Parzival.eth⚡#3089
You’re very much conversant with companies around you or the company you’re currently working for.
You’d notice a form of hierarchy being played out, a form of authority is exercised and 80% of the time is not always in your favor. You’re fed up with this because an average employee cannot make some benefit-driven decisions due to these factors.
What if I told you all these don’t have to happen again, you don’t even need to be controlled by the C suites or manager,
What if I introduce you to a system where you don’t have to be called an “employee” but a “member” in which you contribute to the system, have access to a council, make voting decisions together, and get paid based on how effective you are?
Would you like me to walk you through this journey?
Introducing Decentralized Autonomous Organization popularly known as the DAO.
A decentralized autonomous organization (DAO), also known as a decentralized autonomous corporation (DAC), is a member-owned community without centralized leadership that is built on rules encoded as a computer program that is often transparent, controlled by the organization’s members, and unaffected by a central government — Wikipedia.
Members’ voting rights in proposals aimed at determining the organization’s or project’s fate are defined by DAOs using blockchain.
A decentralized autonomous organization (DAO), also known as a decentralized autonomous corporation (DAC), is a member-owned community without centralized leadership that is built on rules encoded as a computer program that is often transparent, controlled by the organization’s members, and unaffected by a central government, according to Wikipedia.
Members’ voting rights in proposals aimed at determining the organization’s or project’s fate are defined by DAOs using blockchain.
A DAO’s financial transactions and regulations are recorded on a blockchain. This eliminates the need for a third party in a financial transaction, allowing smart contracts to speed up the process. A smart contract determines the firmness of a DAO.
Importance of DAOs
Consensus-Based
DAOs, in contrast to typical corporations, have a uniform organizational structure with no management. Each token holder has voting rights within the organization. One of the core rules in the DAO development stage says that voting power is proportional to the number of tokens held. Other than that, no member has any additional benefits or rights.
Transparency and instant trust
The nicest thing about DAO development is that it provides instant trust and transparency, allowing entities to concentrate on achieving their common goals. The rules of engagement are encoded in a public, secure, and open-source blockchain record, so the participants don’t need to know one another. No participant can change the procedures without a majority vote since the blockchain ledger is tamperproof. As a result, a DAO entity’s sole purpose is to advance a group’s collective interests.