Web3, an innovation that occurs every decade, is expected to play a major role from 2020 onwards. However, there is currently no consensus on the concept of Web3. What is known is that it is an economic sphere that reflects majority rule from the perspective of DAO.
It operates autonomously through smart contracts, and governance is distributed to participants. Governance starts with an airdrop of governance tokens. Many dApps, such as DeFi and NFT, are beginning to adopt the DAO mechanism.
There are also plenty of tools for building DAOs without using code. There are over 20 DAOs with treasuries of over tens of billions of yen, and over 30 DAOs with tens of thousands of token holders. When the number of token holders exceeds 500, the voting rate falls below 10%, and participants are more interested in investment than governance.
While traditional legal regulations target single entities with information asymmetry, DAOs, which are essentially decentralized and have all their information open, are not subject to regulation. Meanwhile, in the United States, there is a growing movement to recognize DAOs as legal entities, and compliance with corporate law and securities exchange law will come into view in the future.
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