What is DAO and what sauce is it eaten with?
DAO is a decentralized autonomous organization or, in simple words, a community or a collective of people who work and interact with each other from anywhere in the world. In this case, the distance between people does not play any role, everything happens remotely, and is controlled via the Internet.
DAO gives organizations and communities the opportunity to work, collaborate and manage an organization, and offer various options from anywhere in the world. Negotiate and make decisions, discuss different options and ways of development of the organization. Meeting in person is not fashionable. The organization and the community can negotiate remotely.
How does the DAO function?
DAO is a public blockchain, with open source code, which allows you to track everything that happens inside the organization, what operations were carried out, what votes were held, what options were voted for and how many votes were collected, when exactly was the vote and what relevant topics weigh for voting. DAO — works autonomously using smart-contracts. Each execution takes place according to the agreed rules of the organization. The rules are created by the creators of the organization at the stage of project creation and describe them with all possible variants of execution. But after the launch of the project, the management of the organization passes into the hands of the community-”token holders”. Participants vote for a more favorable option for them through blockchain technology. Every member of the community has the right to vote. At first glance, this is impossible, but this is the future and modern approach of developed organizations and we are going in the right direction.
For example:
The centralized organization “X” has shareholders and it is forced to hold a meeting of shareholders who vote for the further development of the company. Everyone votes for a favorable development option for him. After the vote, all votes are counted and the option that scored the most votes is selected. A centralized organization has an executive director. The executive director of the organization is obliged to ensure that the organization follows the chosen option and does not deviate from the course of development that was chosen at the shareholders’ vote. There are no other options.
There is no executive director in DAO. The DAO has a different approach. Each token holder can put forward a proposal and hold a vote. The more tokens the holder has, the more votes he has.
For example:
The token holder has an idea for the future development of the organization. At the moment, the organization did not have such an option for voting. The holder, on his own initiative, can start voting on his idea and each token holder will be able to vote for this proposal or vote against this proposal.
The motivational part is the more the token holder wants to have votes, the more he should hold tokens.
Why can Joystream become a modern DAO?
Joystream is a streaming platform where more and more people from anywhere on the earth will visit every day with the launch of the project. The project is the ancestor of modern content in its own way. Every day more and more people are interested in this direction. A person wants to show himself and his talents to the whole world. This platform can find new talents. To enable the development of a new and modern direction. The DAO system can help in attracting new people, new ideas, new token holders. The token holder will have the opportunity to prove himself and offer new and modern ways of developing content and developing the organization by voting.
Advantages of the DAO:
- It is impossible to forcibly close the voting.
- It is impossible to remove the proposed voting option.
- To trust or not to trust? In DAO, each token holder makes his own decision and votes for the chosen option.
- It is impossible to force a vote. Each token holder makes a decision.
The DAO is just beginning its journey in the modern world. Joystream can catch the wave of technological development and become a popular decentralized organization in its own direction and give impetus to the development of a new and modern infrastructure.
Useful links:
Website: https://www.joystream.org
Discord: https://discord.com/invite/DE9UN3YpRP
Twitter: https://twitter.com/JoystreamDAO
Github: https://github.com/Joystream
