Distributed Autonomous Organizations
- see also: Decentralized Autonomous Organization, a different name for the same concept, with extra documentation.
Contextual Citation
David Morris:
"In the allegedly imminent world of the Internet of Things … these autonomous cloud robots will be able to run free. They will execute contracts, manage supply chains, even open new markets. And though they will do all these things according to a logic designed by human creators, they need not be under direct human supervision. Buterin calls such constructs Decentralised Autonomous Organisations. More commonly, they are known as Distributed Autonomous Corporations, or DACs." (http://www.zoeticnetworks.com/2015/02/02/david-morris-will-the-autonomous-economy-set-us-all-free-or-just-make-the-rich-richer/)
Description
David Bollier:
"These are essentially self-organized online commons. A DAO could use blockchain technology to give its members specified rights within the organization, which could be managed and guaranteed by the blockchain. This set of rights, in turn, can be linked to the conventional legal system to make those rights legally cognizable." (http://bollier.org/distributed-networks-and-law)