DAOstack - an operating system for DAOs
The internet that we know today has been established in 1991 and in these short years it has undeniably changed the world. Being connected to the internet allows for almost instant communication anywhere on the globe, which has led to unprecedented levels of collaboration between parties and organizations.
Blockchain is almost as revolutionary of a technology as internet itself, so maybe it is time for another revolution to take place. Now that the issues of untrustworthiness and deceit can be solved by blockchain implementation, companies are craving a new form of scalable, self-organizing cooperation that is operated by smart contracts.
DAO, or the Decentralized Autonomous Organization is a self-organized network coordinated by crypto-economic incentives and self-executing code, working around the same goals. DAOstack is a sort of operating system to control DAOs and take advantage of the collaborative features they present on a needed scale.
DAOstack wasn't designed for any particular type of company or collaboration, but as a platform for thousands of different projects to be regulated and controlled, with all the members involved.
DAOs are built from smart companies, a unit that is managed by smart contracts on the blockchain. This unit has its own token, reputation systems and governance system. There are different governance schemes of DAOs, each design to fit specific uses, with bigger companies often requiring several types at the same time.
This kind of system ensures that there are not concentrated points of failure, since individuals can be subject to bad influence, bad acting, or simply bad judgment, while DAOs do not. The advantages of DAOs are quite obvious, but DAOstack is required in order to filter govern them and filter out the multitude of inputs from every actor.
How DAOstack works is through a number of layers:
- Arc is the core layer, a library of smart contracts based on the Ethereum blockchain. Only programmers would interact on this level.
- Arc.js is a JavaScript library that provide developers with an opportunity to easily construct applications on Arc layer. These apps would become decentralized applications.
- The application layer is where the actual users of the decentralized organizations will interact. The interface they will interact with will be on the Dapps built on the previous layers.
Just to give a quick simple example how DAOstack can be used, imagine a company needs to reach a consensus on whether funds need to be issued for a purchase of a property or invested in a side project. There are many factors to consider and by many individuals. A decentralized autonomous organization will weigh every opinion and vote comprehensibly and according to the rules. This kind of scheme would be very useful in insurance companies, real estate companies, etc.
The main token sale for GEN token, which serves to quantify attention on the platform, is scheduled to begin May 8th, 2018. You can find the links to the announcement thread and bounty program of DAOstack below.
Blockchain has become all the talk lately, but barring cryptocurrencies it hasn't seen a rapid adoption. What DAOstack aims to do, is to give an interface to interact with the decentralized applications easily and all the tools you need to collaborate with. Companies that adopt DAOstack will surely see a huge change in their mode of operation, pushing the boundaries of new technology.
Please check out the links to DAOstack official website, where you can find the whitepaper with all the technical details, videos with explanations and many examples of the uses of the technology.
Would your undertaking benefit from DAOstack? Do you know of any companies that have successfully implemented DAOs? What is your attitude towards blockchain on a global scale? Tell me in the comment section below.
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