Introduction
Setting up a company is a great feat. Irrespective of industry, various reasons, either known or unknown, drive this action. However, what is common to all is that the founders control the power and the activities of the company, in essence, they control everything as regards governance. More so, if the company is profit-driven, greater wealth is accumulated at the top by the powers that be. This has been the operational trend of businesses and other organisations in terms of governance. Consequently, the group of individuals in the upper chamber of businesses accrue massive wealth through this power control actions and measure. This has led to a great gap between the founders of companies that take less risk and investors that take more of the risk in terms of wealth. With this, there needed to be a change in the system. A system for all, that provides all parties that dare to participate a shot at wealth; blockchain technology looked like the answer to this.
With wealth clustering looking to be stopped by blockchain technology, the upper chamber individual group, moved to incorporate a system of governance into the blockchain. Today, most blockchain companies have a centralized model of governance. This conflicts what blockchain stands for. Thus the reasons for Geoma DAO. It operates via a Decentralized Autonomous Organization (DAO). A DAO can simply be described as a smart contract that self-runs an intelligent algorithm that makes decisions based on the rules encoded without the need for traditional management. It imitates the operations of an organisation with an incorporated distributed ledger system. Through its blockchain technology, it sets up a non-hierarchical system of operations with equal duties falling on all individuals.
Geoma DAO: A Headless system?
With governance not being established through the founding process, how will Geoma DAO control operations and function effectively as regards representation. The power of Geoma DAO is its members and their ability to perform governance. Consequently, in a bid to ensure functionality, governance is performed through blockchain decentralized apps through an incorporated governance portal. All processes as regards, proposals, voting, finance, contract sourcing, lending will all be done on the dApp.
For a system with great potentials and power as Geoma DAO, it is imperative to have a group of recognized individuals that act as representatives. In the traditional system of organisations, founders are the representatives of their respective organisations. But in this DAO system, individuals within the community which stand out through their activities and commitment are voted to take up the representative role. Notably, these representatives are not constant, rather it is as a result of commitment. In this system, representatives are charged with a number of duties, one of which is, stepping in when there are is a danger within the network, sort it out and keep the workflow of the system going at high standards. Furthermore, in any case of hazards, power outages or internet breakdown by various causes, representatives are given access to the archive contained on various servers as a backup safety measure for the contributors. Therefore, in simple terms, representatives are charged with the duty of a flawless governance flow within the system.
USEFUL LINKS
Website: https://www.thegeomadao.com/
Whitepaper: https://drive.google.com/file/d/186LX27VMtGh3Pe6dDSXiIZ7LmvVdyeyP/view?usp=sharing
Telegram: https://t.me/geomachat
Twitter: https://twitter.com/thegeomadao
AUTHOR'S DETAILS
Bitcointalk Username: Chidoskim
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2652432
ETH Address: 0x4F70c5e328B15825Fa456a4F32fEeF315ba88FDf