DAO or Decentralized Autonomous Organization is a buzzword in 2022. There are more DAOs popping up than ever. That is great for the crypto ecosystem. However, I will share my experiences about DAOs and what we can do in DAO in 2022 and beyond.
Here you can learn the original idea of DAO and three principles derived from robotic rules. DAO can be a spectrum to apply into your community building process and of course you do not need to be a DAO.
What is DAO
There are many articles that try to discuss what DAO is. They are doing a very good job to describe how DAO can perform and what DAO can do that corporation cannot. Simply, DAO is a solution to fix the current corporation. Rules are made by humans and executed by those who are controlled in power. Corporations are biased and unfair. DAO uses a consensus algorithm to operate rules through collective voting through participants. An open-source corporation that everyone can join and contribute to. No CEOs or Board Members can solely influence DAO.
Rules of DAO
People run DAOs but they may not know that there are rules on what really means about a DAO. The original idea of DAO came from the article “Bitcoin and the Three Laws of Robotics”. The original idea of DAO or in the article referred to DAC or Distributed Autonomous Corporations (DAC) which runs without any human involvement under the control of an incorruptible set of business rules and there are three laws of DAC described as:
A DAC must always obey its own published business rules.
A DAC must never change its rules without consent of its stakeholders, except where such change would conflict with the First Law.
A DAC must protect its own existence, as long as such protection does not conflict with the first two laws.
You may want to ask why people need DAO anyway. The purpose of DAO depends on what a community wants to accomplish. For instance, ConstitutionDAO is formed to try to buy an original copy of the US Construction. However, once they finished the mission, they dissolved. Other communities can have their own goals to accomplish through a DAO.
Do You Have To Be A DAO
You do not. DAO can be a very long process to accomplish the goal wholly. Building a DAO is a very complicated process. It doesn’t mean you can’t get things done in DAO. You need a very solid foundation about what a DAO really wants to help you to achieve your goals.
Luckily, you do not need to convert your community entirely into DAO. Although it is beneficial in the long term to have a DAO entirely, you can have DAO in certain processes or parts of your community.
DAO has evolved from the crypto community. Choosing DAO to build community is a new way to plan how to grow your community more sustainable and helps others to grow together.
I just touched the surface of DAO and stayed tuned for this series.
This article is also published in Cryptologist as parnership publication.
Photo by Martin Sanchez on Unsplash
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here
Digital Commodities- the Unlimited Resources of Commodities Has Born
Universal Income in Crypto Way
DeFi 1.0 is Officially Dead - Welcome to DeFi 2.0
NFT Has a New Purpose
How Many Ads Are Too Much - Floki Inu Ads Got Backfire
Metaverse - Second Life Era
Bitcoin ATM Adoption and Its Potential Security Vulnerabilities
When Corporations Are Running By Everyone
The Fundamental Value Is Irrelevant
Coinbase At Huge Reputation Crisis
CBDCs' Flaw Design
Regulations Start Hitting Crypto Exchanges
From Bitcoin Standard To Zero-Knowledge Proofs - Decentralization 2.0
Shiba Hits 1 Million Users (Army) Milestone: What is Next?
How To Avoid Crypto Scammers
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Twitter CEO Steps Down - A Full-Time Bitcoiner
Change of Macroeconomy Landscape
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Brief History of Ethereum and How Ethereum 2.0 May Over Promise
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Smart Money Is Out, Institutional Money Is In
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2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
Craig vs People
Polygon Enters ZKPs - Plonky2
Crypto.com Backfire - When Centralized Crypto Service Panic
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.