Our lives and the society at large are highly influenced by the decisions we make especially the decisions made by people in power. This is true for every facet of human endeavour - school, office, organisations, etc. We all desire a system where there will be effective system of governance devoid of corruption; a system where the interest of the people will be protected and reflected in the process of decision making thereby eliminating bad influences who may go against the common good of the people. If this is what you desire, then permit me to introduce you to a system that will make this possible, DAO.
What is DAO?
I will try as much as I can to avoid the use of too much technical terms for the benefit of those who are not conversant with them.
DAO stands for Decentralized Autonomous Organisation. I found Josh Zemel's explanation most helpful, "In a DAO, a network of peers encodes its protocols for decision-making into the blockchain, and it relies on smart contracts — usually executed on the Ethereum network — to be the arbiter that tallies votes and carries out the will of the people". Basically, DAO ensures the power truly belongs to the people and not the cabals. It utilizes the technology of blockchain in achieving this. However, DAO has never been very functional or known by many people because of the complexities involved in the technological management of ensuring people get the right values from the system, effective control of the people and ensuring the system does not get corrupted too. These and many other challenges are what DAOstack has come to address in a bid to improve the efficiency of DAO.
What isDAOstack?
DAOstack is an operating system that has components that ensure effective running of DAOs. The idea of DAOstack is to create a software where organisations can build their governance programmes to suit their taste. ThusDAOstack is just a platform that allows for multiple DAOs and multiple users instead of a specific programme or application that is fixed which may not reflect what different organisations want. It allows organisations to develop their DAOs and structure it the way they deem best and can also choose to exclude, include or edit any feature in the system whenever they want.
The Components ofDAOstack
I choose to refer to them as components to enable you understand how DAOstack works. These components are:
Arc:This allows programmers and developers to create governance protocol for any given DAO. It is however flexible that programmers may choose to create DAOs they feel will make sense in the system which people can see and adopt.This is why it is referred to as WordPress ofDAOstack. It has a similar feature with WordPress in the sense that both can be used to create templates and present to people.
Alchemy: This is an application that has already being built onDAOstack. You can create DAO using Alchemy or choose to develop your own Dapp(Decentralization app) to suit your taste. The system is that flexible and accommodating!
Arc.js: This makes it possible for those who are not conversant with the nitty-gritty of blockchain to be able to build application onDAOstack. Therefore, organisations get to customise their own suitable interface.
Dapps: This means Decentralized application. This is the application organisations build with which their users interact in theDAOstack. Organisations only need to contract programmers who will build Dapp base on their specifications. Their members/users only need to download the app and use it on DAOstack for decision-making or other functions as the case may be.
The ArcHives: This can be likened to a data collector or record keeper. It keeps record of the applications and organisations built onDAOstack and also allows information to be shared in the system.
Summarily, DAOs are built onDAOstack for organisations or people as a means of decentralizing governance. Dapps are the interface for users to access the DAOs onDAOstack. Alchemy is an app already in existence onDAOstack which people can use if they like or may wish to build their own Dapp, while the other tools help in the building of DAOs by organisations to suit their taste and also to perform other functions. It is that simple!
When and whereDAOstack can be used
Source:bitcointalk.org
Let us assume the college you graduated from wants to carry out developmental projects and they need to reach out and get the opinion and also funds from their alumni scattered all over the world. All they need to do is to contract a developer who will create a DAO programme for them using protocols onDAOstack. They will build Dapp for the programme if your school decides not to use Alchemy. They now can decide on what projects should be given more attention to and why. Their funds will also be sent and monitored in the platform. There will not be any form of corruption here as there is no middleman or boss for information or fund to pass through. This is the advantage over centralized government. Also, DAO is less wasteful than centralized government which will require many middlemen before funds are sent across from one place to another. Once there is the need for collective responsibility, DAO is the best bet. When opinions of people are needed, example, online polls; when there is the need to manage resources belonging to a large number of people e.g Town union's weekly contributions; are other instances whereDAOstack can be used.
What economy doesDAOstack operate on?
This system makes use of GEN token. It is used to promote projects or attract users to a project in the platform. To ensure the system does not encourage corruption by ensuring the wealthy do not influence projects and decisions the way they like by acquiring large GEN tokens; GEN token does not guarantee the power to vote or influence proposals on the system. Such power can come from the value one creates in the system. You will be rewarded base on your value. This is called reputation. The more value you create, the higher your reputation will be. Think of this like in an academic setting where one has to carry out researches and discover things(value creation) to rise to professorship. So one cannot influence the system with money easily. This serves as a check against corruption.
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Finally, I will love to add thatDAOstack is very open to technological advancement. It creates room for more features to be added when new solutions to man's unlimited governance-related problems evolve on the blockchain technology. Thus, it is a system laddened with endless possibilities.
You can find out more aboutDAOstack by Visiting their:
Website
DAOstack Summary
DAOstack Facebook
DAOstack Newsletter
DAOstack Telegram
DAOstack Twitter
DAOstack reddit
DAOstack Github
DAOstack Medium
YouTube
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