Since the beginning of corporate innovation, companies have struggled to build infrastructure that can address all their business needs. Optimizing remote workflow, building frictionless payroll systems, and building clear corporate communication of protocols and policies are just some of the challenges facing businesses today. Companies continue to experiment with structures like accelerators, corporate venture capital, and innovation labs to resolve these issues, yet businesses still struggle with these bottlenecks until Now.
Imagine a way of organizing and interacting with people worldwide, without knowing or meeting each other, all within clear parameters, following self-made rules created by the parties involved, giving you the ability to make decisions autonomously; all encoded on a decentralized blockchain ecosystem. DAOs are making this possible.
Since blockchain technology’s debut, DAO’s were a talked of and obvious next step. However, DAOs have significantly increased in size, quantity, and complexity, with unique collectives stemming from fields such as decentralized finance organizations, computing, Web3 technology groups, and NFT communities. Although DAOs are not yet mainstream, they’re attracting a broad range of experts and enthusiasts seeking to redefine the space.
What Is A DAO (Decentralized Autonomous Organization)?
A DAO is a blockchain-based organizational structure (or group) organized around a shared mission, goal, or cause that coordinates through a shared set of rules enforced by the blockchain.
In other words, It is a system that enables individuals to coordinate and self-govern themselves, led by a set of self-executing rules deployed on a public blockchain, with no central decision-making authority.
A DAO is typically referred to as an internet-native business collectively owned and governed by its members. It is also commonly described as a digital collective or cooperative. Generally, DAOs are curated with a central treasury, and no individual has the authority to access or control it without the approval of a larger group of persons. Every decision in the digital cooperative is made through proposals and voting to ensure equity and allow members to have a voice.
Possible Use cases And Applications For DAOs
So far, DAOs are being used for many purposes, like investment, charity, fundraising, borrowing, or buying NFTs. DAOs are structured without the need for intermediaries or third parties. These organizations can accept donations from practically anyone anywhere at any time, and members can decide and vote on fund allocation.
Decentralized Autonomous Organizations could be the next wave of massive growth for the blockchain industry. It would also facilitate more widespread adoption, leading to potential competition with traditional businesses and organizations.
Philanthropy with DAOs
According to UNICEF and The World Bank, $22 billion was spent on humanitarian aid in 2016, a figure representing about 0.7% of global GDP.
This means millions of people worldwide who need assistance cannot access it without relying heavily upon their families or friends. With the help of blockchain technology and innovative tools developed by big data analytics companies, those who need money most can gain access and get the resources they require.
Kimbal Musk, billionaire Tesla board member and brother to Elon Musk, recently announced the opening of membership applications to Big Green DAO, a Web 3 charity seeking to overhaul the philanthropy industry leveraging blockchain-based tooling – a sector he believes is saddled with inefficiencies and several drawbacks.
The project is a first-of-its-kind experiment poised to radically reconceive and restructure grant-making, controlled by its grantees and donors, and everyone gets the same votes.
In general, Big Green DAO believes that you can change lives by growing food. The project is geared towards disrupting philanthropic hierarchies, streamlining philanthropic models, and leading democratic and transparent governance.
In other words, It is a system that enables individuals to coordinate and self-govern themselves, led by a set of self-executing rules deployed on a public blockchain, with no central decision-making authority.
From DAOs to DACs
Problem-solving projects are leveraging L2 solutions to solve scaling DAO issues and address inefficiencies in the system.
Metis is a highly scalable, low-cost, fully functional Layer 2 framework for Ethereum. It accelerates individuals’ transition to blockchain for open, fair, and decentralized business on Web 3.0. This project aims to make blockchain more accessible and provide a platform for decentralized infrastructure for autonomous organizations.
Unlike Optimism and Arbitrum, Metis provides trust and security with its decentralized model, solving leading DAO problems, and also lowers barriers to entry for businesses and individuals as it offers easy drag-and-build options for building DAC’s without the need to code.
Metis has proven through its continuous development that it is capable of handling large transactions while maintaining an efficient system. It can support thousands of transactions per second and scales dynamically.
Ultimately, DAOs, DACs, and all future decentralized organizations offer a genuine, exciting option for running and managing a business on the blockchain.
Kimbal Musk is hoping Big Green DAO can overhaul the structure of real-world philanthropy. With projects such as Metis already piquing interest, we can expect more innovative organizations and charities on the blockchain.
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