There’s a real-world experiment in governance happening that you’ve probably not heard about. It involves decentralized autonomous organizations (DAOs). These online collectives are trying to run billion-dollar enterprises using direct democracy and a controversial mechanism known as “liquid democracy”—where you can delegate your vote to anyone, at any time. Are these DAOs and blockchain experiments revolutionizing democracy—or just reinventing the wheel?

Political scientist Andrew Hall (Stanford GSB), has been studying these systems to understand if delegated voting increases participation, improves decision-making, or simply creates new forms of power concentration. What happens when participation is low, and decisions are made by a few super-delegates?