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Friday, July 1, 2022

DAOs Make Up The Web3

The history of DAOs sees them starting out as a simple concept that was envisioned by many organizations, which was then formed into an idea. After that, this became a drive for many developers that the idea would be automating most of the functions of the business as well as processes by leveraging several smart contracts and all that constitutes the fundamentals of blockchain.

The core idea has been to flatten the complex process of business that most of the organizations find themselves mired in while facilitating a movement of assets to a very future-oriented digital interaction that seemingly needs no massive intermediaries- as it promises cheaper, faster, and more transparency in processing. 

DAOs Are The Future Of Most Businesses

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By being a substitute for many intermediaries, DAOs themselves have started being the digital intermediaries which would be providing transparency and scale, giving them the position of an organization without the hassle of traditional organizational constructs of entities, groups, charters, management, and other forms of collective action.

Although the traditional centralized organizational structure remains challenged, the key elements that remain have been the major fuel behind a new economic revolution that has given birth to an economy that is creator-oriented.

The creation of DAOs has resulted in a far reduced dependence on trusted parties, the tokenization of assets, as well as the introduction of new stores of value that have enabled blockchain technology which would themselves enable newer types of organizational structures- whilst reducing the power intermediaries hold. 

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DAOs now represent quite a valued piece of the mindshare governing and act as the primary force behind the extraction of value from the base layer of blockchain platforms. 

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