May 26, 2022

adoption of decentralized Autonomous organizations, or DAOs, have grown dramatically over the past year, and members believe this is just the beginning and argue that there will be more use cases in the sub-sector.

DAOs are community-led groups that theoretically allow members to make operational decisions without centralized leadership. The groups are self-governing and typically raise capital through DAO-linked tokens. Tokens often give participants the right to vote on governance rules, and through smart contracts, they influence the votes and determine what DAOs do.

Many DAOs focus on raising funds to support a cause or purchase of an item, whether it be buying a copy of the Constitution or a golf course, as mandated by the DAO Constitution or LynxDAO respectively.

DAO has also been compared to the new threshold for coordination, but some DAO members say these examples are just the beginning.

“There will be big growth” [for DAOs] As we begin to infuse technology into human behavior,” said Sarah Wood, Head of Operations at Upstream, during a panel at the Avalanche Summit.

“I see a world where you can use The DAO for your book club or whatever.”

Wood noted that whether it is friends hoarding money or working together, without centralized leadership, collective activity is shared by everyone, regardless of whether they are engaged in cryptography. He added that the DAO ecosystem is potentially useful for any person or organization that wants to pool funds or make a decision, but better education is required to understand others.

“I think we will see more cases where people come together to buy items, teams or assets,” Imran Khan, a leading member of the Web3 Accelerator Alliance, told gaming-updates. “This idea of ​​social coordination as a way for groups to come together to buy something is one of the easiest to grasp and implement.”

Just like AssangeDAO has raised more than $53 million in an NFT tender that will support its mission to free WikiLeaks founder Julian Assange, Khan looks forward to supporting projects or missions around the world in the future.

“Except [DAOs purchasing assets]People around the world will need more experimentation to follow a mission or theme,” Khan said.

According to him, now DAO is the third stage of online coordination. In the past, the Web 1.0 platform connected people via email or chats on sites like Yahoo or AOL. Then Web 2.0 came along and online groups were created through social networking sites like Facebook or Reddit, but these groups often grew on websites rather than off-site, Khan said.

“It was always about the development of Facebook, not the group,” Khan said. “So imagine that you can signal to a group and allow yourself to grow and be shaped; which is very powerful. We’re going to grow and break away from platforms and self-forms, and I expect DAOs to be as big as nation states.”

Leave a Reply

Your email address will not be published.