Decentralized autonomous o rganizations (DAO) Design & Development

Creating a safe environment for all like-minded people to work together is the greatest challenge and the concept of DAO makes it easy.

What Are DAOs?

DAOs are a new path that creates an effective & safe space for all like-minded people around the world to work together.

DAO - Decentralized Autonomous Organization

A DAO is a community-led entity that is completely autonomous & transparent with the presence of no central authority.

In DAO, the smart contracts lay the foundational rules, execute based on the decisions, and at any point, voting, proposals & code can be publicly audited. In turn, a DAO is wholly governed by individuals who make critical decisions about the future of the projects which includes upgrades along with treasury allocations.

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How Does a DAO Work?

A core team of community members establishes the DAO rules through the use of smart contracts.

Smart contracts work as a foundational framework on which the DAO will eventually operate and are thus visible, verifiable and auditable by all members.

The DAO platform issues tokens to decide on different ways to receive funding and bestow governance.

This protocol allows the DAO to sell tokens for raising money and filling the treasury.

Token holders are issued voting rights in return for their fiat and this is proportional to their holdings.

The DAO is ready to be deployed once the funding completes. The code is pushed to production and cannot be modified without a consensus concluded via member voting

dao chart

Why Do We Need DAOs?

Launching an organization with someone who involves funding & money needs a lot of trust in the people that you decided to work with. Trusting someone who ever interacted with the internet is very hard. With DAOs, when you start an organization, you don't have to trust anyone in the group. Since DAO's code is completely transparent & verifiable by anyone.

Thus, this DAO creates a new way for global collaboration & coordination.

DAO Vs Traditional Organization

There are some important difference between DAO & traditional organization which includes:

  1. DAO is basically flat, fully democratized whereas traditional organization is hierarchical.
  2. For any changes to be implemented, the DAO requires voting & in a traditional organization, it depends on the structure.
  3. All activities are transparent & fully public in DAO & it is private & limited to the public in a traditional organization
  4. In DAO the services offered are handled automatically in a decentralized manner whereas in traditional firms it requires humans.
  5. In DAO votes are tallied & outcomes implemented automatically but in traditional organizations, votes are handled manually.
dao
  • Usually hierarchical.
  • Depending on structure, changes can be demanded from a sole party, or voting may be offered.
  • If voting allowed, votes are tallied internally, and outcome of voting must be handled manually.
  • Requires human handling, or centrally controlled automation, prone to manipulation.
  • Activity is typically private, and limited to the public.
  • Usully flat, and fully democratized.
  • Voting required by members for any changes to be implemented.
  • Votes tallied, and outcome implemented automatically without trusted intermediary.
  • Services offered are handled automatically in a decentralized manner (for example distribution of philanthropic funds).
  • All activity is transparent and fully public.

What Are The Benefits Of DAOs Over Legal Contracts?

DAO smart contracts are likely a legal agreement written in code by software experts. These blockchain smart contracts add an element called automation to the legal agreements.

In addition, these DAO smart contracts are shorter, smaller, and more quickly produced than standard legal contracts.

Apart from these by using cryptos registered on the blockchain, it is highly possible to raise money more than using fiat via traditional banks.

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How To Make Money With DAO?

How To Make Money With DAO?

DAO makes money through the dividends from the investments made by the organization. People who initiate a DAO can also earn money by convincing others to make investments in them individually based on their business ideas.

The rise of NFTs & cryptocurrencies has made them come back of DAOs which had a massive fall in the year 2016. Mark Cuban, called DAO "the ultimate combination of capitalism & progressivism".

By making collective decisions, entrepreneurs can make a lot of money with DAOs if the community "excels at governance".

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Some Examples Of DAOs

Listed here are some of the DAOs to check out.

DAOhaus

DAOhaus

DAOhaus is a no-code platform to launch & run DAOs.

MakerDAO

MakerDAO

If you contribute to the protocol that introduced the world's first unbiased stable coin, you get involved in governance by voting.

BanklessDAO

BanklessDAO

This platform assists in spreading the Web3 word & educating the masses via content.

RaidGuild

RaidGuild

It is a service-based DAO stemming from MetaCartel which is deeply entrenched in the Web 3 world.

MolochDAO

MolochDAO

It is an advanced Ethereum ecosystem which is also known as OG DAO.

Wrapping Up

DAOs will shape the way companies in the future invest & gain funds. Billionaire Mark Cuban says that "In five years, all the companies will never have equity anymore. Instead, they will have tokens and they will be represented as DAOs, the decentralized autonomous organizations.

DeFi NFT Agancy - Leading Blockchain Development Agancy has experts who can help you in starting their own DAOs .

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Expert Team Of NFT Developers

Expert Team Of NFT Developers

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