To what extent are smart contracts necessary for DAOs? – Minutes of the Liberal Democratic Party web3PT 3rd “DAO Rulemaking Hackathon” | CoinDesk JAPAN

Wednesday may be a hot day for those working on DAOs (decentralized autonomous organizations). On November 29th, the third “DAO Rulemaking Hackathon” to discuss the state of DAO-related laws was held in conference room 101 on the first floor of the Liberal Democratic Party headquarters. This is a forum for hearings and discussions from business operators scheduled for four consecutive weeks by the Liberal Democratic Party’s web3PT.

This time, six companies presented their DAO initiatives: KDDI, Fracton Ventures, Avispa Fukuoka, SUPER SAPIENSS, Toyota Financial Services, and RULEMAKERS DAO (Avispa Fukuoka was absent from the venue, and another person with knowledge of the initiative took his place). (we introduced the materials).

Sitting at the front of the conference room were the aforementioned business operators, the organizer, Representative Takuya Hirai, head of the Digital Society Promotion Headquarters of the Liberal Democratic Party, Congressman Masaaki Taira, chairperson of web3PT, and Hide Kawasaki, the executive director of the same organization, who was in charge of moderating and facilitating the meeting. said a lawmaker. The seats that will meet the three members and business operators will be seats for members, ministries and agencies (Digital Agency, Cabinet Office, National Police Agency, Financial Services Agency, Consumer Affairs Agency, Agency for Cultural Affairs, Ministry of Justice, Ministry of Economy, Trade and Industry, and the Legislative Bureau of the House of Representatives), and those related to Web3PT. It was filled in by people who attended the hearing, DAO operators, and others who came to observe the hearing.

As with the first and second meetings, Representative Kawasaki declared the opening of the meeting, and afterwards, Representative Hirai said, “This is a completely new initiative, but I think we are having a very rich discussion.” “We are trying something new.” “I am very encouraged that there are so many people out there, and I want to help them move forward even further,” he said in his opening speech. Continuing, Representative Taira said, “When new technology emerges, we want to create a system that allows us to do things that have not been possible before, such as talking directly with law makers and changing regulations to be agile.” continued.

Following on from the first and second sessions, we will introduce the presentations of each business operator and summaries of the discussions that followed (some materials are not publicly available).

KDDI

Rather than forming a DAO on our own as a company, we stated our stance that we would like to develop our business together with various DAOs and contribute to society. Introducing problems etc.

Fracton Ventures

Dig DAO, a spin-off from Digital Agency Web3.0 Study Group DAO, DAO specialized conference “DAO TOKYO”, “DAO CAMP” in collaboration with Fukuoka City, and partnership with MIDAO, which was involved in the Marshall Islands government’s world’s first DAO law Introducing etc.

Avispa Fukuoka

Regarding the Avispa Fukuoka Sports Innovation DAO, which has the vision of “using the power of Web3 x sports to co-create an innovation model that spreads from Fukuoka to the world,” we will introduce examples of gathering opinions from DAOs and utilizing them in club management.

SUPER SAPIENSS

A project jointly launched by video directors Yukihiko Tsutsumi, Katsuyuki Motohiro, and Yuichi Sato. Introducing examples of works that involve community members, rather than the currently mainstream “production committee method.”

toyota financial services

Introducing the “Community Car Share DAO” promoted by Toyota Blockchain Lab, which is working on research and demonstration of DAO utilization in order to realize flexible ownership and use of mobility by the community.

RULEMAKERS DAO

Introducing the concept of utilizing the DAO-type subsidy system for regional revitalization and the social sector, as well as “regional decentralized land-based aquaculture” that aims to turn the fishing industry into a 6th industry throughout the region.

How necessary are smart contracts?

In the presentations of each business operator’s efforts, as in the past, issues and problems currently faced and requests for DAO rulemaking were raised. Similar to the previous two issues, “exemption from the application of collective investment scheme holdings,” “granting corporate status,” “limited liability of members,” and even a “DAO special zone” for demonstration purposes were pointed out.

This time, there was also a lively discussion about smart contracts. Smart contracts are closely related to the definition of a DAO, and the handling of smart contracts is likely to be an issue in future rulemaking.

Furthermore, ministries and agencies that heard the presentation asked questions such as “To what extent are token holders involved in the business?” and lawyers participating in web3PT were also seen providing explanations.

Finally, based on this discussion, Representative Taira said, “We have been taught various points of view. How can we make it easier to use without losing its essence? There are many issues, so I would like to provide a timeline as well.”

The fourth and final event will be held on December 6th.

｜Text/Editing: CoinDesk JAPAN Editorial Department
｜Source: Liberal Democratic Party web3PT
｜Photo: CoinDesk JAPAN Editorial Department