TY - GEN
T1 - Unstoppable DAOs for web3 disruption
AU - Chotkan, Rowdy
AU - Decouchant, Jérémie
AU - Pouwelse, Johan
PY - 2022
Y1 - 2022
N2 - Decentralised Autonomous Organisations (DAOs) have the capability of being a disruptive Web3 technology. Their usage of cryptographically secure distributed ledgers shows promise of replacing existing technical and financial intermediaries. However, this promise has not been fully materialised yet: existing attempts typically rely on centralisation as the required decentralised components do not exist or are not mature enough. We present our Web3 Deployment Experiment around a robust decentralised economy to address these issues. Our economy is unique due to the removal of all centralised components and governance. It is resilient against legal and economic attacks as no individual or organisation can compromise its functioning. We dub this characteristic extreme decentralisation. Similar to BitTorrent and Bitcoin, our extreme decentralisation DAOs carefully avoid single points of failure and are effectively unstoppable. Within our experiment around a music economy, we bypass all intermediaries in finance, technology, and the music industry itself with a direct donation to musicians. We demonstrate the viability of collective decision-making within our decentralised economy and present a set of principles for Web3 DAOs. Our implementation shows that the DAO ecosystem is fully deployable on smartphones, allowing anyone to create a DAO without reliance on central authorities or components.
AB - Decentralised Autonomous Organisations (DAOs) have the capability of being a disruptive Web3 technology. Their usage of cryptographically secure distributed ledgers shows promise of replacing existing technical and financial intermediaries. However, this promise has not been fully materialised yet: existing attempts typically rely on centralisation as the required decentralised components do not exist or are not mature enough. We present our Web3 Deployment Experiment around a robust decentralised economy to address these issues. Our economy is unique due to the removal of all centralised components and governance. It is resilient against legal and economic attacks as no individual or organisation can compromise its functioning. We dub this characteristic extreme decentralisation. Similar to BitTorrent and Bitcoin, our extreme decentralisation DAOs carefully avoid single points of failure and are effectively unstoppable. Within our experiment around a music economy, we bypass all intermediaries in finance, technology, and the music industry itself with a direct donation to musicians. We demonstrate the viability of collective decision-making within our decentralised economy and present a set of principles for Web3 DAOs. Our implementation shows that the DAO ecosystem is fully deployable on smartphones, allowing anyone to create a DAO without reliance on central authorities or components.
KW - decentralised autonomous organisation
KW - decentralised economy
KW - trustless infrastructure
KW - web3
UR - http://www.scopus.com/inward/record.url?scp=85143057133&partnerID=8YFLogxK
U2 - 10.1145/3565383.3566112
DO - 10.1145/3565383.3566112
M3 - Conference contribution
AN - SCOPUS:85143057133
T3 - DICG 2022 - Proceedings of the 3rd International Workshop on Distributed Infrastructure for the Common Good, Part of Middleware 2022
SP - 37
EP - 42
BT - DICG 2022 - Proceedings of the 3rd International Workshop on Distributed Infrastructure for the Common Good, Part of Middleware 2022
PB - ACM
T2 - 3rd International Workshop on Distributed Infrastructure for the Common Good, DICG 2022 - Part of Middleware 2022
Y2 - 8 November 2022
ER -