FROSTDAO: Collective Ownership of wealth using FROST
R.E.P. Klabér (TU Delft - Electrical Engineering, Mathematics and Computer Science)
Johan Pouwelse – Mentor (TU Delft - Data-Intensive Systems)
Jie Yang – Graduation committee member (TU Delft - Web Information Systems)
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Abstract
The introduction of Blockchain technology has led to the idea of Decentralized Autonomous Organizations.
(DAOs). DAOs enable decentralized and transparent collective wealth, allowing groups of individuals to pool their funds for collective management. DAOs rely on complex smart contracts to function. Despite Bitcoin being the most popular Blockchain, its simple smart contracts make DAO unfeasible. This thesis presents a DAO structure that addresses the challenge of DAOs on Bitcoin. The system utilizes threshold signatures to allow anyone to create Bitcoin wallets jointly controlled by a group. The system is implemented as an Android application and relies on no central party, allowing the system to be used by anyone worldwide. Our experiments show that our system is practical for real-world use for groups of 50 members. Joining an organization in the system and creating a transaction to spend funds can be done in under a minute. Further research is required to determine how far the system can scale while being practical.