C. Clack, V. Bakshi, and L. Braine, Smart Contract Templates: foundations, design landscape and research directions, 2016.

, Law and Blockchain: A Legal Perspective on Regulatory Trends Worldwide, Revue Trimestrielle de Droit Financier (Corporate Finance and Capital Markets Law Review), 2017.

A. Savelyev, Contract Law 2.0: "Smart" Contracts As the Beginning of the End of Classic Contract Law, Higher School of Economics Research Paper, SSRN, 2016.

M. Raskin, The Law and Legality of Smart Contracts, Georgetown Law Technology Review, vol.1, p.25

H. Surden, Computable contracts, pp.629-700

M. Walport, Report by the UK Government Chief Scientific Adviser, European Parliamentary Research Service, 2016.

, The smart contract definition has been added in Title 44, chapter 26, article 5(E)(1) of the Arizona Revised Statutes. The US State of Tennessee passed a similar law, 2017.

E. Vermeulen, adding digital solutions to older systems, models and organizations in the belief that this will "future proof" an existing approach and make it more efficient, Retrofitting is defined by Fenwick and Vermeulen as, p.13, 2018.

P. Boucher, What if blockchain technology revolutionized voting?, European Parliamentary Research Service, 2016.

A. Lafarre, C. Van-der, and . Elst, Blockchain Technology for Corporate Governance and Shareholder Activism, 2018.

A. Lafarre and C. Van-der-elst, Blockchain and the 21 st century annual general meeting, European Company Law Journal, vol.14, issue.4, 2017.

J. Laster, The Blockchain Plunger: Using Technology to Clean Up Proxy Plumbing and Take Back the Vote, Keynote Speech, Council of Institutional Investors, 2016.

D. Yermack, Corporate Governance and Blockchains, Oxford Review of Finance, vol.21, 2017.

M. Kahan and E. Rock, The hanging chads of corporate voting, Georgetown Law Journal, vol.96, pp.1227-1281, 2008.

V. Akgiray, Report for the OECD Corporate Governance Committee's roundtable discussion on blockchain technologies and possible implications for effective use and implementation of the G20/OECD Principles of Corporate Governance, p.24, 2018.

M. Stanley, Update: Bitcoin, Cryptocurrencies and Blockchain, 2018.

. Bianchi, Cryptocurrencies as an asset class? An empirical assessment, 2018.

J. Antos, An Efficient-Markets Valuation Framework for Cryptoassets using Black-Scholes Option Theory, 2018.

L. W. Kong, E. C. Laurenson, A. C. Scheibe, D. L. Taub, L. Tessler et al., Five Regulatory Implications for Blockchain Tokens as an "Asset Class, 2017.

I. Barsan, Legal Challenges of Initial Coin Offerings (ICO), Revue Trimestrielle de Droit Financier (RTDF), n°3, pp.54-65, 2017.

, Summary of replies to the public consultation on Initial Coin Offerings (ICOs) and update on the UNICORN Programme, p.22, 2018.

. Financial-conduct-authority, H. M. English, . Treasury, . Bank, and . England, Cryptoassets Taskforce: final report, 2018.

, Guide: Initial Coin Offerings (ICOs) in the Canton of Geneva, Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs), p.16, 2018.

, Initial coin offerings, Australian Securities & Investments Commission (ASIC), vol.225, 2017.

C. Securities and A. , Cryptocurrency Offerings, 2017.

, Guide to Digital Token Offerings" published by the Singapore financial regulator Monetary Authority of Singapore (MAS) in, Ontario Securities Commission (OSC), vol.62, 2017.

, MAS clarifies regulatory position on the offer of digital tokens in, 2017.

, Anti-money laundering (AML) and know-your-customer (KYC) processes will progressively be standardized and provided by market participants, such as crypto-exchanges, custodian wallet providers, crypto-brokers and banks, willing to develop the crypto-asset digital financial markets. Cf.: US Department of the Treasury, Financial Crimes Enforcement Network, 2013.

D. Holman and B. Stettner, Anti-Money Laundering Regulation of Cryptocurrency: US and Global Approaches, ICLG, 2018.

D. Siegel and . Others, The Equity Token Project

, custodian wallet provider" as "an entity that provides services to safeguard private cryptographic keys on behalf of its customers, to hold, store and transfer virtual currencies, The Directive (EU) 2018/843 defines

, when DLT will be broadly used by companies, and notably public ones, regulators might be interested to provide mandatory disclosures of public keys by equity token holders. See: D. Yermack, Corporate Governance and Blockchains, vol.21, pp.7-31, 2017.

K. Malinova and A. Park, Market design with blockchain technology, SSRN, 2016.

A. Tinianow, Tokenized securities are not secured by Delaware Blockchain Amendments, 2018.

D. Yermack, Blockholders and corporate governance, Annual Review of Financial Economics, vol.21, pp.23-50, 2014.

L. Bebchuk and R. Jackson, The law and economics of blockholder disclosure, Harvard Business Law Review, pp.39-60, 2012.

K. Bheemaiah and A. Collomb, Cryptoasset valuation -Identifying the variables of analysis, p.16, 2018.

N. Notat and J. Senard, L'entreprise, objet d'intérêt collectif -Rapport aux Ministres de la Transition écologique et solidaire, de la Justice, de l'Economie et des Finances, et du Travail, 2018.

, Corporate Social Responsibility or "CSR

B. Dondero, La raison d'être des entreprises (rapport Notat-Senard), 2018.

U. Chohan, The Decentralized Autonomous Organization and Governance Issues, 2017.

D. Yermack, Corporate Governance and Blockchains, Oxford Review of Finance, vol.21, issue.1, pp.7-31, 2017.

P. Paech, The Governance of Blockchain Financial Networks, LSE Legal Studies Working Paper, issue.16, 2016.

M. Raskin, The Law and Legality of Smart Contracts, Georgetown Law Technology Review, vol.1, p.336, 2016.

P. Bloch, Decentralized Autonomous Organization (DAO) et Théorie de l'Agence, LesEchos.fr, p.31, 2016.

V. Buterin, A next generation smart contract & decentralized application platform, 2014.

S. Blemus, Revue Trimestrielle de Droit Financier (Corporate Finance and Capital Markets Law Review, pp.4-2017, 2017.

C. Jentzsch, Decentralized Autonomous Organization to Automate Governance, Final Draft -Under Review, 2016.

&. Wardy?ski and . Partners, Blockchain, smart contracts and DAO from a legal perspective, p.12, 2017.

H. De-vauplane, Blockchain et corporate gouvernance: stigmergie ou holacratie ?, p.30

M. Jensen and &. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, vol.3, pp.305-360, 1976.

E. Fama, &. Jensen, ;. A. Wright, and P. De-filippi, Decentralized Blockchain Technology and the Rise of Lex Cryptographia, Journal of Law and Economics, vol.26, issue.2, p.15, 1983.

I. Tchotourian, Théories contractuelles de la firme : Théorie du noeud de contrats et théorie de l'agence, 2007.

Y. Hsieh, The Rise of Decentralized Autonomous Organizations: Coordination and Growth within Cryptocurrencies, p.106, 2018.

R. Coase, The Nature of Firm, Economica, vol.4, issue.16, 1937.

M. Jensen and W. Meckling, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, pp.305-360, 1976.

M. Fenwick and E. Vermeulen, Technology and Corporate Governance: Blockchain, Crypto and Artificial Intelligence, 2018.

P. Filippi, A. Wright, ;. Reyes, N. Packin, and B. Edwards, Blockchain and the Law: The Rule of Code, William & Mary Law Review Online, vol.59, 2017.

M. Molines, Comment la blockchain va changer la gouvernance des entreprises, TheConversation.com, 2017.

A. Wright and P. De-filippi, Decentralized Blockchain Technology and the Rise of Lex Cryptographia, SSRN, p.15, 2015.

O. Williamson, Markets and Hierarchies -Analysis and Antitrust Implications: a Study in the Economics of International Organization, 1975.

, The cost of accessing information for minority stakeholders would be potentially reduced, Cf. S. Burger, 2016.

V. Buterin, Notes on Blockchain Governance, 2017.

F. Sell, The challenge of algorithmic governance, Interdisciplinary workshop on blockchains, Ecole Normale Supérieure, 2018.

F. Ehrsam, Blockchain Governance: Programming Our Future, p.27, 2017.

V. Buterin, An Introduction to Futarchy, Ethereum blog, 2014.

R. Hanson, Shall We Vote on Values, But Bet on Beliefs?, Journal of Political Philosophy, 2013.

M. Fenwick and E. Vermeulen, Technology and Corporate Governance: Blockchain, Crypto and Artificial Intelligence, p.9, 2018.
DOI : 10.2139/ssrn.3263222

S. Lalley, E. Weyl, ;. S. Lalley, and E. Weyl, Quadratic Voting: How Mechanism Design Can Radicalize Democracy, American Economic Association Papers and Proceedings, vol.1, issue.1, 2018.
DOI : 10.1257/pandp.20181002

URL : https://www.aeaweb.org/articles/attachments?retrieve=uWBwyjgcDnLwVzSYyb_4QgvoiOsghO6y

E. Posner, ;. E. Posner, and E. Weyl, Voting Squared: Quadratic Voting in Democratic Politics, Vanderbilt Law Review, vol.68, issue.2, 2014.

B. Arruñada and L. Garicano, Blockchain: The Birth of Decentralized Governance, SSRN, 2018.

F. Sell, The challenge of algorithmic governance, Interdisciplinary workshop on blockchains, Ecole Normale Supérieure, 2018.

H. De-vauplane, Blockchain et corporate gouvernance: stigmergie ou holacratie ?", Revue Banque n°821, 2018.

F. Ehrsam, Blockchain Governance: Programming Our Future, p.27, 2017.

A. Wright and P. De-filippi, Decentralized Blockchain Technology and the Rise of Lex Cryptographia, SSRN, 2015.

C. Reyes, N. Packin, B. Edwards, and ;. Tapscott, Blockchain democracy: Government of the people, by the people, for the people, William & Mary Law Review Online, vol.59, 2016.

D. Bradbury, How Block Chain Technology Could Usher in Digital Democracy, CoinDesk, 2014.

M. Fenwick and E. Vermeulen, Technology and Corporate Governance: Blockchain, Crypto and Artificial Intelligence, p.9, 2018.
DOI : 10.2139/ssrn.3263222

M. Field, Decentralized Governance Matters, 2018.

D. Zetzsche, R. Buckley, and D. Arner, The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain, EBI Working Paper Series 2017-007, 2017.

P. Paech, The Governance of Blockchain Financial Networks, LSE Legal Studies Working Paper, issue.16, 2016.

A. Barbet-massin and J. Brosset, La souscription de cryptoactifs et de jetons d'ICO : les recours des investisseurs, Supplement, RLDA, vol.6531, pp.36-43, 2018.

, provides a mining proof-of-work validation process of the transactions. If a single "miner" node possesses more than 51% of the DLT's mining/processing power, he may be able to manipulate the DLT code and insert in the chain of transactions fraudulent transactions, carry out a double transaction or even steal the crypto-assets. See: D. Guégan and C. Hénot, 2018.

F. Sell, The challenge of algorithmic governance, Interdisciplinary workshop on blockchains, Ecole Normale Supérieure, 2018.

, Interactive Initial Offering" is a token sale model which provides some advantages for minority investors (i.e. a personal investment cap to avoid excessive dilution, the possibility for investors to withdraw bids manually, no discount for institutional investors) and for entrepreneurs (i.e. an acceptance only of ether investment, a longer period of token crowd sale, 2018.

W. George, Kleros' IICO Analysis, 2018.

J. Teutsch, V. Buterin, and C. Brown, Interactive coin offerings, 2017.

J. Halfon, The DAICO: ICO savior or wolf in sheep's clothing?, 2018.

C. Pauw, What is a DAICO, Explained, CoinTelegraph, 2018.

. Bitcoin and . Fr, Hard fork/soft fork, p.27, 2016.

. Coindesk and . Com, Hard Fork vs Soft Fork, 2018.

A. Glidden, Should Smart Contracts Be Legally Enforceable?, Blockchain at Berkeley, 2018.