The US Government Sold a Wu-Tang Album to a DAO for $4M
The Breakdown
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How to Do Business as a Doo
Dows are a new and different kind of organization, in which members ownership, man ment and control are autimated based on software. The law has long imposed the useful fiction of personhood on corporations but dows do not yet enjoy these privileges for the most part. Dows operate under a transparent set of software protocols that allow a distributed group of individuals or entities to self govern. Without formal legal nition, a dow lacks a legal form with which to enter a contract like a traditional commercial enterprise. This article addresses two practical problems that doos face: how a doo can enter a commercial contract and how a doa can engage and direct legal counsel to assist it in doing so.
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