INTRODUCTION.
The human race has evolved over the past years with so many great inventions, the internet which was the greatest invention in the past 20 decades has given birth to so many technological advances of worthy to mention is the blockchain.
The blockchain developed by Satoshi has witnessed a lot of revolutions, one of those revolutions was the upgrade Vitalik Buterin did when he created etherum. Etherum blew away the mind of the crypto world, unlike the blockchain where a maximum of 4-7 transactions per second was performed, Vitalik upgraded etherum to perform up to 13-20 transactions per second( this was mind-blowing). Yet this did not solve the problem of scalability and governance.
The world is filled with an abundance of opportunities dreamers of the past never knew. A burning desire to be and to do is the starting point from which the dreamer must take off
Guess what? With DAOstack on the blockchain, the concept of scalability and governance would soon be long forgotten.
What is DAOstack?
DAOstack is a company which leverages on the etherum blockchain to end the problem of governance by faultless execution of crowd decision.
Every big organization faces the problem of decision making. Surprisingly, decision making revolves around the data collated from different sources. These data will sum up as a ‘collective intelligence bank account’ which could be of use for decision making of the organization.
According to the whitepaper, DAO is an acronym for Decentralized Autonomous Organizations. It is a decentralization model for governance from a 4 years research by a core team of mathematicians and physicists.
In the DAO model, smart companies form the building block, they are called agencies. These agencies have its token, a reputation, and its own governance system.
A group of these agencies form an assembly Mode of DAO, these agencies come together to make a decision about a valid smart contract relating to governance.
This system of holographic consensus of decision making is believed to reflect the mindset of the greater majority. This is a system which allows a small group of people to make decisions on behalf of the larger group, the equivalent of witnesses on the steem blockchain.
The DAO ecosystem is a complex system which is powered by the ethereum blockchain. It is made up of different elements which are inter-operable appears to be built in different layers according to the architecture in a 3-dimensional view.
The Arc
The Arc forms the ground layer or the basic architectural design of the DAO network. It has a library of modules and it interacts with other agencies. It has an embedded template of governance encrypted in its architecture which varies according to its usage over a particular time by the agencies. It can also perform periodic upgrades too.
DAOstack Arc model governance framework was designed to solve six basic challenges many blockchain industries have faced in the past. In this article, I use the mnemonic ‘UGIMSO’ as an aid to remembering it.
#Upgradability
Remember we said that Arc can perform periodic upgrades. These upgrades are done to meet up with a new scheme or improved versions of an existing parameter.#Generality
The arc framework is suitable for all models of governance. With an inbuilt template of governance, the problem of resilience would be a thing of the past.#Interoperability
Arcs framework is built to allow interaction between agencies with the DAO in a unique meshwork pattern.#Modularity
Arcs framework is very flexible. It allows for system component to be separated, combined or even removed with each individual component retaining an identity of governance.#Simplicity
The arc framework is a simplified version designed for easy usage. It doesn’t require a high tech knowledge in order to understand the principles surrounding the usage.#Openness
Arc is open-source just as word press. It allows developers to build Dapp via the arc.js component on the framework
The ArcHives
'The ArcHives' is the next layer after the arc. It is the basic operating layer of the ecosystem which contains shared registry for data management by agencies. It also enhances the interoperability and networking of Dapps built on top of the DAO stack.
The Arc.js
This is a friendly API layer that makes it easy for front-end developers to build apps on top of the DAOstack network without background knowledge of the system. An example of a Dapp that have been successfully integrated on DAOstack is GNOSIS (a revolutionary market-driven forecasting technology).
ADVANTAGE OF DAOstack OVER THE TRADITIONAL ORGANIZATIONS.
- With the above brief of DAOstack, it would be observed that this company beats the traditional models of business organizations (Sole proprietorship, partnership, limited liability companies, co-operative associations and joint enterprises) hands down. Each of the traditional models face a major challenge which was put into check by the DAOstack model e.g. the uncertainty of continuity that may be faced by a sole proprietor is solved by the open source model of DOAstack, the longer duration wait for a decision to be made in the traditional partnership model and joint-stock company has been phased out by the holographic consensus which aids effective decision in the DAO model.
DAOstack IMPROVES EFFICIENCY.
- With DOAstack, there is efficiency in resource use, because the arc framework is easily accessible to every interested user. The open-source input from these individuals would bring about efficiency in information for governance and decision making.
DAOstack PROMOTES INCORRUPTIBILITY.
- To achieve the decentralization, they hope to upgrade from the traditional proof of work (POW) to proof of reputation (POR) which is a more secured proof of authority. In the case of POR for DOAstack, the transactions and blocks are validated by already approved accounts known as agency (which forms the unit of governance). With the modularity of the arc model, the system is more scalable and resilient and decisions are easily gotten by the auction of attention for a GEN token by agencies with high reputations. The whitepaper postulated that attention is a scarce resource which could be monetized.
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Once a fragment of agents seeks to the ‘call of attention’, the system can predict the forward reaction of the consensus using the predictive layer which is an invisible layer on top of the governance layer to drive the system to the required direction. In an incorruptible fashion.
CONCLUSION.
To watch My Short Video on DAOstack , here is a link to the video i made
This beautiful governance model of DAOstack was birthed by a great team led by Matan Field who is the CEO and co-founder with masters and a Ph.D. In theoretical and mathematical physics, other team members include Adam Levi (an electrical and electronic engineer with also a Ph.D. in theoretical and mathematical physics, Primavera De Filippi, Oren Sokolowsky (who is a lead developer).
To get more information about DAOstack, these references may be useful to you
To get more information about DAOstack, these references may be useful to you
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