Research on Decentralized Autonomous Organizations
(DAO)
What is it and why is it an Innovation?
Take An Example :
A machine that not only takes money from you and gives you a snack in return but also uses this money to automatically order goods. This machine also requests cleaning services and pays its rent. Also, when you pay for this device, you and other users can comment on what snacks this device ordered and how often you need to clean it. It has no administrators, all of these operations are prescribed in the code
This is almost the way a DAO or Decentralized Autonomous Organizations works. The idea for this management model has been around in the digital currency community since Bitcoin got rid of intermediaries in financial transactions. Likewise, the main idea of DAO is to create a company or organization that can work completely without hierarchical management.
Popular or Well-known DAOs
The MakerDAO — MakerDAO is the largest and most respected DAO in space, and includes the core team behind Maker (the project created by stable coin Dai) as well as a community of people who participate in government surveys through the government dashboard.
MolochDAO — MolochDAO is a decentralized autonomous organization (DAO) created to fund Ethereum 2.0 grants. It was designed as a minimum viable DAO and uses simple smart contract functions to reduce the potential attack surface. These smart contracts have been forked to develop numerous other DAOs such as MetaCartel Ventures and Marketing DAO.
DaoMaker Or DaoPad — Venture Capital Re-Created for the MassesDAO Maker creates growth technologies and funding frameworks for startups, while simultaneously reducing risks for investors.
Gitcoin — Gitcoin is a platform used to source blockchain developers, similar to UpWork but specifically focused on blockchain.
MetaCartel — MetaCartel was created as a fork of MolochDAO, focusing on dApp funding to leverage shared product data and user insight. In this sense, members of MetaCartel theoretically receive upside in the form of valuable information gained from any products or companies the DAO has funded.
Dash — An open-source, peer-to-peer cryptocurrency, which offers instant payments and private transactions.
Digix Global — The gold standard in peer-to-peer digital assets. Each Digix Gold token represents 1 gram of LMBA standard gold and is secured in Safehouse vaults.
Advantages of DAOs
There is no denying that the DAO concept is very exciting as its goal is to fix anything that goes wrong in the way modern organizations are run. A well-organized DAO gives every investor the opportunity to help shape the organization. There is no hierarchical structure, which means that everyone can participate in any innovative idea and be taken into account by the entire organization. A set of ready-made rules that every investor knows before joining the organization, as well as the voting system, leaves no room for discussion.
Sources:
· https://cointelegraph.com/ethereum-for-beginners/what-is-dao
· https://blockchainhub.net/dao-decentralized-autonomous-organization/
