Following decentralized finance (DeFi), non fungible tokens (NFTs) and the Metaverse, decentralized autonomous organizations
(DAOs), are the most recent trend in crypto. This community-owned type of business model legitimizes the ideals of Web3 and has the potential to revolutionize the governance of corporations and smaller businesses by improving the way we organize.
You can learn more about what a DAO is in our previous article, but in this one, we’ll focus on how to get started with DAO and what WePlay DAO is all about. But before we proceed, let’s take a quick recap on what a DAO is.
What are DAOs
DAOs are decentralized autonomous organizations (DAOs) built on blockchain technology and governed by rules defined by a supportive community with shared incentives and goals. Such rules are encoded in computer programs known as smart contracts that manage proposals and business decisions like inventory control, cash management, pricing, hiring and everything that makes an organization functional and “smart.”
Technically a DAO is a collection of smart contracts, describing and enforcing its rules. So if members want to access the treasury, to pay for a project, they need to vote and reach consensus. Truly decentralised, no one is leading and making decisions on their own. But since they are really easy to create, there is a big, growing ecosystem with DAOs for many different topics.
One strong benefit of a DAO
DAOs are designed in such a way that participants do not need to “trust” one another. They can be complete strangers. This is because participants either satisfy or do not fulfill the smart contract’s responsibilities. The contract conditions, as well as all participant actions, are published in code on the blockchain, which makes the information public and permanent.
Other benefits to consider
- A DAO’s decision-making power is dispersed to all members and automated to reduce the need for day-to-day management.
- It allows for global collaboration with like-minded individuals.
- It has a built-in financial system that no one can access without the agreement of the members.
How to get started
There are a few different ways to get directly involved once you’ve chosen a project that interests you. It’s vital to remember that not all DAOs serve the same goal, thus the first step is to figure out what each DAO’s basic function is.
It’s critical for DAOs focused on technical governance to understand what kind of voting rights token holders are provided and what kinds of proposals are at stake.
For example, WePlay is designed as a DAO where its user’s NFTs and token can be used for governance and to enhance voting rights. More on these as you read along. There are other DAOs where the focus is less about governance over the technical aspects of the protocol, but more so on treasury pooling and allocation.
Transparency within a DAO is one of the important takeaways here. Each proposal’s specifics are freely available, vote history is continuously recorded, and individual token holders’ voting records may be viewed.
Individuals with an entrepreneurial mindset can freely submit proposals to help lead the future development of a protocol. DAOs frequently call on the community to build out interesting ideas through grant-funded projects, and individuals with an entrepreneurial mind can freely submit proposals to help lead the future development of a protocol.
A look into WePlay DAO
Here at WePlay, the community and celebration of it are very important to us. Also, we want to develop an ecosystem that we can give away to the users and have them run it as they see fit (via an IDO and NFTs that allow voting and governance).
At WePlay, there are different voting levels depending on the DAO level.
We have the:
- WePlay DAO level. and
- Sub DAO level
WePlay DAO level
At the top level is the WePlay DAO which has its own governance token and NFTs that assign voting privileges in the WePlay DAO and ALL Sub-DAO.
Sub DAO level
At the Sub-DAO level users can again use the project’s tokens and NFTs to exercise their decisions. We not only have our own DAO but we give a framework to all other projects to implement their DAO within the WePlay ecosystem
Conclusion Thoughts
DAOs can be used in a variety of ways. It’s still early days, and how DAOs will be governed is unknown. I see more benefits than drawbacks. Everyone in DAO has the option to vote through proposals and voting thanks to the governance system.
If you choose a project like WePlay, you will not only gain access to a slew of perks that come with participating in DAO, but you will also stand a chance to enjoy its novel goodies that come with participating in its Metaverse. Do you want to keep an eye on it? To get started, go to our website and join our community.
About WePlay Project
WePlay offers a Social Network Metaverse where users will not only be able to walk and interact but drive as well as refuel their vehicles, buy wearable NFTs, allow their NFTs from other blockchains to be used as well as interact with all sorts of SocialFi, DeFi, and DAO protocols in a fun and visual way. On top of that, Users are allowed to mint and release their own NFTs in the WeVerse via WePlay NFTime.
The WeVerse also further gives WePlayers the ability to chat, talk and communicate with each other in a highly secure, encrypted, and decentralized way.
To stand a chance of being whitelisted for WePlay NFTs and getting more information about the NFT projects at large, do well to follow us on Twitter (@WePlayLabs) and join our Discord.
Official website｜Twitter｜Telegram｜Announcement｜Discord｜Medium
