How do you imagine democracy on the internet? Learn how DAOs' governance model works and what they can provide to society.
In the latest Cryptopedia episode, viewers can get a succinct and informative overview of decentralized autonomous organizations, or DAOs. Cointelegraph's Jackson DuMont believes DAOs have the power to"completely transform how work and social collaboration are organized."
What makes this type of organization both decentralized and autonomous? The answer is smart contracts on the blockchain. Fundamentally, a DAO runs on the lines of computer code written on smart contracts that anyone can interact with in the same way. DuMont described the three major steps necessary to launch a DAO. The first step is creating that smart contract. The second step is to determine how to receive funding and enact governance, usually done by creating a token. Lastly, the DAO is deployed on the blockchain.
The most popular use case of a DAO is crowdfunding. The money pooled together is put into a smart contract that, in return, issues tokens to DAO members. Tokenholders, who own equity in the DAO, can then vote on how spend the money and vote to appoint delegates.
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