“去中心化自治组织”的法律性质探析

Analysis of Legal Attributes of Decentralized Autonomous Organization

去中心化自治组织乃区块链智能合约的集合,具备主体、财产(代币)、成员权、表决机制等组织要素。去中心化自治组织设立时,投资者经由智能合约完成投资,取得投票、分红等权利,类似于众筹尤其股权众筹,但两种模式下所涉主体关系、组织治理方式存在本质差异。去中心化自治组织亦非我国现行法上的商事信托,其法律关系结构区分显著;更非公司,不具有公司完备的中心化组织机关及法定性特征。从商事合伙主体要素、可推知的投资者意思、发起人最终控制者地位、衡平投资者保护与技术产业发展考量,当下适宜将其界定为有限合伙。

The decentralized autonomous organization(the DAO)is the collection of blockchain smart contracts,with organizational elements such as subject,property(tokens),membership rights and voting mechanisms.When the DAO is established,it raises funds with investors through smart contracts,and the investors obtain right to vote or dividends etc.,similar to crowdfunding,especially equity crowdfunding,however,there are essential differences in subject relationship and organizational governance under the two models.The DAO is not business trust in China’s current law,and they have significant difference in the structure of legal relationship.Nor is it a company that does not have complete centralized organs and legal characteristics.From the main elements of commercial partnership,the inferred investors’ intention,the promoter’s ultimate control status,the balance between investor protection and industrial development,the current attribute should be limited partnership.