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The Future of the Firm: A Comparative Institutional Analysis of Transaction Costs in DAOs versus Traditional Corporations Benyamin Wongso; Caelin Damayanti; Muhammad Faiz; Anies Fatmawati; Aylin Yermekova; Delia Tamim; Dais Susilo; Danila Adi Sanjaya; Gayatri Putri
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.94

The emergence of Decentralized Autonomous Organizations (DAOs) presents a fundamental challenge to the traditional corporate form, which has dominated economic organization for over a century. Built on blockchain technology, DAOs propose a new model for coordinating economic activity. This study addressed the critical question of institutional efficiency by applying the lens of Transaction Cost Economics (TCE) to compare DAOs and traditional corporations. A comparative institutional analysis was conducted using a mixed-methods approach. We employed a multiple case study design, analyzing two representative DAOs and two analogous traditional corporations from Q1 2023 to Q4 2024. Data collection involved the systematic analysis of archival records, including 215 DAO governance proposals and corporate filings, and 32 semi-structured interviews with key participants. A novel analytical framework was developed to categorize transaction costs into ex ante (search, bargaining) and ex post (monitoring, enforcement), further distinguishing between 'on-chain' and 'off-chain' costs. The study revealed significant trade-offs between the two organizational forms. Traditional corporations exhibited high ex ante bargaining costs (legal, negotiation) and ex post monitoring costs (managerial overhead), but benefited from established legal frameworks that reduced enforcement uncertainty. Conversely, DAOs significantly lowered specific transaction costs through automation via smart contracts, particularly in on-chain bargaining and enforcement for codified tasks. However, DAOs incurred substantial, often hidden, new transaction costs related to off-chain social coordination, governance participation, and navigating legal ambiguity. This was termed the 'Governance Overhead Paradox'. In conclusion, DAOs do not represent a universally superior organizational form but rather a new point on an institutional possibility frontier. They are highly efficient for tasks that are global, permissionless, and computationally verifiable. Traditional firms retain advantages in contexts requiring complex, subjective decision-making and legal certainty. The future of the firm is likely not a replacement of one form by the other, but a pluralistic ecosystem where hybrid models emerge.

Curating Dissent: Indigenous Artistic Interventions as Counter-Narratives in Settler-Colonial Archives Mary-Jane Wood; Caelin Damayanti; Dian Rahayu; Sandro Louise Oliveirra; Muhammad Hasan
Enigma in Cultural Vol. 3 No. 1 (2025): Enigma in Cultural
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/cultural.v3i1.101

Settler-colonial archives have historically functioned as instruments of state power, perpetuating narratives that erase or marginalize Indigenous peoples' histories, knowledges, and sovereignties. This study investigated the growing phenomenon of contemporary Indigenous artistic interventions within these institutions, framing them as critical acts of "curating dissent" that challenge the archival claim to objective truth. This research employed a qualitative, comparative case study methodology to analyze three distinct, institutionally-sanctioned artistic interventions in major settler-colonial archives in Canada, Australia, and New Zealand between 2020 and 2024. A multi-modal data collection strategy included visual analysis of the artworks, textual analysis of archival records, and thematic analysis of 25 semi-structured interviews with artists, curators, and community members. The analysis revealed three primary strategies of intervention: (1) "Re-contextualization and Juxtaposition," which disrupts colonial classifications by placing Indigenous epistemologies alongside archival records; (2) "Embodied Knowledge and Affective Encounters," which uses performance and sensory elements to reanimate ancestral connections within the archive; and (3) "Digital Sovereignty and Archival Remixing," which leverages digital tools to reclaim and re-narrate colonial documents. Institutional responses ranged from enthusiastic collaboration to forms of negotiated resistance and containment. In conclusion, within the specific context of sanctioned projects, Indigenous artistic interventions function as potent decolonial practices that create new spaces for Indigenous knowledge and memory to flourish. This study proposes the concept of "Archival Acupuncture," a theoretical framework for understanding how these targeted, therapeutic interventions can systemically alter the narrative body of the archive to foster restorative justice. These acts signal a critical shift, demanding archives become active partners in a more just future.

Virtual Veneration: A Critical Inquiry into the Sacralization and Valorization of Digital Heritage in the Metaverse Ifah Shandy; Kevin Setiawan; Khalil Jibran; Caelin Damayanti
Enigma in Cultural Vol. 3 No. 2 (2025): Enigma in Cultural
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/cultural.v3i2.111

The emergence of the metaverse presents a paradigm shift for how cultural heritage is experienced and valued. While technical digitization is well-studied, the socio-cultural processes by which digital objects acquire profound, quasi-sacred meaning remain critically underexplored. This study undertakes a critical inquiry into "virtual veneration," examining the mechanisms through which digital artifacts are sacralized and valorized within metaverse environments. A sequential explanatory mixed-methods design was employed. Phase one involved a qualitative thematic analysis of three leading metaverse platforms (Decentraland, The Sandbox, VRChat) to identify key features of value creation. Phase two was a large-scale quantitative analysis of behavioral data from a diverse cohort of 10,000 users within the Virtual Artifact Interaction Model (VAIM), a controlled experimental environment. Acknowledging the philosophical limits of measuring "sacredness," we developed a composite "Index of High-Value Collective Attention" (HVCA) based on metrics of dwell time, interaction frequency, and social signal amplification to operationalize the behavioral markers of veneration. The qualitative analysis revealed three core themes: "The Architecture of Awe," "Ritualized Communitas," and "The Aura of Scarcity." The quantitative analysis demonstrated that "Community Narrative" was the most powerful predictor of an artifact's HVCA score (), far exceeding the impact of authenticity or scarcity. A significant synergistic effect was found between environmental conditions of "Exclusive Access" and "Ritualistic Interaction" (), confirming that architectural framing and social protocols work in concert. Social proof directed 65.4% of user attention, indicating that valorization is a socially contingent and path-dependent process. In conclusion, the sacralization of digital heritage is a complex socio-technical process contingent on platform design, community ritual, and perceived authenticity. However, this study concludes that these mechanisms, particularly when mediated by speculative economies, create a "networked aura" that functions as a political inversion of Walter Benjamin's original concept, re-ritualizing art for markets. The findings suggest the emergence of a "hyper-sacred"—emotionally potent but ontologically unmoored—posing profound ethical and philosophical questions for the future of cultural value.

Algorithmic Contagion: A Network-SEIR Analysis of Xenophobic Disinformation Diffusion During Indonesia’s 2024 Election Caelin Damayanti; Benyamin Wongso; Emir Abdullah
Open Access Indonesia Journal of Social Sciences Vol. 8 No. 3 (2025): Open Access Indonesia Journal of Social Sciences
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/oaijss.v8i3.301

The 2024 Indonesian General Election was marked by a sudden, coordinated surge in xenophobic narratives targeting Rohingya refugees. This study investigates the diffusion mechanics of this viral hate, testing the hypothesis that algorithmic architectures on platforms such as TikTok and X (formerly Twitter) accelerate radicalization through specific epidemiological pathways. We employed a Stochastic Network SEIR (Susceptible-Exposed-Infectious-Recovered) model to analyze the Indo-Elect-24 dataset, comprising 2.4 million interaction events across a network of 10.2 million nodes. Unlike traditional aggregate models, we utilized a heterogeneous adjacency matrix to identify super-spreader nodes. Parameters were estimated using Bayesian inference via Markov Chain Monte Carlo sampling to quantify uncertainty. The model achieved a high goodness-of-fit (RMSE = 0.042; R-squared = 0.91). We found the Basic Reproduction Number (R0) for anti-Rohingya narratives was significantly higher on TikTok (R0 = 5.42 [95% CI: 5.12–5.72]) compared to X (R0 = 2.81 [95% CI: 2.65–2.97]). Crucially, the Exposed compartment revealed an Algorithmic Latency period where passive consumption drives radicalization before active sharing. Network analysis identified that 8.2% of nodes accounted for 64.8% of total transmission. In conclusion, the study confirms that hate speech functions as a bio-engineered pathogen with pandemic-level virality, driven by algorithmic amplification rather than organic social consensus.

Algorithmic Contagion: A Network-SEIR Analysis of Xenophobic Disinformation Diffusion During Indonesia’s 2024 Election Caelin Damayanti; Benyamin Wongso; Emir Abdullah
Open Access Indonesia Journal of Social Sciences Vol. 8 No. 3 (2025): Open Access Indonesia Journal of Social Sciences
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/oaijss.v8i3.301

The 2024 Indonesian General Election was marked by a sudden, coordinated surge in xenophobic narratives targeting Rohingya refugees. This study investigates the diffusion mechanics of this viral hate, testing the hypothesis that algorithmic architectures on platforms such as TikTok and X (formerly Twitter) accelerate radicalization through specific epidemiological pathways. We employed a Stochastic Network SEIR (Susceptible-Exposed-Infectious-Recovered) model to analyze the Indo-Elect-24 dataset, comprising 2.4 million interaction events across a network of 10.2 million nodes. Unlike traditional aggregate models, we utilized a heterogeneous adjacency matrix to identify super-spreader nodes. Parameters were estimated using Bayesian inference via Markov Chain Monte Carlo sampling to quantify uncertainty. The model achieved a high goodness-of-fit (RMSE = 0.042; R-squared = 0.91). We found the Basic Reproduction Number (R0) for anti-Rohingya narratives was significantly higher on TikTok (R0 = 5.42 [95% CI: 5.12–5.72]) compared to X (R0 = 2.81 [95% CI: 2.65–2.97]). Crucially, the Exposed compartment revealed an Algorithmic Latency period where passive consumption drives radicalization before active sharing. Network analysis identified that 8.2% of nodes accounted for 64.8% of total transmission. In conclusion, the study confirms that hate speech functions as a bio-engineered pathogen with pandemic-level virality, driven by algorithmic amplification rather than organic social consensus.

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