Dao: How ANFS Can Power The Inventive Model To Revamp Conventional Web3 Experience
One thing that has been constant over time is shifting paradigms. Even an inattentive observer can confirm that “in an ideal world, there is always something unexpected!”.
Let us take the internet as an illustrative example- this interesting invention of homo sapiens has proved to be continually evolving. The masterminds of the internet commenced their disruptive invention of standard web pages with Web 1 sometime in 1990–2000. The paradigm shifted to the era of Web 2 from 2000 to 2010 with the birth of Amazon and social media. The world is currently at the point of the mainstream adoption of Web3, an era that commenced in 2010. What we have is the peak of NFTs and decentralized autonomous organizations (DAOs), the latter being the focus of this piece.
Sometime in the year 1942, Joseph Schumpeter, an economist, coined the concept of “creative destruction”. “…The core idea is that, over time, society tends to shift systems toward efficiency to retire old technologies and production systems, and build new ones, leading to economic growth.” This essentially means that for a seed to sprout, it must die; therefore for newer and more efficient methods of doing things to unfold, the old order must give way- a lot of times.
The current positioning of the world makes it evident that the adoption of decentralized autonomous organizations is the way to the future.
What is a DAO?
Ever imagined a company without the CEO? Yes. That is the underlying rationale behind the DAO system- autonomy. A DAO is short for “Decentralized Autonomous Organization”. It is a
“collective organization owned and run by its community members.” Autonomy is an underlying guideline for DAOs. Talk about funding, these organizations have their money safeguarded in their own treasury and are governed by smart contracts. Essentially, DAOs are made to be immune to the influence of centralized banks when it comes to the custody of DAO member funds. A DAO typically has no central authority figure within its entity. A voting governance system is adopted when making decisions on a DAO. Every member of a DAO has the right to vote on decisions to be made which will affect the members as a whole. In a lot of words, the members of a DAO have a common objective and instead of the ruling of a central body, “Its democratized voting mechanism determines the direction and operation of the organization”.
History of the DAO
The first internet-based DAO was released on April 30, 2016, shortly after Christoph Jentzsch, an Ethereum protocol engineer, launched the open-source code for an Ethereum-hinged fundraising vehicle. It appears that the intention of the masterminds behind this DAO system was to develop “an automated organization that acted as a form of venture capital fund”. The stakeholders of DAO tokens were able to recoup dividends and capitalize on the price appreciation of the DAO tokens.
What really enshrines the uniqueness of the DAO system, which appears to be steadily gaining mainstream traction is its typical permissionless and global nature. The age-long challenge of “trust” in the commercial system is being responded to by the launch of the DAO system and that is precisely where the ANFS technology comes in.
How ANFS can Scale the DAO System through the Web 3 Era
Recent events in the tech space the world over reveal that Web 3.0 is the force that will “break the iron grip of politics and incumbent social structures through radical digitization, decentralization and democratization, replacing governance with consensus and formal organizations with decentralized autonomous organizations (DAOs)”. With the rolling out of the ANFS solution, the core of the DAO innovation, trust, especially through this era of “a broad mix of technologies and businesses conjoined with …a three-dimensional immersive environment that has come to be known as the metaverse” is centered.
No longer will the developers of a DAO be dealt with the complexity that comes with coding. It appears that the simplicity of the low-code technology granted by ANFS enables DAO developers of different experience levels to create smart contracts merely utilizing the drag-and-drop feature and through a user-friendly interface.
Both entry level DAO system developers and stakeholders get to maximize custom-written code, without having to fashion the code from scratch- this refers even particularly to the viewing layer, which can go live by merely utilizing the drag-and-drop feature and through a user-friendly interface.
Any consensus issues that may arise on a DAO are tackled by ANFS’ solution with a new technical level, making it relatively more convincing and effective. Bearing in mind that the core high performance of ANFS is technically supported from three aspects: the view layer, the computing layer and the consensus layer.”
Both DAO developers and DAO users are welcomed to a new dispensation as the ANFS solution avails them Low-Code, SCaaS, WASM, HPOS (Hybrid Sequence Proof), and other technology to enhance their development process as well as user-experience — layer by layer, respectively.
Scalability and easy cross-chain engagements continue to be one of the driving magnets of DAO developers to the ANFS Solution. Once again, it appears to be a warm “welcome to a new dispensation” to DAO Developers who know the way- ANFS Technology.
ANFS is a high-performance and low-cost public chain system, a Web3 infrastructure platform, using Low-Code, SCaaS, WASM, HPOS (Hybrid Proof of Sequence) and other technologies to optimize layer, trying to provide an easy-to-use, secure, efficient and scalable blockchain smart contract platform product from R&D process to deployment, operation and maintenance.
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