Say Hi To "DAOstack"-A Decentralised Platform Bringing The Power Of Collaboration To The People and A Panacea To Some Problems In Traditional Organizations.

in blockchain •  21 days ago

Major Challenges Of Corporations & Organizations Are Finally Getting Resolved

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The problems most Corporations and Organizations are being faced with generally revolve round five things, which are; collaboration, agility, transparency, innovation and productivity. Majority of existing companies, undoubtedly lack these features which could have contributed to their growth and development. But due to lack of these essential features, many companies experience drawbacks which might subsequently lead to their folding up.

The Hay Group research found out that engagement and enablement levels in many global businesses haven’t improved for quite a while.

Mark Royal, senior principal at Hay Group says;

“The business environment is rapidly changing. Our research shows that many companies don’t currently have the right strategies in place to respond to the challenges this brings through arguably their most critical asset – their people." "Firms rated highest for engaging and enabling their staff achieve four and a half times the revenue growth of their lowest scoring counterparts and see up to 54% improvement on staff retention. People are the lynchpin to sustaining performance in this rapidly changing world, and organizations need to wake up to this. The successful organizations will be those that realize their employees are a unique asset and can help them meet the challenges both now, and as they intensify in the future.”

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However, for companies to make better changes, the right decisions has to be made first and this will require new levels of collaboration.

Big collaboration will mean bringing together teams, functions, organizations and even competitors to reach solutions and this is what DAOstack is set to make available! Isn't that cool?

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DAOstack And The Revolutionary Changes It's Bringing Corporations and Organizations

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DAO actually stands for Decentralized Autonomous Organizations, and DAOstack is an operating system on which DApps can be established.

DAOstack is a decentralized platform created for decentralising decision makings of companies which are willing to utilize it. It is built on the Ethereum blockchain and aims at bringing the power of collaboration to the people, which might be the workers of a company or any other person, making it accessible to virtually everyone to work together as a team. Because it is accessible to everyone, it will bring about a revolutionary change to the mode of operation of such companies, thereby helping them to subdue or completely eliminate the problems they are being faced with, and this, in turn, brings about success resulting from the growths and developments of such companies.

DAOstack serves as the basis for the creation, operation and governance of DAOs, internally and externally within a broader ecosystem. The components of which DAOstack is made of is the backbone of its vision. These are as shown below;
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Obviouly, the ecosystem is composed of a multitude of distinct DAOs which are easily accessible to, and can interact with one another so as to maximize the potential benefit of open and distributed collaboration. Technically speaking, all DAOs are composed of a series of smart contracts, deployed through Arc.
There can either be direct or indirect interaction of people with these DAOs. Direct interaction is made possible through the execution of blockchain transactions, and indirectly, by only depending on a particular front-end to the underlying blockchain ecosystem. Anyone can create a new agency or DAO with immediate collaboration with others on the ecosystem and this is made possible by a collaborative DApps developed internally by DAOstack, and it is dependent on Arc.js, which is a JavaScript library that makes the operation of the Arc Solidity framework possible via Web3.js. However, this is designed to make things easy for front-end JavaScript developers to create collaborative applications on the Arc without the need of direct interaction, using the Solidity code or the Ethereum blockchain.

The ArcHives is a public set of registries, managed by the DAOstack community and serving its global ecosystem. It allows the building up of the ecosystem and network effect.

Considering the level of organization of this platform, achieving the feats for which it was set for, is however, needs not to be far-fatched as its operations will be built on some fundamentals.

However, DAOstack will bring a lot of changes to organizations as regards how they are being run due to some sets of features;

● Enablement of Collaboration

In a typical organization which is not built on the DAOstack platform, the involvement of workers in the decision-making is not actually cherished as it is only limited to the superiors who are only concerned about their own benefits. With the initiative DAOstack is bringing, the jinx of self-governance will surely be broken as the opinion of every other person in such company will be welcomed. For example, in a case whereby my company needs to make a decision on who to carry out a particular task among some set of workers, I might decide to adopt the use of DAOstack by setting up a medium on the platform for everyone to vote. With DAOstack in place, this will be effectively done and everyone will be carried along.

● Incorporation of Reputation System

In the illustration above, you might be wondering about how effective the system will be in carrying out the decision-making process. This is where the "reputation system" will be of great tool.
The reputation of each member in the company will be incorporated into the system based on some sets of data input into it and this will greatly influence their voting weights. It states how influential an individual is and usually done on credits.

● Agency Functionalities

An agency made available on the Ethereum blockchain via the DAOstack is capable of executing virtually any task that can be carried out on the blockchain. Some of the tasks that can be executed by this agency involve;

  • Distribution of tokens to contributor of values in accordance with the value placed on them by an organization. This enables them to be entitled to the organization's revenue.
  • The tokens earn by an organization via its activities on the platform can be kept in reserve and used as a means of compensating third parties in exchange of a particular effort or contribution.
  • The platform engages in Collective data curation.
  • Reputation assignment is also done by an agency on the platform. It's wholly dependent on the quality of contributions made by a contributor to an organization and given on credits.
  • External activity;

"An agency can act within another agency as asingle entity. For example,an agency can submit a proposal inside another agency (or DAO), and vote on others’ proposals."

  • Governance upgrade; The governance system of an organization can be set up and updated by simply approving or removing certain elements. The functionality of this system is basically dependent on the agency.
● Scheme

Scheme operates on the principle of GIGO, i.e, Garbage In, Garbage Out.

It takes in particular set of data to give out the required information. Its mode of operation actually depends on how it is built, whether to bring about fund allocation, reputation assignment and protocol upgrade. Any of these tasks that the scheme is intended to be used for, when voted by the majority is automatically executed.

This could range from a simple rewarding scheme to a more complicated one.

With all these put in place, the cost of running an organization will be greatly reduced and profits making will eventually be maximized. Since the cost of running the company is now minimized, there will be availability of excess money which can be put into other things to effectively run such company. Efficiency will surely come in, as the growth and development of such company is well guaranteed!

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DAOstack's Voting Power Method As a Means Of Promoting Incorruptibility

The way the activities of the traditional organizations are being executed is quite different from the way DAOstack will be run. As described previously that the main problem traditional organizations are faced with is largely due to "centralization of power" and this has led to many other problems, like corruption etc. Basically, the integrity of such companies is being compromised.

However, the implementation of a voting power method by DAOstack will help in combating these problems. Moreover, the voting power is wholly dependent on the reputation score

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assigned to an individual. The reputation score, in turn, determines the influence that individual has in the company, depending on her past contributions, performances, efficiencies, and quite a number of other factors. Surely, such individual won't want to soil her reputation and this subsequently prevents corruption. With the way this system is being structured, the issue of unfair voting system will be eliminated from such company and therefore, brings about its progress.

DAO is more advantageous than the traditional systems. It is cost effective-wise, productivity-wise, etc.
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Advantages Of DAO Over Traditional Organizations

Brings about rapid growth and development
While many Traditional organizations do not support a collective decision-making, DAO does and this will greatly contribute to the rapid growth and development of the organization.

Promote Incorruptibility
While the traditional organizations are bound to being corrupted, DAO will put an abrupt end to this. When corruption is out of an organizational system, the success of it will be guaranteed.

Everyone has a Say
Unlike the traditional organizations, whereby, decision-making activities are solely dependent on some sets of people, while taking the opinions of others less serious. DAO will put an end to this as everyone connected to the system will have a say.

Others
It also bring about effective management, profitability, productivity, etc, of an organization. Think of anything

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Evolution Of DAO or DApps; Benefits

The evolution of the DAOstack ecosystem from within will greatly influence the growth and development of an organization as there are no limits to its complexity. Whenever new solutions are made available to the blockchain, the ease to

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incorporate them into the DAOs ecosystem creates a space for its development, and this subsequently contributes to the growths and developments of those using it.

"Ease to incorporate" here means; the ability to adjust and update the system for the benefits it's bringing to the blockchain.

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DAOstack GEN Tokens

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The GEN tokens are basically used for stake on predictions about the fate of proposals made in DAOs that are using the DAOstack platform.

This importance of the prediction game/market is basically for enabling a large-scale, resilient and decentralized decision-making / governance process.

Moreover, GEN is the "gas" token used for purchasing the human collective attention, and this is different from ETH "gas" paid for computers collective attention. This enables predictors to be attracted to screen (and stake over) proposals, and thereby, out-source the navigation of the collective attention to an open market for greater efficiency.
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Summary & Conclusion

The problems being faced by traditional organizations are actually a major cause of their drawbacks. These problems, which include, but not limited to; lack of collaboration, and corruptibility.

However, DAOstack has risen to help combat these issues, and it is the first decentralized platform to offer viable solutions for the benefits of organizations. It helps to promote Incorruptibility and brings about the necessary collaboration. It allows new changes in the core technology, provided that it's going to help the system.

For More Information & Resources

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Hello! I find your post valuable for the wafrica community! Thanks for the great post! @wafrica is now following you! ALWAYs follow @wafrica and use the wafrica tag!

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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Acheever from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

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great piece of work buddy

in many ways this project reminds me of crowd machine. paradise (or threat?) for developers and programmers

obviously upvoted

yours
Piotr