The Future of DAO

The Future of DAO

Internet communities have sprung up everywhere. On Reddit, a group called “wallstreetbets” is discussing which stocks to trade. On Whatsapp, sporting clubs are arranging fixtures. On Instagram, people are gathering to champion environmental causes. However, DAO has an interesting feature: they are not only gathering to communicate; they are also making decisions, much like an association or a company.

They are powerful because they allow groups of like-minded people to make decisions, vote, and take action. They have built-in treasuries that can be accessed only if the group approves. Decisions are made via voting processes, ensuring everyone has a voice.

In summary, a DAO is created by a group of crypto wallets controlled by individuals and other organizations that execute all their movements through code, making it possible to manage assets and votes safely without the need for underlying legal or traditional banking setups. Membership in a DAO can be extremely fluid compared to what traditional organizations can achieve. DAOs have been used to manage assets, build protocols, vote on community matters, and create niche factions for interests like digital art collecting.

DAO protocols are powerful because they are transparent. They allow computer rules to create trust, rather than discretion being given to some manager you don’t know. A CEO or treasurer can’t spend funds on their whim. All the spending is tracked, the decision-making is open for all to see, and the code governing a DAO is available for anyone to check and verify. All of this is not theoretical; hundreds of DAOs have appeared on the Ethereum blockchain.

DAOs will be disruptive to traditional business structures.

The recent wave of mainstream institutional investment in DAOs is also a sign of growth for the industry. It also shows the potential for more widespread adoption, leading to potential competition with traditional businesses and organizations. It is predicted that the future mega-popular and successful companies may be DAOs.

DAOs potentially can transform corporate governance, and it’s within the realm of possibility that companies could be overseen by DAOs instead of a board of directors. Despite their popularity and influence over sometimes millions of assets, there is currently no legal framework for DAOs. By giving the same legal power as limited liability companies to DAOs.

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