Decentralized Autonomous Organization (DAO)

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Decentralized Autonomous Organization (DAOs) are large scale organizations that have no central authority or government. Rather, the body is controlled democratically by its shareholders through smart contracts and decisions are recorded on the blockchain. The most well-known of DAO’s is the DAO that formed on the Ethereum blockchain, and which was subsequently hacked, resulting in a loss of $50 million. 

A term that grew in popularity with the advent of blockchain networks, decentralized organizations do not have the typical structure of a corporate organization i.e. something that is pyramidal. In the DAO’s case, governance is chiefly conducted with the help of smart contracts. Besides bringing the benefits associated with decentralization - transparency, immutability, security etc. - DAOs are also cost effective and, through token economics, good at incentivizing users to participate. 

Several DAOs have already been formed, including projects themselves, such as Aragon, BitShares, Dash and Digix. The governance mechanisms on such platforms allow users to propose changes and vote on such changes. 

Given that that there is no one power controlling the network, and that decentralized networks belong to no nation state, there has been some discussion on the legal status of DAOs. It continues to stir debate.  


Next Chapter in the DEX Story: Interview with WOWswap

28 Feb 2022 6 minute read 0 comments Crypto Guys

Just like any decent history book, the story of DEX is not short of its dark pages. Glimmering with highly-promising Uniswap at the dawn of the liquidity pool era, it was then succeeded by SushiSwap, a Trojan horse exposing the lack of control behind...

DAO Culture & Growth

27 Feb 2022 1 minute read 0 comments Coach Viking

Traditional organizations face cultural challenges which aren't reflected at scale as they are within a DAO. While default organizations have smaller, more localized talent pools, a DAO is working with talent from all around the world. This can crea...

How Has the APY Competition Changed the "Meaning" of a DAO?

23 Feb 2022 5 minute read 0 comments CryptoRealm

What if could place your money in an investment that earns more than ONE TRILLION PERCENT APY? Is this TRUE or NOT TRUE? The answer is BOTH. AND if you have invested all of your money, your food, and your clothes, you might just be left in your under...

DAOs in Action – Are They a Hopeless Case?

22 Feb 2022 7 minute read 1 comment Renaissance man

  A few weeks back I posted an article (Return of the Levellers) sharing some of my thoughts on the possibilities that DAOs bring to the table for new ways of doing things. In particular, I drew attention to the fact there is no single model all DAOs...

SecretDAO - decentralized autonomous organization (DAO) built on Secret Network

22 Feb 2022 1 minute read 2 comments Cryptotexty

Now it seems DAO along with DeFi and NFT is one of the recent cryptocurrency trends. There is even an idea, that if your ecosystem doesn't have a DAO or isn't planning to have one - you might be not so competitive in the long term. So what is Secret...

How will the Floyx DAO work?

18 Feb 2022 2 minute read 0 comments Chriss

This DAO, just like any other DAO, will work through one or multiple Smart Contracts, will evolve on Polygon's Blockchain and will be developed directly on Floyx. As we can see from the Floyx Roadmap, the launch of the DAO is scheduled for Q3 2022. ...

What are DAO?

14 Feb 2022 4 minute read 4 comments Chriss

DAO means Decentralized Autonomous Organization.   A DAO is a Smart Contract, or a set of Smart Contracts (computerized, autonomous, tamper-proof programmes) that evolve on a Blockchain. To illustrate this simply, we need to look at how a so-called '...

Just DYOR and WAGMI: A Crypto Lingo Guide

11 Feb 2022 2 minute read 0 comments TheWriteVictor

If you're not someone who's grown up in the trenches of Reddit or similar spaces online, you may be reading an article and come across an acronym that you've never seen before. And as you read other comments, peruse the rest of the article, you find...

Hollywood DAO: giving power to viewers and creators through decentralization

10 Feb 2022 1 minute read 0 comments Diana King

The project Hollywood DAO is bringing Web 3.0 to filmmaking by developing the decentralized governance community-funded production of movies. The fast growth of the NFT market gave new opportunities to artists and creators. Every day we understand mu...

Call in the Bean Counters - Some Tax Considerations Concerning DAOs

10 Feb 2022 5 minute read 1 comment kev_nag

First Thoughts A DAO (Decentralized Autonomous Organization) is an entity represented by encoded rules within a computer program that is transparent, controlled by the organization's members, and is free from central government influences [See, e.g.,...