Next Level is DAO?
Decentralized Autonomous Organization
As is evident from its name, it is a system that is managed by computer codes without being dependent on any authority. DASH is also the token of this system.
As we explained in the Blockchain article, the most important feature of Cryptocurrencies; is their existence in a decentralized manner and without being dependent on any authority.
The idea of such a governance model has been circulating in the cryptocurrency community ever since Bitcoin removed the middleman in financial transactions. Similarly, the main idea of the DAO is to establish a company or organization that can function without hierarchical management.
If we need mention about to fields of DAO
-Own your data
-Protection of intellectual property
-Smart city and smart transportation.
How Does DAO Works?
Initially, Bitcoin was considered the first fully working DAO. Since then, the use of smart contracts has been introduced on the Ethereum platform, and the creation of DAOs has become more commonplace, gaining their current appearance.DAO uses the Ethereum network and works with smart contracts, which is the strongest feature of this network. The purpose here is not to any authority in the decision-making power in the system; to an automated system or a crowdsourced process and to eliminate manipulation. First, investors from all over the world were allowed to send money anonymously. Later, these investors were given tokens, allowing them to vote in possible projects. This process, which made the DAO independent, was called the funding process.
How Can We Have Any Dao?
It’s like buying shares of a company. Once the funding process is over, you will be able to submit proposals, vote on proposals, and perhaps even profit. The number of tokens you receive will be proportional to the voting power you will have.