“We’re going to cease it from going into extra particular personal palms And exactly open-supply it, make it a public good,” said Alice Ma, Definitely one of many organizers.
Really, StructureDAO is extra a symbolic gesture to decentralization know-how than An exact-world demonstration of it. Some Inside the group had initially hoped to make particular persons fractional house owners of the Structure, however that plan fell aside, probably as a Outcome of it might run afoul of securities legal guidelines. The current plan is to problem crypto tokens, referred to as $People, Which will entitle particular persons to vote on sure selections governing the Structure’s use, however gained’t confer any exact possession.
As properly as, since Sotheby’s accepts solely authorities-problemd foreign money and doesn’t permit DAOs to bid on auctions immediately, the group plans to work with a crypto commerce Which will convert its Ether to dollars earlier than the bid, and a crypto nonprofit Which will place the bid on the group’s behalf. Based mostly on the group’s FAQ doc, a restricted authorized obligation company will take administration of the Structure briefly the placeas the DAO figures out An prolonged-time period possession construction.
Many DAOs are speculative in nature; buyers buy in hoping that the belongings the group acquires Shall be worth extra Afterward. But StructureDAO’s organizers say Incomes money Isn’t a objective.
“Nobody is talking A fewnything associated to hypothesis,” said Will Papper, a San Francisco crypto entrepreneur who Helps To rearrange the bid. “Everyone’s talking about how We ought to always steward the Structure.”
Well, that and about A million completely different problems. A spin by way of the group’s Discord server on Tuesday revealed a torrent of chaotic chatter, debates over nice print and a surprising Quantity of memes involving Nicolas Cage. (Mr. Cage starred in a film A few plot to steal the Declaration of Independence, which seems to be shut enough to the Structure for the group’s type.)
There was an audio channel the place A particular person study The complete Structure, line by line, over a soundtrack of soothing hip-hop beats. There have been channels Full of questions for the organizers, which ranged from boring (“Has the L.L.C. construction been run by a tax advisor?”) to intriguing (“Is there a safeguard To Make constructive the DAO doesn’t vote to eat the constitution? Or completely different Method of destruction?”)
Source: https://www.nytimes.com/2021/11/17/business/crypto-constitution-sothebys.html