I researched many DAO projects, many projects are scams, many very bad, time spent learning and reading their sites, with hope to study them enough, but my knowledge never reached perfection. I have made the most progress, because they have one of the bigger and more interesting projects, when I studied PhoenixDAO. They have a project and people in front of them, time will tell if that's really it. I sincerely hope so since I eventually invested money in their PHNX tokens.
But main question here is what is DAO? In most cases you all know how ordinary cryptocurrencies work, but DAOs are something completely different. DAOs are typically built in a flat and democratic manner, for starters. People have an equal say in choices and have the opportunity to vote on a wide range of ideas. Businesses that have been in operation for a long time are often organized in a hierarchical structure. Making choices may be delegated to a small group of people or the CEO. Traditional companies often require a lot of human oversight and outside audits to keep systems working smoothly and reduce manipulation. DAO procedures such as fund distribution are managed automatically by smart contracts that are entirely transparent and open. DAOs can take many forms, but Cooper Turley, an investor and creator of numerous prominent DAOs, explains to CNBC Make It that "a DAO is an internet community with a shared bank account."
This week, ConstitutionDAO (https://www.constitutiondao.com/) made an effort to purchase a rare copy of US Constitution in an auction organized by Sotheby's.
Initiated by a few internet-native Twitter users with some following, ConstitutionDAO is a fully autonomous group of internet strangers that has gathered around a shared cause. Most members have never met one another or don't necessarily even know who they are β they have come together from all over the world for their mission, to buy the Constitution.
ConstitutionDAO went viral immediately and became a phenomenon never seen before. The group broke records for the most money crowdfunded in less than 72 hours and eventually collected +$40M from +8000 members. The money was managed by a multi-signature crypto wallet with 13 signers (some of them represented anonymously).
Even though the group failed to purchase the Constitution, it's a great example of mission-driven community-led organizations that can achieve phenomenal successes in a short period of time. Based on confidence created on trustless blockchain, people who have never met are able to organize themselves, engage with orchestrated efforts, and successfully conduct remarkable projects. Most importantly, this is all done so that each and every one of the participants feel engaged and being part of the community reaching a goal bigger than itself.
This organizational model creates a strong force for many fields in the future. Think about non-profits, political parties, hobby groups... that are transparently run by their members who are passionate about their mission. Internet and trustless blockchains enable global collaboration across borders, and crypto makes it possible to financially incentivize participants to push the org forward. Future opportunities are countless!
Think about Reddit that is owned and governed by us, the users, and karma would be financially denominated so that you would earn money when gaining upvotes (i.e. creating value to the platform)...
I strongly believe in the future of DAOs and, therefore, recently founded Kleoverse (https://www.kleoverse.com). We want to make it frictionless to discover the coolest DAOs and give you step-by-step instructions how to get involved β either as regular member or as a contributor who gets paid for their work!
If you find it interesting, ensure your early access by signing up today! π
A decentralized autonomous organization is an organization represented by protocols enciphered as a transparent computer program, under the administration of organization members and not influenced by a single entity (like the central government), occasionally referred to as DAC.
Read full article- https://www.blockchain-council.org/blockchain/is-decentralized-autonomous-organizations-dao-the-future/
Mining is a field that needs the contributions of many people and organizations, so MetaMine has applied DAO so that every investor can truly own the project and profit from mining.
https://preview.redd.it/fy4kqlyjup381.png?width=1762&format=png&auto=webp&s=6f3ef6f01b4cb127d06d92185a63d127404cc696
This week, ConstitutionDAO (https://www.constitutiondao.com/) made an effort to purchase a rare copy of US Constitution in an auction organized by Sotheby's.
Initiated by a few internet-native Twitter users with some following, ConstitutionDAO is a fully autonomous group of internet strangers that has gathered around a shared cause. Most members have never met one another or don't necessarily even know who they are β they have come together from all over the world for their mission, to buy the Constitution.
ConstitutionDAO went viral immediately and became a phenomenon never seen before. The group broke records for the most money crowdfunded in less than 72 hours and eventually collected +$40M from +8000 members. The money was managed by a multi-signature crypto wallet with 13 signers (some of them represented anonymously).
Even though the group failed to purchase the Constitution, it's a great example of mission-driven community-led organizations that can achieve phenomenal successes in a short period of time. Based on confidence created on trustless blockchain, people who have never met are able to organize themselves, engage with orchestrated efforts, and successfully conduct remarkable projects. Most importantly, this is all done so that each and every one of the participants feel engaged and being part of the community reaching a goal bigger than itself.
This organizational model creates a strong force for many fields in the future. Think about non-profits, political parties, hobby groups... that are transparently run by their members who are passionate about their mission. Internet and trustless blockchains enable global collaboration across borders, and crypto makes it possible to financially incentivize participants to push the org forward. Future opportunities are countless!
Think about Reddit that is owned and governed by us, the users, and karma would be financially denominated so that you would earn money when gaining upvotes (i.e. creating value to the platform)...
I strongly believe in the future of DAOs and, therefore, recently founded Kleoverse (https://www.kloverse.com). We want to make it frictionless to discover the coolest DAOs and give you step-by-step instructions how to get involved β either as regular member or as a contributor who gets paid for their work!
If you find it interesting, ensure your early access by signing up today! π
This week, ConstitutionDAO (https://www.constitutiondao.com/) made an effort to purchase a rare copy of US Constitution in an auction organized by Sotheby's.
Initiated by a few internet-native Twitter users with some following, ConstitutionDAO is a fully autonomous group of internet strangers that has gathered around a shared cause. Most members have never met one another or don't necessarily even know who they are β they have come together from all over the world for their mission, to buy the Constitution.
ConstitutionDAO went viral immediately and became a phenomenon never seen before. The group broke records for the most money crowdfunded in less than 72 hours and eventually collected +$40M from +8000 members. The money was managed by a multi-signature crypto wallet with 13 signers (some of them represented anonymously).
Even though the group failed to purchase the Constitution, it's a great example of mission-driven community-led organizations that can achieve phenomenal successes in a short period of time. Based on confidence created on trustless blockchain, people who have never met are able to organize themselves, engage with orchestrated efforts, and successfully conduct remarkable projects. Most importantly, this is all done so that each and every one of the participants feel engaged and being part of the community reaching a goal bigger than itself.
This organizational model creates a strong force for many fields in the future. Think about non-profits, political parties, hobby groups... that are transparently run by their members who are passionate about their mission. Internet and trustless blockchains enable global collaboration across borders, and crypto makes it possible to financially incentivize participants to push the org forward. Future opportunities are countless!
Think about Reddit that is owned and governed by us, the users, and karma would be financially denominated so that you would earn money when gaining upvotes (i.e. creating value to the platform)...
I strongly believe in the future of DAOs and, therefore, recently founded Kleoverse (https://www.kleoverse.com). We want to make it frictionless to discover the coolest DAOs and give you step-by-step instructions how to get involved β either as regular member or as a contributor who gets paid for their work!
If you find it interesting, ensure your early access by signing up today! π
)