GEOMA DAO: THE START OF A TOTALLY DECENTRALIZED WORLD IN FINANCES
The world we live in is somewhat a financial village. With transactions going on between almost all individuals. At a point in time or the other, individual are faced with a need to settle a financial liability, conclude a transaction through payment, reception of funds and other monetary activity. Before, the advent of blockchain and cryptocurrencies, the traditional banking system has played a large role in cross border transactions and local payments. However, their centralized ledger principle has somehow slowed down what is supposed to be a quick process. More so, a lot of government and financial policies such as KYC and AML have been a clog in the wheel of fast paced transactions between banks. Notably, a bunch of middlemen are needed to get the transaction over the line, leading to an exorbitant transfer fee.
With a lot of doubt beginning to grow towards the abilities of the traditional system, there was a need for a newer model. A system designed to bridge the gaps in the existing system. There came blockchain, created to disrupt the financial system and remodel the way things are done. With its decentralized ledger system background, it eliminated the need to know your client or establish trust before transactions can be done. Additionally, due to its automation, transactions are completed in a matter of seconds with very minute charges as there are no intermediaries. That said, there’s been a need to incorporate the blockchain technology fully into various industries to ensure not just a sect sabotage the wealth in all sectors. That need birthed the Decentralized Autonomous Organization system (DAO). DAOs aim at helping industries to achieve their aim with a more autonomous approach. A prominent DAO in the financial industry is the Geoma DAO. Geoma DAO attempts to create equality in the process of wealth creation while concurrently performing the expected activities of a financial institution.
GEOMA DAO REVOLUTIONIZES FINANCE THROUGH DEFI
Geoma DAO envisages a non-hierarchial system of organisation where power to wealth creation and distribution are not held centrally. This explains it's approach of the “DeFi project”. The DeFi project is a decentralized financial project that autonomously functions as a blockchain-incorporated financial institution. Geoma DAO states the requisite steps needed to establish the decentralized financial project in three phases:
Phase one: this stage requires integrity from the founders of the Geoma DAO incorporated project. The founders are required to expose themselves to other contributors with the utmost openness and sincerity to establish a foundation for long term success.
Phase two: this is the building phase. It is the phase where key decisions are made by the contributors to shape operating conditions. Additionally, an association charged with oversight and representation of the financial institution is formed from the contributors.
Phase three: this is the stage of independence and establishment of an autonomous decentralized system. In this phase, transactions done through the platform are subjected to voting by the contributors association and not financial policies.
The incorporation of Geoma DAO as the basis for decentralization of financial institutions required well tailored steps. All these are done in a bid to ensure the total covering of cracks that exist in the traditional financial system. Notably, wealth clustering will be reduced through this decentralized environment as intermediaries that accrue wealth through transactions are cut off and the slow operations of banks are eliminated. Geoma DAO will return power to individuals in the financial world.
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