Exploring off-chain voting and blockchain in decentralized autonomous organizations

Thiago Dias Monteiro, Otavio Próspero Sanchez and Gustavo Hermínio Salati Marcondes de Moraes

RAUSP Management Journal, 2024, vol. 59, issue 4, 335-349

Abstract: Purpose - The current scenario shows increased adoption of off-chain voting applications in decentralized autonomous organizations (DAOs) to avoid complexity and costs for user engagement in their governance. This paper aims to comprehend the trends and patterns within the DAO community with off-chain voting systems and blockchain usage. Design/methodology/approach - This exploratory study uses a two-pronged quantitative approach, combining descriptive statistical analysis and fuzzy-set qualitative comparative analysis. Input data from different DAO proposals and votes were analyzed. Findings - Results indicate that the 179 DAOs analyzed account for 26,538 proposals and 1,268,474 followers of the entire Snapshot base in January 2023, showing high concentration in engagement. The preferred social media communication channels are Twitter and GitHub, showing a decrease of Ethereum as a main chain, with Polygon and Binance Smart Chain already accounting for 22%. Basic voting can lead to greater user involvement in the voting process. Research limitations/implications - This study complements the traditional governance theory perspective and advances in the emerging literature on DAOs and blockchain with an empirical analysis. Practical implications - As blockchain technology gains increasing adoption, comprehending trends and patterns within the DAO community becomes pivotal in identifying opportunities and challenges for innovation and improvement. Social implications - Findings can facilitate the development of improved governance models and decision-making processes for DAOs, leading to a more robust and sustainable ecosystem. Originality/value - This study presents a broader IT-based governance foresight via blockchain while providing an understanding of the voting process, technology features and governance mechanisms for social community engagement and decision-making in DAOs.

Keywords: Decentralized autonomous organizations; Blockchain; Voting; Off-chain; Decision-making; Governance (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rauspp:rausp-08-2023-0162

DOI: 10.1108/RAUSP-08-2023-0162

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