Published on: November 10th, 2021 • Duration: 41 minutes
Aaron Wright, the co-founder of OpenLaw, narrates his journey into cryptocurrencies and speaks with Moritz Seibert, CEO/CIO of Munich RE Investment Partners, about the opportunities and limitations of decentralized autonomous organizations (DAOs). Wright jokingly describes DAOs as Reddit groups with a bank account attached. DAOs are community-led organizations represented by rules encoded as a computer program with no central authority. OpenLaw provides the unique service of creating legal documents compatible with the Ethereum network, currently supporting nine DAOs. Wright says: “What we found is by combining easy-to-use automated legal agreements with the power of smart contracts, you are able to build flatter organizations that have a shot at transforming how we organize structures … whether that is Silicon Valley-style venture capital funds, hedge funds, production companies in Hollywood, and even more service-based organizations.” Wright believes it is too soon to know the full potential of what DAOs can do, but it has a shot of becoming an incredible transformative technology. Seibert and Wright discuss the importance of community when it comes to creating value and the various ways such value is currently manifesting in the industry. Recorded on November 8, 2021.