A decentralized autonomous organization (DAO) claims that another DAO has infringed on its intellectual property rights "99 percent of the time." "Not only is IP infringement immoral, but it also destroys value for both the infringer and the infringed," says DeFi's CEO. Lawyer: The phrase "code is law" refers to users of a smart contract or system consenting to rely on the code's results rather than the costly and inefficient legal system.