去中心化自制组织：DAO

2021年11月，一群人组成一个独立法人实体，在怀俄明州购买了40公顷土地。当然，这种事是常有的。但这一宗房地产交易越看越奇怪。

In November 2021, a group of people formed an independent legal entity and purchased 40 hectares of land in Wyoming State. Of course, this happens all the time. But this real estate deal is getting weirder.

这个群体约有六千人，通过Discord等网络讨论平台相聚，购买地产用的不是美元、日元等官方货币，而是加密货币。他们买的具体是什么尚不得而知：没有确定个人对该地产的合法权利以及使用或出售该地产的收益该如何分配。

It is not the United States dollar, the Japanese yen, but the encrypted currency. What they buy is not known: there is no determination as to the legal rights of the individual over the property and how the proceeds of the use or sale of the property should be distributed.

但这次交易最奇怪的部分是，购买地产的实体没有运营者——没有CEO，没有董事会，没有管理者或其他任何决策者。没有人操作这个流程。决策由团体成员投票表决，但流程自动进行，启动放款购买地产等重要活动。投票表决结果必须遵守，任何人都没有能力更没有权利推翻。流程中不需要也不可能出现人力干预。

But the strangest part of the deal is that the entity that bought the property has no operator — no CEO, no board, no manager or any other decision maker. No one runs the process. The decision is taken by a vote of the group members, but the process is automatic and the loan is triggered for important activities such as the purchase of the property. The result of the vote must be respected, and no one has the capacity to overturn it.

困惑吗？欢迎来到DAO世界。

Confused? Welcome to the DAO world.

DAO（读作“道”）是去中心化自治组织的首字母简写。DAO是一种新型的数字先行实体，与传统公司结构相似，但还有一些附加特性，如通过智能合约自动执行运营规则（后文会详细解说）。DAO的结构有很多种，但都是通过成员民主表决共同运营，没有哪一个人像传统公司CEO或高管团队那样施加控制。

DAO is a decentralised self-governing organization with a short acronym. DAO is a new type of digital precursor, similar to the traditional corporate structure, but there are additional features, such as the automatic implementation of operating rules through smart contracts (which will be explained in detail later). DAO structures are many, but they all operate together through a member democratic vote, and no one exercises control like a traditional company, CEO or a senior management team.

现在DAO与其他大部分Web3技术一样处于实验阶段：形式、结构、相关法律和用例都是新出现的。两个世纪以来有几千万家企业在美国注册，而根据行业状况追踪网站DeepDAO的数据，现在全世界的DAO还不到五千家，拥有资产达到百万美元的不到一百家。DAO之所以吸引关注，不是因为当前的规模，而是因为正在进行的新颖活动：投资，建立新型社区，收购具有重要历史或文化意义的物品，参与慈善事业。

The DAO is now at the experimental stage, like most other Web3 technologies: forms, structures, relevant laws, and usages are new. For two centuries, tens of millions of businesses have registered in the United States, and according to industry tracking data on DeepDAO, there are now less than 5,000 DAOs in the world with assets of less than 100 million dollars. The DAO attracts attention not because of its current size, but because of innovative activities under way: investing, building new communities, acquiring objects of historical or cultural significance, and engaging in philanthropy.

DAO通常是身在不同地区但有着共同目标的陌生人集合起来形成的。常有人在Twitter或Discord等平台发布初步构想，如果足够有吸引力，就会有人加入在线讨论。现在已经有DAO用于收集数字艺术品、为生物科技研究项目分配捐款乃至尝试收购NBA球队。

DAOs are often brought together by strangers in different regions who share common goals. Initial ideas are often published on platforms such as Twitter or Discord, and if they are attractive enough, they are discussed online.

把最初的构想发展成实际运营的DAO，需要开发者团队建立一套智能合约，组成DAO的核心运营系统。智能合约是自动执行的计算机程序，通过建立投票机制（稍后详述）等规则来制定决策。这套程序还可以在没有人力参与的情况下完成交易，比如把比特币等数字货币从一个钱包移到另一个钱包。

To develop the original concept into a functional DAO, the developers’ team would need to create a smart contract that would make up the DAO’s core operating system. Smart contracts are automated computer programs that make decisions by establishing rules such as voting mechanisms (detailed at a later stage).

这类规则式合约，只要满足特定条件就会自动生效，执行写好的命令，没有曲解的余地（但不一定能达成编写者的目的，因为人类编写代码可能出错）。从一开始就保证规则编写正确是很重要的。即使只是微小的失误或遗漏，都可能在之后造成很大的问题和运行故障，比如让黑客掠走钱财的安全漏洞。

It is important to ensure that the rules are prepared correctly from the outset. Even minor errors or omissions may cause major problems and malfunctions in the future, such as allowing hackers to take away the security gap in money.

DAO确立了核心规则并将之嵌入智能合约后，就需要筹集资金。筹集资金通常是靠发行代币，一种与智能合约绑定的数字货币形式。代币通过公开或私募发行的形式出售，获得的资金进入DAO的金库。代币象征一种所有权，但不同于传统意义上的股权，也没有投资协议的作用，更像是授予治理权而非所有权的捐款。大部分DAO并没有传统意义上的直接所有者。

DAO establishes the core rules and embeds them into smart contracts, and raises funds. Funding is usually made by issuing tokens, a form of digital money tied to smart contracts.

完成筹款阶段后，DAO开始在区块链上运营，最初的创造者不再拥有高于其他利益相关者的影响力。从这一刻起，DAO的决策就是由全体成员共同决定。成员必须就提案达成共识，不存在企业高管或董事这样的中央集权者。

When the fund-raising phase is completed, the DAO begins to operate on the block chain, and the original creators no longer have more influence than the other stakeholders. From this point on, the decision-making of the DAO is taken by all members.

通常由代币所有者针对DAO的运营发布提案，社区投票表决。Discord等信息平台上常会出现许多相关的讨论和想法。如果最终投票通过，智能合约会自动执行提案。

There are a lot of discussions and ideas on information platforms like Discord.

不同的DAO表决流程不同，从简单多数到二次表决（每个人都有投票权，可以为自己强力支持的提案追加投票）都有。货币交易和内部决策等问题相关的信息在区块链上公开，所有人都可查看。这种透明度打下了建立信赖的基础。

Different DAO voting processes range from a simple majority to a second vote (everyone has the right to vote and can vote on proposals that he or she strongly supports). Information on issues such as currency transactions and internal decision-making is available on the block chain and accessible to all. This transparency provides a basis for building trust.

这个过程的一大重要特点是，投票表决机制提前决定、无法轻易更改。这点不同于传统组织里CEO或CFO可以无视大家的意见自行决定。DAO里的花钱等活动由社区投票决定。虽然能以这种形式表决的范围比传统组织更小，但只要所有人都对规则表示认可，就不会有歧义和回旋的余地。

One important feature of this process is that voting mechanisms cannot be changed easily and in advance. This is not the case with CEOs or CFOs in traditional organizations, which can decide on their own, ignoring the opinions of everyone. The activities such as spending money in DAOs are decided by the community.

坚持智能合约履行决策，意味着DAO不太适用于较不明确的商业场景，如成功有赖于组织动态性（即适应市场微妙变化的能力，包括为创新产品或服务开创的新市场的初期阶段）的情况。在新市场的初期阶段，创业者必须凭借不完善的数据制定决策并迅速迭代，要编写出支持这种工作的详细智能合约是非常困难乃至根本不可能的。

Adherence to smart contracts for decision-making means that DAOs are less suited to a more uncertain business landscape, such as where success depends on organizational dynamics (i.e. the ability to adapt to subtle changes in the market, including the initial phase of a new market created for innovative products or services). In the early stages of a new market, entrepreneurs must use imperfect data to make decisions and quickly overlap, and it is very difficult, if not impossible, to develop detailed intellectual contracts to support such work.

尽管如此，社区也在形成以各种概念为中心的DAO，如投资、管理其他区块链项目和内容产出。大部分人为DAO花钱，知道自己可能再也拿不回这些钱了。他们通常是在自己能够承担损失的范围内参与感兴趣的项目，不是在Kickstarter上支持项目的那种感觉。新公司纷纷涌现，为希望创立DAO的组织或个人提供支持和协助，简化技术流程、消除阻力并提供模板和工具。例如初创公司Upstream提供“无代码全栈平台”，号称能让每一个人开创和运营DAO。这家公司最近获得了1250万美元风险投资。

Nevertheless, communities are developing DAOs centred on various concepts, such as investing in and managing other block chain projects and content outputs. Most people spend money on DAOs, knowing that they may never get back the money. They are usually involved in projects of interest to the extent that they can afford their own losses, rather than supporting projects on KickStarter. New companies are emerging, providing support and assistance to organizations or individuals wishing to create DAO, simplifying technological processes, removing resistance and providing templates and tools.

DAO作为一种新兴的商业组织形式，尚未完全获得法律认可，很多DAO正在努力拓宽传统的界限。在大部分区域，DAO应当如何报税纳税、如何签订具有法律效力的合同等各种问题都尚未有明确的答案。现有的DAO大半未经注册，法律地位不明，而且可能被当作“法外”而非“违法”。这种不确定性可能有碍DAO的发展，但遵守现行法规也很困难。去中心化组织的性质就决定了这类组织不需要官员和负责人，但这样的角色在企业里很重要，特别是在出问题的时候。DAO的成员遍布世界各地，让这类组织在法律上更难界定。

As an emerging form of business organization, DAO is not yet fully recognized by law, and many DAOs are trying to widen traditional boundaries. In most regions, there are no clear answers to the questions of how DAO should be taxed and taxed, and how to conclude contracts with legal force. Most of the existing DAOs are unregistered, whose legal status is unclear, and may be treated as “extrajudicial” rather than “illegal”. This uncertainty may hinder the development of DAO, but compliance with existing regulations is also difficult.

明确自己打交道的对象，也是大部分经济活动的基础。这是一个实体能提起诉讼或被诉讼的前提，也是签订合约以及购买、持有、开发和安置产权的基础条件。传统企业能达到这个可辨识性的标准，而且一直被视为“有权利并有义务的单元”，即承担所在法律体系规定的权利和责任。全世界大部分地区要求公司提供唯一可辨识的名称、实体办公地址和至少一位负责人的名字，这样公司才能获得识别序号，正式注册业务。

This is a prerequisite for entities to initiate or be sued, as well as for entering into contracts and for purchasing, holding, developing and settling property rights. Traditional enterprises are capable of meeting this discernable standard and have always been considered “units of rights and obligations” – that is, assuming rights and responsibilities under the legal system in which they operate. Most parts of the world require companies to provide the only identifiable name, the office address of the entity and the name of at least one of their principals, so that the company can obtain a serial number and formally register its business.

DAO很难满足这些条件，一大原因在于很多参与者以化名出现。不过怀俄明州现在的状况或许能让希望获得正规法律制度认可、更有底气地进入司法程序的DAO得到鼓励。

It is difficult for DAO to meet these conditions, in large part because many participants appear under a pseudonym. But the state of Wyoming may encourage DAOs who wish to gain recognition in the formal legal system and have a better access to justice.

2021年7月，怀俄明州成为美国第一个针对希望在该区域落脚的DAO明确立法的州。这次规则变化意味着DAO在怀俄明被视为一种特殊的有限责任公司，由此获得法人资格和广泛的各种权利，如成员的有限责任。倘若没有这层保护，DAO可能会被当作普通合伙企业，成员要为DAO的任意义务或行动承担个人责任。DAO必须在怀俄明有一个注册代理商，代理商必须有实体地址，必须保留一份该实体负责人或发挥相似作用者的姓名及地址记录。

In July 2021, Wyoming became the first state in the United States to legislate explicitly against DAOs who wish to be present in the region. This rule change means that DAO is considered a special limited liability company in Wyoming, thereby acquiring legal personality and a wide range of rights, such as limited liability of its members.

立法后建立的第一批实体之一，最初是斯科特·菲茨莫涅斯（Scott Fitsimones）在Twitter上提出的一个想法。一小群来自德国、美国、爱尔兰和加拿大的创始人在2021年7月建立了CityDAO，目标是“在以太坊区块链上建造未来城市”。为此他们需要将土地、权利和治理全都代币化，实现资产所有权去中心化。如本文开头所述，CityDAO创立以来约有六千名投资者加入，贡献了近七百万美元。

One of the first entities created after the legislation was initially an idea put forward by Scott Fitsimones on Twitter. A small group of founders from Germany, the United States, Ireland, and Canada established CityDAO in July 2021, with the goal of “building future cities on the chain of Etheria.” To that end, they need to monetize all land, rights and governance and centralize asset ownership. As noted at the beginning of this paper, approximately 6,000 investors from CityDAO have joined, contributing nearly $7 million.

CityDAO首次投资（名为Parcel 0）是在怀俄明购买40公顷的土地。成员认为这项投资风险较低，是CityDAO尝试向前发展的第一步。

CityDAO’s first investment (known as Parcel 0) was in Wyoming to buy 40 hectares of land. The members considered that the risk of this investment was low and was the first step in CityDAO’s attempt to move forward.

目前CityDAO成员持有NFT，一种不涉及现实中地产所有权的数字资产。NFT完全代表治理权（提出行动提案和表决的权力）。成员可以投票表决这个DAO应当做什么，但不会以预期收益的方式得到直接回报。这样安排是为了协助确保DAO及其成员不触犯联邦证券法。如果所有权会让所有者对他人行动带来的利润抱有合理预期（其中一部分就是著名的“荷威标准”），美国证监会便视之为投资合同，必须达到严格的标准，包括安全登记和详细的信息披露。将来这一切都可能改变，但现在大部分DAO仍然难以达到这种标准。

At present, CityDAO members hold NFT, a digital asset that does not involve real property ownership. NFT fully represents the right to governance (the power to propose and vote). Members can vote on what the DAO should do, but will not receive direct returns in the form of expected returns. The arrangement is designed to help ensure that DAO and its members do not violate federal securities law. If ownership gives the owner reasonable expectations of profits from the actions of others (some of which is known as the “Helway standard”), the US CSRC will regard it as an investment contract and must meet strict criteria, including security registers and detailed disclosure.

目前CityDAO成员认为自己的行动尚在试验阶段。他们希望通过试行错误寻找未来的可能性。从今往后，团队要实现“建立未来城市”的广泛目标，交流与合作很重要。为实现信息分享，团队投票决定出资2.4万美元让一名成员——埃里克·吉尔伯特-威廉斯（Eric Gilbert-Williams）制作CityDAO播客，请社区领导者讨论相关话题。

From now on, it is important to communicate and cooperate in order to achieve the broad goal of building a future city. To achieve information-sharing, the team voted for $24,000 to allow one member, Eric Gilbert-Williams, to produce a CityDAO podcast, inviting community leaders to discuss related topics.

怀俄明州立法改变了DAO在这个州的法律地位，但关于税收、怀俄明以外的地位、代币适用的安全法规和其他问题尚不确定。

Wyoming legislation changed the legal status of DAO in the state, but there was uncertainty about taxes, status other than Wyoming, security regulations applicable to money and other issues.

DAO不会取代传统组织，至少短时间内不会。但DAO目前的缺陷应当从早期创新的角度来看待：虽然还不明确以后会变成怎样的状态、在哪里产生最大效益，但DAO显然已经在Web3社区激发了许多兴趣和热情。DAO是否会取代传统组织、开展特定类型的团队活动？我们能否看到混合形式，比如“常规”公司运用智能合约做出板上钉钉、不可更改的承诺？想象一下，用DAO让员工投票表决支持哪一项慈善事业，或者让用户表决要为下一代产品增加什么功能。Web3有很大的应用空间可以想象。

DAO will not replace traditional organizations, at least not for a short time. But the current weakness of DAO should be seen in terms of early innovation: while it is not clear what will become of the future and where the greatest benefits will be achieved, DAO has clearly generated a lot of interest and enthusiasm in the Web3 community. DAO will replace traditional organizations and carry out specific types of team activities? Can we see a mix of forms, such as “conventional” companies using smart contracts to make firm and unalterable commitments? Imagine using DAO to get staff to vote for which charity to support, or let users to vote for what function to add to the next generation of products. Web3 has a lot of room for application.