Bitcoin s contractual language is quite limited, by design.
Consider: heavily funded Bitcoin startup Coinbase will soon support Ethereum trading on its rebranded cryptocurrency exchange.
People with projects they d like to build for The DAO can submit ideas in the form of a proposal written in plain English accompanied by smart contract code.
But if this sounds to you like a poor fit with existing legal and regulatory structures, and/or a disaster waiting to happen, well, you re certainly not alone:
To quote Eris COO and attorney Preston Byrne:
the plain-English covenants made on funding proposals, the absence of legal certainty as to what THEDAO actually is and the nebulous and ever-shifting nature of THEDAO s membership, will make it very difficult to properly assign ownership in these projects work product.
As Bitshares founder and DAO skeptic Dan Larimer puts it:
The DAO has tentatively raised $100 million dollars worth of ETH, but so far the investors have taken no real risk.
Let s wait for the results, if any — legal and otherwise — to roll in before declaring the DAO revolution underway.