Why The Bitcoin Network Is The Original DAO

Bitcoin Magazine

Decentralized autonomous organizations (DAOs) have long captured the public imagination as one of the primary use cases of blockchain technology. Defined as organizations and groups that do not operate in a centralized or hierarchical manner, DAOs represent another shift toward the decentralized world that the Bitcoin community has united over since its inception. Perhaps the best-known example of a DAO was The DAO, an organization which was built on the Ethereum blockchain and later became defunct following a vulnerability which resulted in the organization losing a third of its funds. Despite this incident, DAOs have regained popularity, with many new organizations such as the Maker DAO adopting the model in recent years. The definition of a DAO is constantly evolving, and projects often allege that they are a DAO to capture on its “hype” despite being fully centralized in operation. In this article, we will make the argument that the Bitcoin network was the first decentralized autonomous organization in existence and remains the most influential/successful among its peers. Bitcoin’s decentralization, community, and reach make it an example of what other DAOs should aspire to be, both from a technical and organizational perspective.

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