How to DAO: Mastering the Future of Internet Coordination

forces that drive them. Within the DAO, we created Bankless Consulting, one of the first Web3 consulting firms. Its success has been a testament to the power of collective action, bringing together the most brilliant minds from diverse fields to revolutionize the financial system. However, as with any revolutionary

In their most simple form, DAOs can be thought of as a “group chat with a bank account.”

We’d need the community to rewrite the stack’s legal, governance, product, finance, and technology layers over the coming years. And they did. Looking back, this metamorphosis from Web2 paradigms to this new decentralized ethos was perhaps one of my proudest achievements. And while today I might not sit as Gitcoin’s CEO, I’ve decentralized my power

Similarly, MakerDAO is on a mission to construct the first unbiased currency, appealing to those who feel that the current financial system is unfair and wish to reform it.

Our work at the Blockchain Research Institute provides strong evidence that DAOs are not just better vehicles for innovation, coordination, collaboration, and wealth creation but can also help make the global economy fairer, more inclusive, and more democratic.

What would be possible if we could build digital community–owned goods and services?

This is usually a meme or a phrase that can be concisely stated and shared by its members.

This dynamic began to shift with blockchain’s increasing use. In our 2016 book, Blockchain Revolution, Alex Tapscott and I argued that this new “internet of value” could diminish transaction costs in an open market and eliminate many agency costs.

There are many types of DAOs: investment DAOs, social DAOs, service DAOs, impact DAOs—just to name a few. Some feel like charitable organizations, some like social clubs; some feel like a workplace, while some resemble more of a dispersed network than a cohesive organization. Others feel more like a religion. Some have failed, and some have massive