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3 min to learn — what is DAO and how to participate in DAO

As the most popular blockchain project in 2022, DAO has been implemented from the original Defi project governance to many fields such as investment, crowdfunding, philanthropy, creative and interest communities. It is said that DAO may replace company as a new structure of teamwork. If you still don’t know what DAO is, this article will show you how to join the DAO world easily.

What is DAO?

Generally speaking, DAO refers to an organization established on a common mission. It allows any member to propose and participate in governance. DAO’s rules are deployed on the blockchain in the form of smart contracts and are automatically executed according to the protocol. This rule can only be changed through the joint decision (vote) of the community. Compared to the company’s organization, the DAO rules are more transparent and fair, and it is a great innovation that stimulates collective intelligence through technology.

Token economy is an important incentive in the process of DAO governance and a representative of rights and interests. Holders of tokens have the right to vote, to propose, and to use the various services provided by DAO. The token holder initiates the proposal and votes. After reaching a certain proportion of consensus, DAO will automatically execute the corresponding instructions.

How to participate in DAO?

People who don’t know DAO often feel that only technical experts can launch DAO, but this is not true. DAO offers to people in all fields and professions. Whether you are a writer, artist, salesman, or software developer, you can almost find the right DAO for yourself.

To participate in DAO, you first need to understand the ecology of DAO. The current DAO ecology mainly includes: DAO operation system, service DAO, grant DAO, collection DAO, investment DAO, protocol governance DAO, social DAO, media DAO.

When participating in DAO, rewards are often directly related to activity and the value that the participants provide.

Because DAO is still in a very early stage of development, the DAO ecology is still under continuous improvement. GoodData is also actively preparing its own DAO. If you are interested in the DAO market, this will be an opportunity you don’t want to miss! If you want to be one of our early participants and get more rewards, you can continuously follow our media accounts or join our community to get timely project development information.

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