Governance has been the subject of debates for a long time. This is because it affects the lives of many. It’s a heavy responsibility. Take, for instance, the governing of a country. Whatever the form of government is in that state, the decisions made by the authorities, can affect the quality of the lives of its citizens. Since the scope of governance is both wide and deep, we shall just confine it to the difference between a centralized process and a decentralized one.
Throughout history, when power is centralized to a few individual, and especially to a single individual, the decisions made are either biased or unfair. This is because there is only one or a few point of views considered. Corruption is rampant. The people suffer. The citizens suffer.
Take as an example Pharoah of Egypt. He was considered god. Therefore, whatever insecurities, fear, and prejudice he may have had, his decisions were observed with utmost respect. The same is true with ancient kings and emperors of the ancient world. Nebuchadnezzar of Babylon, the Caesars of Rome, Cyrus of Persia, etc. The point is that when power falls in the hands of a few or one, there are great injustices.
On the other hand if governance is designed in such a way that the decision-makers are numerous, there is check and balance. The power is not dependent on a single individual. Others in the council also have a say on the matter. The decision-makers on planet NEAR can be considered commissioNEARs. They have the NEAR ecosystem’s best interest at heart.
This game-changing use case of blockchain in the form of a DAO can pave the way for a better, more fair, allocation of resource or other administration-related matter. As we have discussed from the previous contents in this series, blockchain has many applications. It’s pretty much like the discovery of electricity. The light bulb was one of the applications of electricity. But it did not stop there. Today, almost all, or should I say all, appliances are run by electricity. Can you imagine life without electricity?
In the same vein, we are still discovering other applications of blockchain, one of which is the design of a DAO (Decentralized Autonomous Organization). For more information on what a DAO is, you can read about the benefit of the DAO. (Tada! Another pun intended) wink wink. Just click here to read it on Wikipedia.
You see, this decentralized way of decision-making is super practical and effective that the state of Wyoming in the United States became the first state in the whole solar system to legally recognize DAOs. If you want to learn more about it, click here. Crypto and blockchain skeptics are now forced to acknowledge the benefit of the DAO. It’s normal. Unbelievers become converts in a matter of time. People usually fear what they do not understand. So that’s understandable.
We are truly living in one of the most exciting era in human history. Decision-making is made sure that no one single person dominates the process. The process is code-based. Meaning it is not fluid. While human minds in making decisions can be flaky, code is code. You cannot alter code once it’s implemented. This can protect us from our own human tendencies to be unfair.
Therefore, I encourage you to learn more about crypto and blockchain. This technology is changing the way we interact with one another. This pandemic has enhanced the importance of blockchain in our lives. We can employ blockchain in paying one another in crypto, we can exchange values such as NFT or receipts on the blockchain, and we can design our own decision-making process if we were to create our own ecosystem.
Stop being afraid of technology. It can empower us humans. It can make our lives more efficient. I remember Naval Ravikant in an interview. He said somewhere along the lines of: ‘we just leave to technology the drudgery of repetitive labor, so we can focus on just being humans, expressing ourselves creatively.’
I think if you want to survive in this ever-changing world, education is the key. True, it can be threatening to our very existence, especially if your livelihood is directly affected by blockchain, but this is how things must unfold. The Wyoming DAO will pave the way for more states to follow suit. And who knows, time will tell as to what other applications we can benefit from having blockchain in our block.
You certainly don’t complain that electricity was discovered, do you? You can welcome blockchain by educating yourself about it. You can either follow us on all of our social media platforms, or you can simply Google “blockchain” itself.
The commissioNEARs of planet NEAR are doing a great job in making our existence in the ecosystem more comfortable for all of us to dwell in.
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