DeFi Development
Decentralized Autonomous Organization (DAO)
DAO (Decentralized Autonomous Organization)
along with Blockchain
A DAO is a business or organization whose
decisions are made electronically by a written
computer code or by the vote of its members.
Basically it is a set of rules with a strong code that
outlines what actions the organization will take. DAO
was launched in 2016, It is an early decentralized
autonomous organization (DAO) earmarked to act as
an investor-directed venture capital firm. Lauded as
a revolutionary project, The DAO has raised over
$100+ million USD worth of ether (ETH) and was
one of the earliest crowdfunding efforts and
high-profile projects built on the Ethereum
blockchain.
Why Dao ?
Blockchain technology uses a method
called trusted timestamping to take
action against transactions.
To eliminate corruption and the need to
involve a third party intermediary, a
distributed database is held by all users
of the blockchain.
The ingenuity of implementing these
tools into an organization is that it allows
for the organization to run without
managerial supervision.
Theoretically a DAO company could run
completely autonomously if the platform
provided sufficient rules and flexibility.
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Why is there a need for DAO?
Starting an organization with someone that
includes funding and funding requires a lot of
trust from the people you work with. But it’s
hard to trust someone you’ve only met
online. With DAOs you do not need to rely on
anyone else in the group, only the DAO code,
which is 100% clear and proven by anyone.
This opens up so many opportunities for
cooperation and globalization.
1. All activities are fully transparent.
2. It is flat, and fully standardized.
3. Voting is necessary by its members
for any changes to be done.
4. Services offered are handled
automatically in a standardized
manner (for example distribution of
philanthropic funds.
DAO & Ethereum
Using Blockchain outside finance was an idea of the
Ethereum project. It eliminates the role of banks as
middlemen between individuals and businesses
transacting across borders, Ethereum blockchain
application development with smart contracts has
eliminated intermediaries across virtually every
industry. As an example, In cloud storage Smart
contracts in Ethereum has enabled decentralized
network participants to be rewarded in tokens for
sharing their unused disc space.
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