabreakdownofpotentialrisks.ForthcomingpublicationsinthiscollaborationbetweentheWorld

EconomicForumandtheWhartonSchooloftheUniversityofPennsylvaniawillofferguidancefordevelopingDAOs,frameworksforevaluatingthemandassessmentsofsocialimpactusecases.6

DAOisageneraltermcoveringarangeoforganizationalstructuresandapplications.WeidentifyninecategoriesofDAOsbasedontheirprimaryobjective(generative,associativeoradhoc)andprimarymeansofachievingthatobjective(activity,valuetransferandsocial).7Whiletraditionalcorporategovernancereliesonmanagementandformallegalstructures,DAOsattempttooperateinadecentralizedfashion,typicallyrunningonpublic,permissionlessblockchainswithrulesencodedinopen-sourcesoftwareprotocolsandenforcedbysmartcontracts.8

Likedecentralizedweb3technologiesmoregenerally,DAOshavebeenpromotedfortheirpotentialtorealizegreaterefficiency,transparencyandsharedownership.However,theyhavealsobeencriticizedfortheirrisksandunknowns.Therehavealreadybeenseveralattacks,governanceproblemsandotherchallengesintheDAOecosystem.Thus,itisessentialfortheprivateandpublicsectorsaliketodevelopanuancedunderstandingoftheopportunities,risksandchallengespresentedbyDAOs.

TheWhartonBlockchainandDigitalAssetProject(BDAP)isaresearchinitiativeattheWhartonSchooloftheUniversityofPennsylvaniafocusedontheevolvingblockchainphenomenon.Drawingontheworld-classWharton/Pennfaculty,alumniandstudents,aswellasrelationshipswithofficialsandindustryexpertsfromaroundtheworld,BDAPseekstoenhanceunderstandingandbridgegapsamongstakeholdercommunities.

TheCryptoImpactandSustainabilityAcceleratorisaprojectoftheWorldEconomicForumthatseekstocatalyseprogressonenvironmental,socialandgovernance(ESG)targetsforthecryptoecosystem.BuildingupontheworkoftheForum’sBlockchainandDigitalAssetsPlatformandaglobalnetworkofcontributors,theinitiativeexploresemergingtopics,suchasDAOs,tobridgegapsinunderstandingbetweenthepublicandprivatesectors,driveeffortsacrossthespaceandshapeacohesivenarrativethathighlightshowcryptocanleadincontributionstoESGinweb3andbeyond.

DecentralizedAutonomousOrganizations:BeyondtheHype5

1

WhatisaDAO?

A“decentralizedautonomousorganization”(DAO)isageneraltermforagroupthatusesblockchainsandrelatedtechnologiestocoordinateitsactivities.

1.1

Byempoweringtoken-holdingmemberstopropose,voteonandenactchangestoanentity,DAOsenablecommunitiestoworkcollaborativelytowardsachievingsharedgoals.

TheemergenceofDAOs

Traditionally,hierarchicalmanagementhasofferedameansofdirectinghumanactivity.9Entitiesasdiverseasgovernments,religiousinstitutionsandcorporationsusecentralizedmethodstogovernresources,territoriesandcommunities.Utilizinginnovationssuchasjoint-stockcompanies,centralizedorganizationshavebecomesomeofthemostpowerfulandeconomicallyvaluableenterprisesevercreated.

Yetcentralizationisnotwithoutitscosts.Withasmallminorityincharge,centralizedentitiestendtomakedecisionsopaquelyandconsolidatepoweratthetop.Theoverheadsofcentralizedmanagementcanbeconsiderable.Moreover,centralizedorganizationsmayoveremphasizenarrowgoals,likemaximizingshareholderprofits,attheexpenseofbroaderconsiderationssuchascontributingtoeffortstoaddresstheclimatecrisis.10

Recognizingthelimitationsofcentralizedgovernance,internetpioneersuseopenprotocolsandstandardstoempowerparticipantsaroundtheworldtocollaborateonambitiousprojects.Techniquesofsocialproduction,utilizing

open-sourcesoftware,onlinecollaborationtoolsandopeninterfacesplayedakeyroleinthedevelopmentoftheinternet.11Overtime,however,powerhasbecomeconsolidatedinahandfuloflargecorporationsoccupyingstrategicintermediationpointsinthedigitalworld.12

Today,entrepreneursareusingweb3technologies,includingblockchain,digitalassetsandDAOs,

tocreatenewmechanismsofdecentralizedgovernanceandcoordination.Byempoweringtoken-holdingmemberstopropose,voteonandenactchangestoanentity,DAOsenablecommunitiestoworkcollaborativelytowardsachievingsharedgoals.DAOsaspiretooperatewithoutconventionalcentralizedintermediariesorinstitutionalstructuresforfunctionssuchastheallocationoftasksanddeploymentofresources.13Theiropen,composablestructuremakesthemsimpletolaunchandcustomizewithincentivestructures.Bylockingagreementsintoautomaticallyexecutingcomputercode,DAOscanfosterrapidandtransparentdecision-making.

ThesefeatureshavemadetheDAOlandscapefertilegroundforinnovation.Inrecentyears,DAOshavemushroomedacrosssectors,servingawidevarietyoffunctions.DAOsarebeingleveragedtomakeinvestments,networkaroundcommoninterestsandevenadvancetheESGagenda.Nonetheless,DAOsarenascent;theiroperations,utilityandfunctionsarestillbeingdefined.

Inpractice,DAOsareasnumerousanddiverseasthecommunitiesthatbuildthem.TheanalyticsfirmDeepDAOestimatedasofearly2022thattherewere4,228DAOsinoperation,rangingfromlargecommunitieswithmultipleaims14toapplicationsthatarenothingmorethan“groupchat[s]withasharedbankaccount”.15Byleveragingsocialmediaandviralmarketing,DAOshavedemonstratedtheirabilitytoquicklydevelopandrapidlydeployfundingtolaunchprojects.16

DecentralizedAutonomousOrganizations:BeyondtheHype6

1.2

Intheend,theDAOfailedinitsbid.Theartefactwassoldfor$43.2million,andContitutionDAOwasultimatelylimitedbySotheby’sto$43milliontofactorintaxesandthecostsrequiredtoprotect,insureandmovetheConstitution.Therewasaperiodofuncertaintyafterwards,buttheDAOultimatelyofferedfullrefundstoitscommunityminustransactionfees.Althoughsomearguedthefundscollectedshouldbeappliedtootherobjectives,theprojectwaseventuallyclosedbythefoundingteam.Severalothercommunity-basedDAOshavesprungupclaimingtousethe$PEOPLEtokenastheirproject’snativetoken.

Asthiscasestudyillustrates,DAOscanenablecommunitiestoquicklymobilizetoachieveaspecificaim.WhileConstitutionDAOwasfocusedonpurchasinganartefact,futureadhocDAOscouldcoordinatetopursueawidevarietyofaims,includingsupportingapoliticalcampaignorpurchasingastakeinanotherentityinordertodetermineitsstrategy.

ConstitutionDAOwasformedinNovember2021toacquireoneofthe13remainingoriginalprintedcopiesofthe

USConstitutionataSotheby’sauction.Itraised$47millionworthofetherfrom17,437contributorsinunderaweek.Inreturnforprovidingether,contributorstotheDAOreceivedthe$PEOPLEtoken,representingashareoftheConstitutionDAO.$PEOPLEtokenholderswouldbegiventherighttovoteonwhattodowiththecopyoftheConstitutionandwhattheorganizationshoulddointhefuture.

ConstitutionDAOdidnothavealong-termroadmap.Individualswhocontributedfinanciallyweresoalignedwiththepurpose,andmotivatedbythecommunity,thattheysimplywantedtocontributeandspreadtheword.Atthetime,Sotheby’sdidnotallowDAOstobiddirectly,nordidtheauctionhouseacceptanythingotherthangovernment-issuedcurrencies.ConstitutionDAOteamedupwithacryptoexchangetoconvertitsethertodollars,aswellaswithEndaoment,anon-profit,tomakebidsontheDAO’sbehalf.Thegroupalsoformedacorporationtohelpfacilitatethetransfer.

ThehistoryofDAOs

participantswithgovernancetokens.Thegrowthofnon-fungibletokens(NFTs)furtherexpandedtheDAOlandscapeasgroupsbuiltNFTcollections.Mostrecently,DAOsforrapidsingle-purposecapitalallocationhaveattractedsignificantinterest.ConstitutionDAOwasabletoraiseapproximately$47millionoverafewdaystobidonacopyoftheUSConstitution,andAssangeDAOamassedmorethan$50millioninamatterofweeks.23

Today,DAOsleverageawidevarietyofvotingmethodsandexperimentwithdifferentformsofrepresentation.SomeDAOsoperateona“onetoken,onevote”basis,wherebysomeifnotallcollectivedecisionsaremadethroughadirectparticipatorysystem.SomeDAOssupportthedelegationofvotingorproposalpowertootherindividualsthrougharepresentativesystem.ManyDAOsincreasinglyprovidegreatervotingpowertoindividualswho“lockup”orstaketheirtokensinanescrowsmartcontractforafixedamountoftime.Othersuseweightedvotingtoprovidegreaterpowertoindividualswithgreaterinvestment.Whilesomeofthesegovernancemodelsresultinbroadrepresentationthroughcollectivedecision-making,othersriskrecreatingquasi-oligarchicdynamicsbyconcentratinggovernancetokensinthehandsofasmallnumberofpowerfulplayerslikeventurecapitalistsandearlyinsiders.AlthoughsomeDAOsareattemptingtomitigatetheriskofco-optationthroughdelegationefforts,thechallengesofpowerconcentrationremain.24ManyDAOsadoptagoalof“progressivedecentralization”,25buildingoutstructuresforparticipationandmovinggreatercontroltotokenholdersovertime.26

TheDAOecosystemacceleratedin2020asdecentralizedfinance(DeFi)platformstookoffandincorporatedDAOs,awardingearlyparticipantswithgovernancetokens.

Coinedinthe1990sbytheGermancomputer

scientistWernerDilger,theterm“DAO”wastaken

uptwodecadeslaterbyblockchainenthusiastsand

developers,mostnotablyEthereum’sVitalikButerin,

whobegantheorizingin2014aboutDAOsas

entitiesfeaturing“automationatthecentre,humans

attheedges”.17Blockchain-basedDAOstake

advantageofsmartcontracts,whichcanimmutably

executesoftwarecodeonablockchainnetwork.

ThefirstfunctionalentitydenominatedasaDAO,

TheDAO,wascreatedin2016.TheDAOraised

roughly$150millioninetherinamatterofweeks

tocreateaplatformforcollectiveinvestmentin

blockchain-basedprojects.18Shortlyafterwards,

abuginTheDAO’ssmartcontractcodewas

exploitedtosiphonoffaconsiderableamountof

thecommitteddigitalassets.19Giventheimmutable

natureofEthereumsmartcontracts,noonehad

thepowertoreturnthefunds.Theendresultwas

acontentiousanddisruptivehardfork,orradical

change,oftheentireEthereumblockchain.20

Seekingtoavoidarepeatofthisfiasco,innovators

developedimprovedDAOtoolingandsupporting

infrastructure.PlatformsforcreatingDAOs,

solutionsforfacilitatingvotingandsecurityprotocols

forauditingcodewereestablished,andthese

innovationswereiteratedupon.21Experimental

usecasessuchascollectivegrantsforEthereum

developersprovidedreal-worldexperiencewithDAO

governance.22TheDAOecosystemaccelerated

in2020asdecentralizedfinance(DeFi)platforms

tookoffandincorporatedDAOs,awardingearly

CASESTUDY1

ConstitutionDAO

DecentralizedAutonomousOrganizations:BeyondtheHype7

1.3

PerhapsthegreatestthreattoDAOstodayisuncertainty.Withoutclearlegalstatus,DAOscannottakeadvantageofthesameprotectionsascorporations,suchaslegalpersonhood,limitedliabilityandsimplifiedtaxarrangements.

DAOstrengthsandweaknesses

Althoughitisstillearlyintheirdevelopment,somekeystrengthsandweaknessesofDAOsarealreadybecomingevident.Relativetocorporationsandothertraditionalorganizationalforms,DAOsmayachievegreatertransparency,trust,adaptabilityandspeed.AlltokenholdersinaDAO,notjustexecutives,canhavearoleinthedecision-making.AllDAOparticipantscanviewfinancialandoperationalinformationstoredonpublicpermissionlessblockchainsinrealtime,27andanyonewithsufficientexpertisecancheckitssmartcontractcode.Theopen,composablestructureofDAOsmakesitpossibleforcommunitiestoestablishorganizationalstructuresquickly,withcustomizedincentivestructuresdirectedatawidearrayofgoals.28Usingtoken-