Legal Aspects and Distributed Character of the Decentralized Network Organization
10 Pages Posted: 5 Feb 2017 Last revised: 15 Aug 2017
Date Written: February 4, 2017
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: Suggested Citation