DAOstack//giving governance a go!

in #blockchain6 years ago (edited)

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Friedrich Hayek once said;

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design"

One of the most efficient forces driving the evolution of most complex societies is the ability to cooperate in large numbers of individuals and groups and through this humans have survived for years to come. Right from time, when need arised to coordinating large groups of people and pointing them toward collective action, we humans have always believed and relied on systems of top-down hierarchy, as in corporations, governments, and militaries. With this been said it is fairly easy to point the ship when you have only one captain, or a small team of navigators.

The main issue most times with this kind of hierarchies system is that they contain concentrated points of failure. Not also forgetting that the interests of the powerful few are not same as those of the many with lesser power , making decision-makers pushed to act against the common good.

This is where DAO( Decentralized Autonomous Organization) comes in!

DAOs are blockchain implemented designs that enable a systematic governance without intermediaries that create inefficiencies in typical organizations.
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overview of DAO

Based on crypto-economic incentive at the individual level, it combines effectiveness, adaptivity and scalability of free markets with the alignment and coherence of startups.

With the existence of DAO, still decentralization poses some major challenges. If everyone is given a chance to make a decision, we end up having an "annoying neighborhood association meeting" multiplied by a thousand making it difficult to reach consensus.

To handle this, you need

  1. A technology for handling collective attention not just for tallying votes and proposals
  2. ‎Ways to determine who can make proposals and how
  3. ‎Ways to determine which proposals should actually get the attention of the voters  and
  4. ‎Ways to determine who should be involved in each decision, according to reputation or subject-matter credibility.

With all these mechanisms still there is still a loop hole, which is corruption. The system where influence are easily been bought and offered for sale. So therefore, these mechanisms are in most cases inevitable to corruption and are likely to be attacked by it.

Here DAOstack comes to play!
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DAOstack

DAOstack is an operating system for DAO which have in one way or the other captured the imagination of the best minds in the blockchain space.

DAOstack is the complete, decentralized, end-to-end tech layer for governance of large groups and organizations. It is a comprehensive toolkit for decentralized collaboration at scale.

It solves the problem of unnecessarily complexity of blockchain governance and is dedicated to instituting an open, modular platform and operational stack for programmatically deploying DAOs.

"DAO is said to be its unit of governance and using the DAOstack base layer, choosing the best governance model suitable for any given given organization is allowed"

Building any organization on the blockchain is easy due to DAOstack but most particularly the "Market Organization" which tend to become more effective as they grow. This is possible through
• The stack — the ecosystemic vertical design
• ‎The Arc framework — the ecosystemic horizontal design
• ‎The Special Holographic Consensus Protocols that make large-scale cooperation possible.

Why blockchain Governance is important

DAOstack is a proper decentralized system which unlocks the possibility for several numbers of persons to make decisions together, quickly and wisely.

A good governance mechanism is said to solve issues that exist between excessive output of collective attention on certain things and insufficient collective attention on other things. Both aiding to achieve greater efficiency and better consensus respectively.

In achieving the above goals, Monetization of attention, complexity, and coherence are key and also they help form a truly scalable governance system (system where agencies collaborating together can safely process hundreds of decisions a day).

DAOstack tools

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Arc

This is referred to as the base layer which consists of the bits and pieces of governance infrastructure. It is a library of smart contracts implemented on the Ethereum blockchain which allows the creation of governance protocols for DAOs (compared to a WordPress for organizational government)

Arc.Hives

It is a public set of shared registries which will allow for interoperability between DAOs and Dapps built on DAOstack. Arc are said to be the basis operating layer for the DAOstack ecosystem while the ArcHives are its shared, curated records.

Arc.js

Arc.js is a JavaScript library that allows developers to easily build applications on top of Arc.

Alchemy

It is a user interface which is what the users and developer will interact with on the DAOstack.

Lastly, The DApps and DAOsThe DApps showcases the system and drive adoption.

How and when DAOstack Can Be Used?

Take for instance, a 1000 artist are coming together to produce a film project. In this kind of collaboration, it involves producing an outcome. Here, the decisions that is to be made concerns how each of the individual artist contributions would be valued and also how to budget for the project and other purchases.

Making use of the Alchemy, they would be able to collectively distribute token and reputation(through voting protocol) to various artist so as to make the project easily handled. Or they could build a custom Dapp on the stack if that would better suit their needs.

Note that, Reputation cannot be directly transferred from peer to peer, but it is rather distributed by the passing of proposals, or by the adoption of protocols that result in reputation being transferred automatically.

In addition, contributors are rewarded for the project.

They can also be used in Asset Management such as in the decentralized version of Venture funds, Insurance networks, Charitable funds, Pension funds and also Real estate investment collectives and in Curation Networks such as in decentralized version of Restaurant or hotel guides, similar to Yelp or TripAdvisor.

DAOstack Gen Token

DAOstack economy works on the Gen token. GEN serves as the attention token within the DAOstack ecosystem. With the existence of the GEN token, you cannot buy voting power, neither can you vote with it, the thing is you either place a stake for or against a proposal that may catch the attention of the voters, the reputation-holders.

For more info, visit DAOstack website

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