Like a colony of ants, bees or termites, we are social creatures. And just like theses insects, we have our own hierarchy and cast system: our kings, our queens, our soldiers, our workers, and the list goes on. We are comprised of individual of different and varying skill sets, potentials and capabilities. By himself, no one man could thrive on this vast and confusing planet, but together, by coordinating and executing our unique intelligence, we have not only survived but thrived for millions of years on this planet. But then again, due to our differences as individuals, there's always bound to be disagreements and lack of consensus when it comes to making certain decisions that affect the group. As a result, we have, over the past centuries, developed various techniques, from tossing a coin to electing a board or directors to make fair and beneficial decisions for our communities and for or businesses.
Come to think of it, I would say we have come so far as far as governing our societies is concerned. One limitation we have as humans is our tendency to be swayed by influence, money and other favors. I will tell you this, in an attempt to make my point much clearer. Recently, an old friend of mine attended an interview for a scholarship package that was meant to support brilliant but needy students go through tertiary education in the Northern Region of Ghana (where I currently live). Apparently, for a student to have qualified for this package, they needed to provide a convincing evidence of financial incapability and should have had at least an aggregate of 15 in the West African Senior School Certificate Examination (WASSCE- a type of exam written by English Speaking West African Countries and is a requirement to get into most tertiary institutions in West Africa).
About 50 people attended the interview, but there was only room for 20 students. At the end of the day, only 5 of the interviewees had the scholarship, the other 15 were mostly friends and family of the board that was constituted to select suitable candidates for the scholarship. As you would guess, these 15 students were probably neither poor nor brilliant and had not even attended the interview to begin with. My point is, as long as we are in charge of directly making decisions, we can never guarantee complete objectivity and fairness.
Can you imagine a system that could execute general purpose collective decision making without bias? An incorruptible platform that does not require a trusted third party or managerial supervision to make and execute fair decisions for the general benefit of a group. What if I told you that such a platform was not as far fetched as you would think. What if I told you that these systems were already here with us. The DAO company, Digix.global and the cryptocurrency Dash are all examples of real life corporations generally referred to as Decentralized Autonomous Organizations (DAO for short).
What Are DAOs ?
In my own limited understanding, let me put it this way: to avoid human bias, a computer code can be written to make decisions based on a set of previously determined and agreed protocols or procedures. Or the code can enable humans to make these decisions in an open, efficient, fair and incorruptible manner based on say, electronically voting in accordance with certain laid down rules. These digital organizations leverage something we refer to as blockchain technology. Put simply, a blockchain is a ledger of records organized in ‘blocks’ that are linked together by cryptographic validation. It comprises of data stored in an irreversible fashion according to specific times, has no single point of origin nor is controlled by any single entity. Applications and organisations have therefore exploited these fraud-proof features of blockchain to make this world a better place. Such applications and organizations are called DApps and DAOs respectively.
In 2009, an unknown person or group of people under the name Satoshi Nakamoto invented the first ever decentralized digital currencurrency, Bitcoin. The birth of Bitcoin mark the beginning of an evolution that would later be the solution to some of humanities most difficult problems. For lack of a better analogy, we could describe Bitcoin it self as the first ever DApp since it leveraged blockchain technology. The advent of blockchain provided mankind a peak into the future and was soon adopted in the financial, health and even agricultural industries. However, Bitcoin had its own limitations too.
In 2013, Vitalik Buterin argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language. This was how Ethereum was born. Beside being a concurrency, you can think of Ethereum as a giant operating system that enables you to build decentralized applications. Presently, The Ethereum blockchain has made up for some of Bitcoin's deficiencies and has grown rapidly over the past few years.
But as you would guess, there is still one thing missing even with the Ethereum blockchain: Governance. There's currently no comprehensive platform dedicated to the effective and efficient creation and execution of Decentralized Autonomous Organizations (DAOs). This is where DAOstack comes in.
What is DOAstack?
Think of DAOstack as a comprehensive platform or if you like, an operating system on top of which we can build and execute DApps and DAOs effectively and efficiently. DAOstack is here to revolutionize the entire world of governance. This platfrom allows traditional governing systems to input their protocols onto the blockchain and by using computer programs called smart contracts, make unbiased and incorruptible decisions for the greater good. Third party costs, which usually constitutes about 30% of all transaction costs can be reduced to almost zero. The DAOstack platform comes with a number of tools that ultimately works together to create DApps and DAOs of real world importance. The creators of DAOstack have carefully thought out and rolled out some of the following tools.
ARC- It is a framework that allows the application of DAO to companies and organizations. It is likened to the Wordpress of DAO.
Arc.Hives- It is a registry that will contain data on all DApps and DAOs built atop of the DAOstack.
Arc.Js- This will allow developers easy of access to develop applications without having to know the native smart contract language - Solidity.
Finally, DAOstack will be introducing the GEN tokens (a kind of utility token on which the platform will run). Like many other similar platfoems, GEN tokens will serve as the fuel for the DAOstack economy. For example, if you wanted to buy a stake in a promising upcoming project that is built on the platform, you would need to do so with GEN tokens.
Conclusion
To conclude, let me just say that DAOstack is here to change the way we make decisions, as organizations, as business, as corporations or even government institutions. It's here to revolutionize our governing systems. Finally, let's welcome a platform that guarantees open, fair, objective, unbiased and incorruptible decision making organizations. Ladies and gentlemen, I present to you, DAOstack.
The Team
For a quick introduction, check out this video:
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