DAO – Decentralized Autonomous Organizations is a new way to organize both commercial and non-profit enterprises. In this talk, we are going to look at the importance of DAOs for companies.
As stated above DAOs are absolutely decentralized and governed by the blockchain and written codes on the chain. DAOs have taken over in the past few months of blockchain and web3 adoption by multinational companies. With the help of blockchain technology, it has been made seamless to start an enterprise with little or no cost of government work papers and endless policy-making from governments. By building a business on the blockchain you are automatically running a DAO. As it is in web2 organizations each have their own disadvantages, so it is in web3 and blockchain business models (DAOs.)
DAOs are most times Non-profit organizations but with a vision of archiving particular objectives. DAOs basically always have a native token built on a particular blockchain this token is also called the governing token of the ecosystem. By owning a certain amount of a given DAO token you automatically have the power to vote and make a decision.
The number of tokens staked in a given poll for the sake of decision-making determines the outcome of the decision… In other words, if you want to see your suggestion emerge as the protocol’s final decision you need to own more amount of the DAO token.
DAOs are mainly open-sourced, meaning every member of a DAO can read and gain an understanding of what’s happening with the projects… Unlike other web2 companies having a unity governing board of directors and decision-makers, DAOs are the opposite.
DAOs are centered on the community, the large community of a DAO the better, these communities are made up of individuals who love, and bought into an interest in the “MISSION AND VISION” of a given DAO. A basic ideology behind the development of DAOs is to see every member get involved in every decision-making, giving every member a voice, and, an opportunity to get involved at all times. Lastly, the strength of any DAO project resides in its community which is the more reason DAOs are very essential in crypto because it gives ownership back to the people.
Well, the biggest deciding factor in the success or failure of a DAO is the lack of transparency and proper information delivery to its community. As mentioned earlier in this article communities are the defining factor of any decentralized autonomous organization, In other words, every DAO should treat its community with the utmost respect knowing that without engagement and support of its community, there will be no DAO, in fact, such DAO will be seen as a failure.
The same thing goes for a successful DAO, It doesn’t matter what your DAO is building or pioneering if you can archive the support from your community then, be rest assured that your DAO is already a success.
Another factor that might lead to the success of a DAO is when your community members are been incentivized for their efforts, this is a very vital area when you talk about the success of DAOs that is been ignored.
There is nothing more powerful than showing appreciation to your community members and users of your DAO product or services, this really goes a long way in the growth of any given DAO.
When this is archived you will tend to notice the level of community development both off and on the community. As a founder of a DAO, this should be put into consideration. Lastly, you will notice the level of Tweets and social media posts about your DAO by your community users, this is because everyone wants to be where they are appreciated and their hard work recognized.
Yes, people are ready for DAO, in fact, Google’s ratio has shown a high increase of 4,000 (DAOs) in 2022, the adoption of the DAO business model in the US, European, Asia, and, other continents of the world. Hence blockchain technology is involved people are already into DAO and as well, as sourcing for means of generating income for themselves through this new business innovation with the help of blockchain tech. Good numbers of companies we see springing up today are DAOs, Creating new job opportunities for people and providing a better means of earning money by just becoming a member of any DAO community and contributing effectively. This is the new system of economy and money control by the masses “Satoshi Nakamoto” had dreamt about… a system where ownership of labor is given back to the people, rather than the so-called capitalist. So, yes. People are ready for DAO, In fact, they are already involved in them, and this is the potential of the new internet called web3.0
Below are the five importance of DOAs in crypto:
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