Abstract: The DAO event reveals that it is of great significance to define the subject of blockchain decentralized autonomous organization (DAO), and the key lies in Token holders. The selection of Token holders as the key is significant and in line with the technological features of the DAO. Among the current arguments, identifying the corporate as the subject does not conform to the technological feature that participants on the DAO platform are also managers. What’s more, the argument of “quasiorganization” has not explained the legal implications of “quasi” and its effect of application. Only the argument of “partnership joint venture” is well grounded. The blockchain DAO has its own subjectivity which is a collective notion independent of individual Token holders, its own assets based on Token holders’ accounts and its own organizational elements based on smart contracts and consensus mechanism, thus satisfying the procedural elements of criterion doctrine. To be more specific, since the blockchain DAO meets the requirements of joint operation and joint responsibilities for profits, losses and risks, it can be regarded as partnership business. At present, as to the responsibilities among partners, the joint venture system can be applied and all Token holders should take the responsibility respectively.

Key words: Key words： , blockchain, DAO, Token, smart contract, partnership joint venture ,  ,