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Comment by qaq | Hacker News Reader

If there would be a legal framework in place that can tie a DAO to basically be legally binding bylaws of an actual org. and the smart contract lang. is expressive enough for this to work this would be extremely valuable. Outside of this most of web3 looks like hype.

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If there was a legal framework, it wouldn't be decentralised! ...and hence, it's pointless, since you could recreate it at much lower expense without the blockchain and associated speculative coins.

This has 0 to do with coins. Going through court systems can cost 10s of millions of dollars and someone actually has to actually bring the action to court.

The question is: does the legal framework override the results of the smart contracts and blockchain records? If so, you don't need the crypto. If the crypto cannot be overriden by the legal framework, you don't need the legal framework. Pure redundancy.

so if we are depending on a centralized legal framework, why would we need the blockchain (decentralized store)? Wasn't Code supposed to be Law?

so we do not have to go through legal process to resolve anything

That's literally how things work now. ~99.99999999% of contractual agreements are not litigated. The legal process is there as a slow debugger when it all goes wrong. But most of the time, things don't go wrong and people work out their disputes without involving courts and judges.

Law is not like code. It requires interpretation. You're nuts if you don't think most of these "smart contacts" wouldn't just end up in court anyways.

thats the legal framework in place bit.

A legal framework. You mean laws? We have those for all sorts of things but we still have courts to interpret How the laws apply for specific situations.

Can you elaborate on what you mean by this ? Do you have any examples of what this could look like in practice ?

a very narrow example you are nonprofit in charge of .org TLD the DAO managing bylaws of that org have no provision for you to be able to sell .org TLD to a third party. You don't have to constantly worry that some ahole will take over the org and do this, because there is no way to do it.

I believe Wyoming actually passed some laws along these lines, to where a DAO can be a legal entity.

Well I am def not a legal expert to know if it is sufficient for the above purpose and if we can ever create a lang for smart contracts that is expressive enough, but it's cool to see things are happening.

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