Decentralized Autonomous Organization

Decentralized Autonomous Organization

With a major change in the technological and work environments around the globe, it is possible in the near future, people will quit working in the corporate sector and for companies. As opposed to working within an office, employees will work in a way that allows them to invest their time in gaming, learning new techniques, making artistic works, and writing content.

The people will be self-sufficient through a major change in the way they work. They can earn their own money without the need to be controlled by any authorities. These kinds of futuristic working environments are being created using different networks. 

They are networks driven by Blockchain.

  • A sustainable work environment can open new possibilities for people and assist them to develop beyond their traditional working habits. 
  • The typical workplace culture is primarily about earning money through work. 
  • The future workplace will focus on creating income streams by a person's own voluntary actions and pursuits. 
  • Work models such as 'learn-to-earn", 'create-to-earn play-to-earn', and 'contribute to earning' will be the norm. 
  • The models for work are being put into practice. As social media influencers make money through contributing to a community, Axie Infinity players earn through playing games.

What are DAOs?

A decentralized autonomous organization (DAO) can be described as a working platform that is based on open-source code. It is self-sustainable and automated in its own way. 

  • To be totally free of centralization, DAO was unaffiliated with any particular nation-state or authority However, it did use the Ethereum network in the beginning. 
  • The DAO is a community in its fundamentals. The many members of DAO are able to coexist according to the laws encoded on the blockchain.
  • The majority of the blockchain and smart contracts-based decentralized applications are backed by DAOs. 
  • As an autonomous decentralized organization, there is no central authority. Instead of central authority, DAO works on the basis of the suggestions of its members. Each node is able to vote on each proposed idea.

These proposals are proposed to the DAO members DAO in the event that they are supported by the majority of nodes. Then, they are accepted and implemented according to the rules encoded in the smart contract. Therefore, smart contracts are the basis of DAOs, establishing guidelines and carrying out the decisions agreed upon by the various DAO members. DAO.

What's the goal of what is the purpose of a DAO?

In order to establish an organization, it requires a huge amount of money and confidence in working with people. 

But doing similar things on the internet is a lot more challenging.

Communication, trusting, and working with someone on the internet are difficult. However, you don't have to be able to trust anyone in DAO. 

  1. Everything is based on the DAO's code, making it completely independent. 
  2. The code is completely transparent and is verified by every participant in the DAO. 
  3. The purpose of the DAO is to offer an autonomous working platform with independent authority.
  4. The self-sustaining nature of DAO creates new possibilities to collaborate across the world. 
  5. It expands the diversity of ways of earning since people can take action on their own to earn. 
  6. Its organization DAO is fundamentally transparent and accountable, and by default.
  7. It shares value with its members. 
  8. They provide members with rewards and serve as the owner's economy.
  9. DAOs have become active platforms, with an 'x-to earn the model as their basis. 
  10. X is the endless possibilities people can think of and then utilize the platform to generate income.

What are the primary advantages of DAO?

There are three major advantages of DAO that are listed in the following paragraphs:

Trustless

The main advantage for DAO can be that is trustless in its nature. When working for DAO, you don't need to trust anyone else, including the CEO, manager, or leader in your decision-making. The program or company will be in operation regardless of whether a major developer ceases engaged in the work, or even if funding ceases. DAO doesn't rely on anyone individual; rather, it is a dynamic organization that works in concert with the interests of its individual members.

No shutdown

Another advantage is that there isn't an interruption within DAO. If any of the top government agencies such as the FBI, CIA, or any other government agency interferes, DAO will never stop working. It's not able to provide all information or data to the agencies. In the DAO case, one of these organizations requires any kind of information, they must have plenty of tokens. They will then submit the idea of voting, and the proposal has to be approved by members of the DAO. This means that any authority, government, or normal person is able to violate the proposal to vote in DAO. Therefore, it can't be shut down by anyone's command.

Open-Source

DAO is an open-source platform which means its code is available which makes it possible for anyone to participate with DAO to develop and enhance the platform. Open-source platforms are more reliable due to the fact that worldwide developers assist them in x ways. In this way, the DAO's system improves with fair participation and openness from all participants.

How can NFT and DAO coexist?

DAOs control communities, and NFTs are digitally unique assets. Creators create NFTs within the collective NFT DAO and DAOs control their lives. Since it's a collective that means the NFT is sold to the DAO once it is created by the artist. The DAO will create its own cash (from the Treasury) and then trade it in to purchase NFTs. The NFTs can be used to guarantee (as collateral) the tokens being issued

The value of the token will be determined by NFT and it gives the DAO the ability to participate in the governance. Tokens created by the DAO include both financial and utility worth. The DAO's independent link offers the ability. Token holders can decide and vote with their tokens. The DAO tokens are beneficial in this manner.

Wrapping Up

A DAO offers many advantages, such as the fact the DAO is fully self-contained. It doesn't need leadership and offers transparency and predictability as all decisions are governed by a smart agreement. 

Any changes must be approved by everyone in the group, which rarely happens in actuality. DAOs are also extremely transparent since all data is recorded, and all votes, suggestions, and even the code itself can be audited. This is why DAO is the ultimate example of self-sustainability at work, as compared to the traditional workplace.

Click here for more details: https://www.leewayhertz.com/decentralized-autonomous-organization/

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