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ethereum.org dao notes

Why do we need DAOs?

Starting an organisation with someone that involves funding requires a lot of trust. It's hard to trust someone you've only ever interacted with on the internet. With DAOs you don't need to trust the other individuals in the group, just the DAO's code, which is 100% transparent and verifiable by anyone.

How do DAOs work?

The backbone of a DAO is its smart contract. The contract defines the rules of the organisation and holds the group's treasury. Once the contract is live on Ethereum, no one can change the rules except by a vote. If anyone tries to do something that's not covered by the rules and logic in the code, it will fail. And because the treasury is defined by the smart contract too that means no one can spend the money without the group's approval either. This means that DAOs don't need a central authority. Instead the group makes decisions collectively and payments are authorised automatically when votes pass.

This is possible because smart contracts are tamper-proof once live on Ethereum. Code can't be tweaked without people noticing because everything is public.

Common types of DAOs (or dao membership?)

Token-based
Usually fully permissionless, depending on the token used. Mostly these governance tokens can be traded for permissionlessly on a decentralized exchange. Others must be earned through providing liquidity or some other 'proof of work'. Either way, simply holding the token grants access to voting.

Typically used to govern broad decentralized protocols and/or tokens themselves.

Share-based
Share-based DAOs are more permissioned, but still quite open. Any prospective members can submit a proposal to join the DAO, usually offering tribute of some value in the form of tokens or work. Shares represent direct voting power and ownership. Members can exit at anytime with their proportionate share of the treasury.

Typically used for more closer-knit, human-centric organizations like charities, worker collectives, investment clubs, etc. Can also govern protocols and tokens as well.

–

Ethereum and DAOs
Ethereum is the perfect foundation for DAOs for a number of reasons:

  • Ethereum's own consensus is distributed enough for organizations to trust the network.

  • Smart contract code can't be modified once live, even by its owners. This allows the DAO to run by the rules it was programmed with.

  • Smart contracts can send/receive funds. Without this you'd need a trusted intermediary to manage group funds.

  • The Ethereum community has proven to be more collaborative than competitive, allowing for best practices and support systems to emerge with haste.

Join a DAO
Join a DAO
Ethereum community DAOs
DAOHaus's list of DAOs

Start a DAO
Summon a DAO with DAOHaus
Create an Aragon-powered DAO

Further reading
What's a DAO? – via Aragon
House of DAOs - via Metagame
What is a DAO and what is it for? - via DAOhaus
How to Start a DAO-Powered Digital Community - via DAOhaus

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