Decentralized Autonomous Organizations (DAOs): Future of Governance?

One of the things that have really gained massive rise is the DAOs and that is majorly in the aspect of revolutionary strategy for effective decision making. As the DAOs have been built using the Blockchain technology, I will say it has been controlled by the smart contracts which helps to make sure the power of decision making is distributed across every one of the members.

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For many of us, we have been hearing about DAOs but we did not even know what it is really? DAOs which full meaning is Decentralised autonomous organisation works in a way whereby it helps to actually control smart contracts for the organisation principles and policy so that decisions will be taken automatically. This makes it to be different from those traditional organisations we know it to be which is always centralised in leadership.

The way DAO is configured, it is in a way whereby it enables transparency because every transactions can be carried out and recorded on the Blockchain effectively and there are tokens which is set apart for the voting rights. We have a lot of DAOs like Uniswap which helps to manage the Decentralised financial systems much more effectively than before.

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There are a whole lot of advantages of DAOs that we have. We have the transparency and the trust aspect which is a very massive advantage. It helps to ensure that every action carried out on the Blockchain network is quite transparent to all the members as this helps to avoid corruption and any other criminals activities which in turns lead to trust majorly among the stakeholders.

The next advantage is the aspect of Decentralisation. DAOs helps to offer Decentralisation in a way whereby every centralised authority that seems to operate is been eliminated. This goes a long way to be very important because it ensures that power are equally shared among all the available stakeholders within the Blockchain network system.