Explaining Daos For Starters.
Introduction to DAOs and Smart Contracts.
Wih the wave of inventions and discovery Web 3.0 leaves us with, we are at a phase where we've all become learners, and the question on everyone's lips is "what the hell is this and why should I be bothered?" but even I do not know why we should care about this whole new world.
A while ago, I talked to someone about decentralization, and he said it's simply crazy and almost impossible to achieve. "How is it possible to achieve decentralization when we are ruled and controlled by a centralized body?" and that's where DAOs come in!
DAOs will play a massive role in Decentralization in the future, and we'll discover a lot about them in this blog post, but first, let's take a quick look at what a DAO is.
WHAT IS A DAO?
DAO is an acronym for DECENTRALIZED AUTONOMOUS ORGANIZATION. A DAO is simply an organization run by people with similar interests and a common goal. It is a transparent body with the ability to control its affairs without the need for third-party interference.
"How Does This Make Any Sense?"
The DAO has no central leadership; this means that every member of the DAO actively takes part in decision-making processes by exercising their voting rights. Members of the organization suggest ideas for projects through voting and execution of predetermined agreements on smart contracts.
HOW DO DAOs OPERATE?
DAOs operate through the executions of smart contracts stored on the blockchain. Smart contracts are a set of computer codes/programs stored on the blockchain and can automatically execute when concerned parties reach an agreement.
Smart contracts are transparent, reliable, and aids reduction of fraudulent activities.
"HOW DO I JOIN A DAO?"
1) Firstly, it is crucial to explore your passion and interests to find a DAO you would like to join.
2) After finding a DAO that suits your interests, understand their goals and confirm if it aligns with yours.
3) Look for the platform(probably Discord) they're most active on and join their community.
4) Contribute to the community to the best of your abilities.
Key Takeaway : DAOs will play a part in the future decentralization of the internet and the future!
DAOs are evidently the next big thing in tech, pay close attention and watch out!
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Image credit: FullyCrypto