INTRODUCTION
What differentiates man from the lower animals is its ability to coordinate and organise things. Man is constantly looking forward to a means to live a more organized life and less stressful life which has brought about advancement in technology and birthed various inventions. But not withstanding when it comes to the issue of man relating with his fellow people in issues or matters of interest he tends to go against what is to be done that is why there is the problem of corruption and ill practices in government and organisations, we have elections that are being rigged all because of personal interests and gain.
Trust as defined by the Oxford dictionary is "Firm belief in the reliability, truth, or ability of someone or something".
In recent times technological advancement has brought about the creation of blockchain, now incase your not familiar with this you might be wondering what the blockchain is ?
What is blockchain?
Blockchain is a decentralized system that allows people to transact with one another without the need for a third party this is done by keeping secure records of transactions made, it is secure in the sense that every block has to approve a transaction before it can be verified and recorded.
The blockchain technology can be applied to various kind of transactions and it's uses are numerous, now here is where it applies to the problem we have been discussing TRUST. The blockchain is very secure and whatever it is applied to is secure.What if organisations could be run on the blockchain? If your still wondering if it's possible, then let me tell you about DAO
WHAT IS a DAO?
DAO which stands for Decentralized Autonomous Organisations. This is are organisations that run on laid down rules and regulations specified in its codes in this type of organisation decisions are made by taking votes. The whole essence is to create a systematic governance in which intermediaries which create inefficiencies won't be needed. The votes can't be manipulated or tampered with because it based on Blockchain technology and remember previously i was talking about trust. Now if decisions can be taken by casting votes that are true indication of what the majority want and not just manipulation of figures it would go a long way in helping organisations accomplish their goals.
DAOstack
DAOstack is the operating system on which Dapps are built its purpose is to make easier the implementation of DAO.Now you might be wondering what are Dapps? Dapps are collaborative applications that help achieve crowd cooperation around any goal. I believe you now understand what a Dapp is back to what the DAOstack is all about, now i said it helps in the development of Dapps here's a brief illustration to help you understand so i don't bore you with technical terms. In times past to build a website you had to write codes from scratch but in recent times with the help of WordPress anyone without a knowledge of programming can easily work his way around WordPress and come up with a great website, now that's what DAOstack does. It provides the tools for creation operation and governance of DAOs.
DAOstack tools
Below i will be talking about DAOstack tools like i said earlier this tools help DAO implementation and creation easy.
ARC
Earlier i gave an example of how WordPress has made web design easy now the tool in the DAOstack that makes DAOstack look like the Blockchain version of WordPress is the ARC. It is a framework that allows the application of DAO to companies and organisations so each organisation can designed to suit it's purpose.
Arc.Hives
Arc.Hives is a registry that would hold data for all the Dapps and DAOs on the DAOstack , it would also enhance communication and networking among the individual components of the DAOstack system.
Arc.js
This would enable developers to be able to develop applications without necessarily having an in-depth knowledge of the native smart contract language.
Alchemy
Alchemy is the user interface. This is what users and developers will interact with on DAOstack .
HOW WILL DAOstack CHANGE THE WAY CORPORATIONS AND ORGANISATIONS ARE RUN?
Corporations and organisations are usually run by managers, now in an organization that is large and has many departments. The efficiency of each department would be determined by how that department is managed. If a department is not performing as expected it would affect the general performance of that organisation now with DAOstack organisations would not need to bother with the problem of management, trust among its employees or any other internal friction. DAOstack would provide a scalable self organising cooperation that is operated by smart contracts.
HOW CAN DAOs IMPROVE THE COST, EFFICIENCY AND STRUCTURE OF ORGANISATIONS?
DAOs will improve the cost of running organisations as an organization may not even need to have board members any longer every decision would be by a vote. This would therefore reduce the cost of procuring the services of this intermediaries which might be inefficient. It would also increase efficiency as decisions would be made faster.
HOW DOES DAOstack METHOD OF VOTE POWER DISTRIBUTION PROMOTE INCORRUPTIBILITY?
Since voting power is distributed it won't be in the hands of just a few decision makers every member of the organisation would have a say in decisions to be made this would help to fight corruption in organisations. The power of a members vote would be based on his reputation, this reputation cannot be bought or sold but is a function of his active participation and contribution to the network.
POTENTIAL ADVANTAGES OF A DAO OVER TRADITIONAL ORGANISATIONS
The goal of every organisation is to grow to be able to meet increasing demands, now this growth comes with challenges that some of this organisations find difficult to handle. Some of the challenges are maintaining agility with respect to rapidly changing conditions, being able preserve alignment of interest and also ensuring trust and engagement among their members. On the other hand DAOs have the ability to scale indefinitely while keeping their agility and coherence unlike traditional organisations.
BENEFITS OF BEING ABLE TO EVOLVE DOA OR Dapps FROM WITHIN (through fair balanced voting)
Through balanced voting as organisations grow decisions can be made to create new rules that would guide this organisations in such way this organisations can evolve. The DAOstack platform is designed so DAOs and Dapps can evolve as technology advances.
POTENTIAL USE CASE OF DAO
In many countries across the world election is a very difficult process there is a lot of rigging. But if the election process is run as a DAO, Protocols would be put in place using DAOstack to ensure that the candidate with the highest votes wins.
CONCLUSION
The Extent to which DAOstack would greatly impact on organisations and the society at large are limitless, allow DAOstack help you build the future by adopting the concept of Decentralized Autonomous Organisations.
DAOstack GEN TOKENS
The DAOstack economy makes use of GEN tokens
GEN enables users to place stakes in a given project proposal to be built on the DAOstackecosystem.
TEAM MEMBERS
DAOstack is made up of great individuals who have put in their best to see that the dream of Decentralized Autonomous Organisations is achieved.
ADVISORS
You can also watch this videos by DAOstack
Intro video:
Keynote speech:
More Information & Resources:
DAOstack Website
DAOstack Summary
DAOstack WhitePaper
DAOstack Telegram
DAOstack Twitter
DAOstack Reddit
DAOstack Newsletter
DAOstack Github
DAOstack Medium
DAOstack YouTube
DAOstack Token Sale FAQ
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