Please wait while the transcript is being prepared...
0:00
Imagine a world
where organizations
thrive without the shackles
of central authority,
where decisions are
made collectively
and actions are
executed automatically.
Welcome to the
fascinating world of
decentralized autonomous
organization and
its disruptive force to the
venture capital industry.
My name is Espen Bjellerås
from the University of Agder.
In this introductory talk on
decentralized autonomous
organization (DAO)
venture capital funds,
I will guide you through
the intriguing and
transforming technology
that is DAO-EC.
0:33
To fully understand DAO
venture capital funds,
we first have to unravel
the essence of the DAO.
One definition by Santana
and Albareda states that
a DAO is a "blockchain-based
organization
fed by virtual open
networks of contributors
(investors in cryptocurrencies).
Their governance and management
are decentralized without
central control and are built on
automated rules encoded
in smart contracts
stored and executed
in blockchains.
DAOs are both without
hierarchy and managers,
where the power lies not in
the hands of a selected few,
but in the collective
wisdom of its members.
1:10
Let's break the nature of
a DAO down into pieces.
DAOs are decentralized with
no central authority
dictating the rules.
Instead, governance
and management are
distributed among the members
creating a democratic system.
It's like a network of
interconnected nodes where
decisions are made collectively
and everyone has a voice,
but what makes DAO truly
remarkable is its autonomy.
They operate on self-executed
smart contracts,
which are like digital rules
encoded on the blockchain.
When specific predetermined
conditions are met,
actions are
automatically executed.
Now let's zoom in to
the heart of a DAO,
it's community of members.
In a DAO, members are not
just passive participants.
They are active contributors,
both users and owners.
These unique
arrangements empower
them with proposal
and voting rights.
It's a democratic
ecosystem with
like-minded people sharing
the DAO's mission and
purpose and where every
member has a stake
in a say in shaping the
organization's destiny.
