How Do Individuals & Organizations Attain Benefits From DAO (Decentralized Autonomous Organizations)?
A DAO, or Decentralized Autonomous Organization, is an idea for a firm that is ruled with enforced digital rules and without hierarchical management. DAO as an idea is very close to Bitcoin in its attempt to get rid of all middlemen in transactions.
The most important attempt to create DAO is “The DAO”--a machine-operating venture organization launched in 2016. The basic idea for an interested person was to put money into the system and then get a number of votes used for elections of ideas worth investing in. Even the biggest critics of DAOs were in love with the idea, but they also found a lot of flaws and security holes in “The DAO”. Although the project failed within a couple of months because of the hack which resulted in hackers gaining control of over 3.6 million Ether, it was a big success as the first product of sorts, gathering money from more than 10,000 users. It is likely that we will hear some DAO news soon.
DAO Benefits For An Individual & Organization
Open Source
DAO is an open-source platform that symbolizes that its code is out there which lets the people engage on DAO to work and enhance the platform. To point out, these open-source platforms are much more reliable since developers throughout the world assist with the platform. In such a way, the DAO’s mechanism gets enhanced with better involvement and transparency from all the participants.
Trustless
The significant benefit of DAO is, it is trustless in nature. While working in a DAO, you don’t need to trust anyone including the manager or CEO. No matter, if the developer quits working on the project or the funding stops, the entire organization will continue without any iteration. To point out, DAO is not independent of anyone; rather it works collectively and dynamically with the members’ individual interests.
Shutdown
There is no shutdown in DAO. For instance, DAO will never give up, if any leading government organizations like the CIA, FBI or other government bodies interfere. Besides, it never gives any data to these organizations. As a result, no government or no authority can cross the proposal and vote in DAO, it cannot be randomly shut down on anybody’s order.
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