“What Is The Importance Of DAOs?”

DAOs (decentralized autonomous organizations) are still a relatively new concept.

A DAO is an organization that operates independently and transparently through blockchain technology and smart contracts.They can be used for anything from online voting systems to gambling platforms. And from how they are traditionally viewed as autonomous organizations, to how they are currently treated as Web3 companies.

DAOs were originally conceived as autonomous organizations with no central power figure in control. Instead, they were perfectly managed by smart contracts that worked independently of any human intervention (although people still contributed to the way those contracts were written).

Because DAOs are open source, their code can be viewed, inspected, and validated by anyone.

In many ways, Bitcoin is considered the first true DAO because it has a programmed and transparent set of rules that are executed in a decentralized manner and has a distributed consensus protocol.

Currently, the largest platform for NFT and DAO is Ethereum. After all, it was the very first platform for smart contracts. You can execute code based on what you have written in the contract; if that’s it, it’s. This eliminates many of the problems that arise, in particular, in the digital sphere. This eliminates the need for trust and intermediaries. Most businesses will want some smart contracts to be executed in their business.

There will be no fraud in the DAO because it is on the blockchain and programmed into the code. We know who has which NFT or tokens, and the voting to which it corresponds. That’s indisputable, it’s unreliable. This is the path of the future for voting in organizations.

There are basically three main components that make up an effective DAO. And the tools that are available now revolve around these three things.

Community: The collective that manages and owns the DAO. Tokens and/or NFTs are used to represent voting rights in the DAO.Treasury: How a community coordinates and deploys capital to achieve its goals.Governance: How to manage discussions, proposals, and voting with an incentive structure.

The most obvious benefit of the DAO is that it eliminates centralization in organizations. While the vast majority of organizations in the world are managed and controlled by centralized parties, in non-centralized ones, management is completely transferred by the organization into the hands of those who are interested in it. Every investor, in theory and in practice, should be able to help manage such a decentralized organization.

The main problem for decentralization organizations is the lack of a clear regulatory framework. Most governments around the world do not have a clearly defined legal position regarding DAOs, making it difficult for such organizations to develop rapidly.

One of the DAO’s representatives is Joystream.

Brand TaglineThe video platform DAO

“We believe that art, be it as literature, music, film, games or performance, is a critical tool through which societies establish a shared understanding of what is common knowledge among all members. These expressions define values and narratives that end up shaping culture, faith and even public policy. It therefore matters deeply how it is financed, distributed and paid for…”

To learn more about the mission and high-level description of what the project is trying to achieve, check out the manifesto https://github.com/Joystream/manifesto/blob/master/paper.pdf

Competition*“The most natural competition to consider would be other projects trying to build more user controlled media platforms, often using Blockchain or other peer-to-peer technology as a result. There are quite a few such projects, emphasising different aspects of how they will be better than existing centralised platforms like YouTube or Soundcloud. What sets us apart is that we focus very deeply on governance, and how users will be in direct control of everything. Others focus on more detailed particular features, like how monetisation or advertising will work, or that users can get paid for providing bandwidth in the system.”*