The future is being built as we write this essay, it’s 2021 and Decentralized Autonomous Organizations (DAOs) are experiencing explosive growth.
Typically in an enterprise, you have top-down hierarchies as the mechanism of control. Let’s look at a quick example of how a DAO works differently in action and why at Meta Pool we have decided to launch our platform backed by a governance token called $META.
Imagine you’re building a crypto project, there is a clear sense of organization without humans organizing other humans. It all runs organically, and it’s generative in nature, meaning it evolves, innovates and experiences high growth from within.
This can read as utopic, but we are firm believers that we should create the future that we want to see our world to be.
How is such a way of working together achieved?
Through active participation from interested parties who share common values, missions and objectives. People-driven autonomous organizations happen mostly through voting on decisions that are proposed by other community members.
You can propose, vote and discuss decisions as a team without having to have a singular authority to report to. Resulting in new ideas being seeded and proposed from within the organization to solve mission-critical challenges that the DAO is facing.
At Meta Pool we believe that a healthy ecosystem needs diversity, so we want to offer NEAR token holders an easy to use platform that they can participate and have a say in it through on-chain activities like staking and providing liquidity, while creating a more decentralized network.
This is ultimately why Meta Pool will run as a DAO on Sputnik V2, which is NEAR’s native platform to run and manage Decentralized Autonomous Organizations. Originally launched in February of this year, Sputnik has seen rapid adoption within the NEAR ecosystem as it is frequently leveraged to provide transparency on how funds are managed by the different guilds.
As creators of Meta Pool, we want the Meta Pool platform to be governed by the NEAR ecosystem community. This means giving full control of the platform to the NEAR and $META token holders through a DAO.
For the moment DAOs function in a fairly binary nature, you vote on proposals that you or others have submitted, typically these votes take place on blockchains by signing a transaction with your crypto wallet.
The Meta Pool DAO will have a treasury where the $META token holders can organize future developments and proposals of the protocol. Members that hold these Governance Tokens can suggest making a payment, proposing a grant or suggesting changes to the behavior of the protocol, by creating a vote inside the community so it can be approved or denied collectively. We will share more on the governance of the protocol in future essays.
There are many lessons to learn about how to coordinate large groups of self-interested people. We will be sharing our experience has we move closer to mainnet launch.
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