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Popular Science: What is DAO?



A new type of organization is changing that, with a flatter governance structure and an automated set of rules enforced on the blockchain.

Decentralized Autonomous Organizations (DAOs) allow everyone to participate in discussions and encourage teamwork. And they've created some pretty cool stuff.

A DAO is a business structure where control is dispersed among team members rather than centered around a single authority figure.

A DAO can be thought of as operating like a machine where the work it is instructed to perform is determined by pre-written smart contracts.

A community can adapt the DAO and program it according to its own goals.

The code is written in the form of a smart contract that provides some kind of governance mechanism.

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Members typically use governance tokens to vote on issues such as fund allocation.

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In the case of many DAOs, the impact of members' votes can be increased by the amount of their contributions to the project.

Outcomes can be determined based on participation and voting preferences.

The DAO is the largest and earliest example of a DAO. It was created by and built on the Ethereum network. Its code is open source and anyone can contribute to it.

Voice | Chinese Academy of Sciences Yao Jianquan: To speed up the popularization of science training on the integration of blockchain and the Internet of Things: According to Xinhua News, recently, at the Blockchain and Internet of Things Integration Development Summit, Yao Jianquan, an academician of the Chinese Academy of Sciences, said that attention should be paid to blockchain technology. Big data, combined with blockchain technology for measurement and detection, can better improve laser cleaning technology. Yao Jianquan suggested that in the future, Wuxi should speed up the popularization and training of the integration of blockchain and the Internet of Things, and correctly guide the general public to understand the technology; at the same time, establish a professional, authoritative, but universal and complete set of theoretical systems and standards, This cuts into the practical application of blockchain. [2018/9/18]

The DAO is designed as a venture fund platform for cryptocurrency projects. Complaints are filed, and anyone with DAO tokens can vote on projects for funding. However The DAO was unsuccessful.

Jinse Finance’s exclusive analysis of regulatory agencies, media, and industry prompts fraud risks. Blockchain science popularization is hindered and long: Xinhua News Agency issued an article today stating that recent "blockchain" fraud cases have occurred frequently, and criminals use "investment in virtual currency with a short cycle, High income, low risk" as an excuse to defraud users' trust and induce them to transfer money for investment. Coincidentally, on the same day, security experts from Tencent Mobile Manager also reminded of such risks and put forward anti-fraud suggestions technically. In the U.S., regulators have warned of the widespread phenomenon of cryptocurrency fraud promising high returns without disclosing potential risks. According to the exclusive analysis of Jinse Finance, criminals use the name of new technology to carry out fraud. On the one hand, it is to seize the public's psychology of profit-seeking, and on the other hand, it reflects the lack of popularization of blockchain science. Blockchain is an emerging technology and underlying technology with the potential to change social production relations. Systematic popular science education should be carried out. At present, some universities have begun to set up blockchain courses, but there is still a demand for popular science for ordinary people. People You should understand the system and correct knowledge, not only to understand the advantages of the blockchain, but also to clarify the limitations and disadvantages, so as to remain sober and objective under the temptation of high returns. [2018/4/11]

On June 17, 2016, a hacker managed to exploit a few lines of code that allowed the movement of 3.6 million Ether, worth $70 million. However, the funds were transferred to a "Child DAO" and could not be moved for 28 days, giving the Ethereum community time to fix it.

They performed a hard fork of the chain now known as ethereum, leaving the old fork, ethereum classic, behind. In this fork, they rewrote the blockchain so the hack never happened, which means the blockchain is no longer immutable.

The development of the DAO continued, but without much attention. Projects like Aragon, DAOstack, DAOHaus, and Colony have taken key lessons from their original DAOs and are now building and running DAOs for some of the largest DeFi protocols. The DeFi boom of 2020 has brought a new wave of interest to the DAOs that underpin many leading projects.

Cryptocurrency projects - are considered DAOs if they are governed by decentralized governance where token holders can vote on the direction of the project, such as MakerDAO.

Funding - DAOs can be used to automatically distribute development funds based on set criteria, such as MolochDAO.

Investments - MolochDAO has been forked several times to create for-profit DAOs that can distribute and transfer shares and other assets among members, such as MetaCartel Ventures.

Collectors – The craze for non-forgeable tokens (NFTs) has given rise to collector DAOs, such as FlamingoDAO.

Transparency - Votes, funding decisions and other actions are visible to anyone.

Greater Firepower - Members anywhere in the world can donate, making DAOs a lower barrier to entry than corporations.

Cheaper - the concept is already firmly entrenched in DeFi, there are many tools - that can be used like Lego bricks, so there is little need to build from scratch.

Collaboration - Giving everyone a voice, bringing together a wealth of knowledge for a proposal, and enabling experts to invest in the ecosystem they are building.

Flat Structure - With no clear authority figure or chain of command, decentralized organizations operate slower because decisions take longer to make.

Divergence - When there is a strong disagreement in the community, it may split the organization in two.

No change - in some DAOs, whoever owns the most tokens calls the shots, so governance looks very similar to traditional organizations.

Legality - Minefields abound regarding token projects that may be considered securities.

Interest in DAOs is gradually returning; hundreds of developers are working on technical innovations, improving governance mechanisms and voting solutions.

Meanwhile, in the crypto-friendly state of Wyoming, landmark legislation is seeking to clarify the legal status of DAOs.

Enthusiasts believe that DAOs will soon become more mature. Trends include anonymity, progressive decentralization, and better incentives to participate. Future DAOs may adopt prediction markets and start voting and acting as delegators in other DAOs.

Will they start changing the way companies are run and financed? Soon, you might be discussing the right way to move your business forward without your boss telling you what to do.


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Popular Science: What is DAO?

A new type of organization is changing that, with a flatter governance structure and an automated set of rules enforced on the blockchain.Decentralized Autonomous Organizations (DAOs) allow everyone to participate in.

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