In the past, the DAO thesis was a trustless co-operative ownership reflecting investment shares to bootstrap a decentralized venture. But the laborious process of governance itself was only a temporary fix to fill in the gaps of smart contract autonomy. For investors, just receiving exposure to profits was their only interest. Token-weighted voting. Representative boards. Direct democracy. Each works for certain decisions and fails catastrophically for others. The result is either gridlock or...

In the past, the DAO thesis was a trustless co-operative ownership reflecting investment shares to bootstrap a decentralized venture. But the laborious process of governance itself was only a temporary fix to fill in the gaps of smart contract autonomy. For investors, just receiving exposure to profits was their only interest. Token-weighted voting. Representative boards. Direct democracy. Each works for certain decisions and fails catastrophically for others. The result is either gridlock or...