With Hector_Network voting on the future of its DAO the community met early Thursday to discuss the finer points of decentralized business. Their lawyer's answer: it's messy (and might not work). realDannyNelson reports
Crypto’s “be your own bank” mantra has given rise to a new kind of company where investors are said to run the show. But can these so-called decentralized autonomous organizations beat out the centralized, professionalized, corporate status quo?
For more than an hour, members peppered the lawyer, who identified himself as Dali from the tech law firm Sparring, with questions about, a proposal to wrap Hector Network within an offshore corporate structure that includes directors, supervisors and a management board. In other words: an organization with many of the centralized facets DAOs are supposed to replace.
“Honestly, DAOs cannot be naïve to think, ‘Hey, we will be just a group of people who are buying tokens and then try to run an organization with tens of millions in a treasury without any expertise.’ That cannot work,” Dali said on the call. Some HEC holders bristled at that construction and questioned Dali if it is a conflict of interest to imbue the current leaders of Hector Network with formalized powers over its day-to-day operations. In response, Dali offered various reasons why DAOs such as Hector don’t really work unless they’re being run by those who invest their 100% of their time . He said “checks and balances” such as community approval votes offset the risks of diluting investors’ direct power over the DAO.
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