The promise of blockchain has been to challenge centralized, top-down decision-making through radical transparency and auto enforceable code. Smart contracts on the blockchain disintermediate transactions and radically reduce transactions costs and allowing for new forms of decentralized organizational structures that were not feasible before. The highes form of such a smart contract are DAOs (Decentraized Autonomous Organizations) or DVBNs (Decentralied Borderless Virtual Nations). The claim: Money without banks. Companies without managers. Countries without politicians. But how feasible are those claims and what are the potential challenges and pitfalls? What can we learn from early usecases like Bitcoin, TheDao and Ethereum?