Legal Aspects and Distributed Character of the Decentralized Network Organization

10 Pages Posted: 5 Feb 2017 Last revised: 15 Aug 2017

See all articles by Aleksei Gudkov

Aleksei Gudkov

National Research University Higher School of Economics

Date Written: February 4, 2017

Abstract

Decentralized network organization (DNO) is a way to organize a network of decentralized members embodied in computer code and executed on a blockchain. On the ground of DNO features it can be viewed as (1) a collective investment scheme or trust (2) unregistered association (3) registered corporation. Sometimes the members of the DNO are granted the rights to take a common decision and enter into the contracts electronically, which is not always obligatory under the legal rules. As a privet example we consider the one of the first projects, which used term decentralized organization. It is the DAO – the project created by the slock.it and its cofounders. Any member of the DAO can submit the contract (proposal to make contract) to the DAO. All members can vote for or against the contract. The accepted decision is executed by DAO program.

Keywords: DAO, DNO, ethereum, Decentralized Autonomous Organization, blockchain, token, ICO, ITO, decentralized organization, new organization, technology, tech law,

JEL Classification: K22, K10, I22, I24, O35, O38

Suggested Citation

Gudkov, Aleksei, Legal Aspects and Distributed Character of the Decentralized Network Organization (February 4, 2017). Available at SSRN: https://ssrn.com/abstract=2911498 or http://dx.doi.org/10.2139/ssrn.2911498

Aleksei Gudkov (Contact Author)

National Research University Higher School of Economics ( email )

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Nizhniy Novgorod, 603155
Russia

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