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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Sep 20, 2022
In a recent blog post, Ethereum co-founder Vitalik Buterin argued that decentralized autonomous organizations (DAOs) are not supposed to function as corporations. He is against the argument that it is not correct to assume that the ideas of decentralization do not work in the real world, which is why traditional corporate structures are supposed to be more efficient. He argued that DAOs with diverse input “make a lot of sense.”
A major challenge for DAOs is to solve the so-called “succession problem”, i.e. these organizations have to make sure that they continue functioning even if the original group retires. Buterin says that DAOs also have to deal with “unexpected uncertainty.” He claims that some DAOs will have to resemble “constructs from political science.” According to venture capitalist Bill Gurley, the Linux Foundation is the model Buterin is looking for.