DAOs (Decentralized Autonomous Organizations) can be a great way to build and empower your community. This article is a quick guide of what they are, their benefits, and how it can be a tool for Content Creators.
For starters, a DAO is a business owned by its own community members, which means that there isn’t a centralized authority controlling it, or calling all the shots. It all happens through Smart Contracts, that is, self-executable programs that run once predetermined conditions are met. They are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome. Smart Contracts are not directly controlled by a user and are published to run independently of the network and those who program it, making them more reliable.
The last paragraph may seem like a lot of technical words mixed together for a beginner, but what it basically means is that DAOs are automated, and don’t require centralized powers for rule enforcement. In other words, you don’t need to trust anyone in a DAO, just the code, which is transparent and verifiable like any Smart Contract.
DAOs, differently from traditional organizations, are fully democratized. For that, any member can require a vote if they want to implement some new features or make changes, and these votes are tallied and implemented automatically. Everything has to be approved by the other community members, even treasury movements, since there’s no CEO, or a “boss”, to authorize operations.
“Okay, so far so good, but how does one become a member of a DAO?” The most common way to be part of a DAO is through a token-based membership. You can trade the tokens on a decentralized exchange, and just by holding the token, you are granted access to voting and to the community.
Some people at this point might begin to ask themselves “I could just create a group chat on Telegram and have people decide for stuff there, with no need for a token”, and that is true, but that wouldn’t be a decentralized organization, unless you had decentralized, tamper-proof, enforcement. In this Telegram group example, you would still be calling all the shots, even if you had a voting happening every once in a while, and you could ultimately do something that wasn’t voted, if you wanted to. Of course, this might serve your purposes, but with DAOs, you could do much more.
Content Creators could benefit immensely from DAOs, especially when taking into account they usually have to make their content in centralized organizations. These entities have all the power over them, can arbitrarily demonetize their channels, censor their content, seize their assets and even ban them, even though they’re the ones making most of the money.
With DAOs, Content Creators could remove the middlemen, that is, the big company that watches over everything they do, and reclaim the power over their content and their communities, by automating everything and distributing the rewards to every member. Just imagine a platform where you can be funded directly through your fans, and you both could jointly decide what steps to take. In cobogo, we are building a protocol that has the goal of funding Content Creators sustainably through their own communities, without the risk of censorship or arbitrariness. We plan to leverage Web3 to bring as many creators as possible and transform our platform into the first Content Creator DAO, where Creators from every other platform can bring their communities together to support them and to be a part of something bigger.
If you are a Creator and want to know more about cobogo’s funding mechanism, join our Discord or Telegram.
About cobogo:
cobogo is an aggregator of protocols that has the goal of funding Content Creators sustainably through their own community. It is a dApp that leverages Web 3.0 to monetize Creators while maximizing their growth and community building abilities.
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