Hello everyone! It's another Shilling Sunday Series again. I'll be talking about one of the tokens that I am eyeballing on. This entry will be about DAOstack, a short introduction of what it is, and how will it change the operations under decentralized autonomous organizations(DAOs).
What is DAOstack?
It’s a platform for decentralized governance that enables collectives to self-organize around shared goals or values, easily and efficiently.
Launched via the Ethereum platform, DAOstack is the operating system in which organizations or companies can be run or managed in a decentralized manner, in which what the concept of DAO is. To put it in contrast, WordPress is known as the content management system for a web server under a network host. DAOstack performs in the same way, applied to the blockchain technology. The purpose of DAOstack is to be the 'content manager' in which different developers, collaborators and curators connect to run a single or a group of decentralized autonomous organizations.
How Does DAOstack Work?
DAOstack provides the foundational tools for the creation, operation and governance of DAOs, internally and externally within a broader ecosystem.
DAOs are run via a series of smart contracts, deployed via Arc, which is the framework of the DAOstack ecosystem. It allows the operation of DAOs to be easier by their open library of template governance modules. DAOstack developed an internal dApp named Alchemy, which would enable a single entity or corporation to initiate a new DAO, and start interacting and collaborating with different DAOs or other developers on the DAOstack ecosystem; giving birth to a new decentralized autonomous organization.
Arc.js enables the developers integrate third-party applications simpler with Javascript, rather than directly coding the smart contract. This is advantageous for front-end developers who have less knowledge in the Solidity programming language. The ArcHives(I think they intended the pun) hold the DAOstack’s shared registries, curated by the DAOstack community, that will enhance the interoperability and network effect. These tools are all open source, and available to all members of the DAOstack community.
Where can DAOstack be Used?
Eventually, everything connects
Decentralized Ownership
DAOstack can be be used on autonomous organizations that requires collaborative decision making for those who have aligned interests or field. Think of the applications for management of DAOs that removes a central entity to remove partiality on ownership and decision making; thus, reducing the corruption and self-interest.
Decentralized Collaboration
In DAOstack, a group of collaborators or developers with aligned interests could start their own open-source dApps or DAOs . It could also be a group of individuals with the same field that could form a DAO with unbiased, distributed and speedy decision making abilities with unlimited scaling capabilities.
Decentralized Curation
DAOstack can be applied for networks that have impartial reviews and fair judgment. For DAOs concentrated in making contests, or having awards, the DAOstack ecosystem ensures that the quality of submissions is judged and it is not by unreliable and biased reviews that would benefit certain parties in an organization.
Why do we need DAOstack?
Imagine what becomes possible when hundreds of millions of people are participating in a collaborative, decentralized economy in which no one wields a disproportionate amount of power, all are rewarded in proportion to the value they contribute, and everyone is incentivized to act in alignment with the common good
The traditional organizations are truly centralized and relies on the decisions of a single body or entity. This makes the company or organization prone to bias and corrupt decisions that would have more self-benefit to the party rather than to the whole organization. That's why the evolution of DAO came to existence. The problem is, in a traditional DAO, centralization could still be achievable in the Proof-of-Stake(PoS; buy investing more than 51% of the total supply) and Proof-of-Work(PoW; buy achieving 51% of the blockchain's total hashrate).
These problems have have a proposed solution by the DAOstack economy. The DAOstack is run by two economies, a transferable(GEN tokens) and non-transferable(Reputation). To relate it to the current blockchains, it uses a mix of proof-of-stake(PoS) and a delegated-proof of stake(dPoS) consensus. For what purpose?
Governance would be monetized by the internal token GEN. The PoS part would be the staking of the amount of tokens held of each contributor or holder providing on what proposals should be given attention with. One of the main problems of DAO is the lack of participants for consensus of the voting system. I personally experienced this in an ICO that decided for the project to have a 'go or no-go' decision; which ended up with less than 65% participation of token holders, making the team have the decision in their favor. In DAOstack, the holding of GEN does not buy decisions, but only buys the attention over proposal.
Reputations are allocated by a DAO under the DAOstack economy for specific members, depending on their contributions and merits, which determines their power in decision-making on where the DAO goes. This units can only be earned, and are not transferrable. This is the dPoS part of the DAOstack ecosystem. Like how currently the Steemit platform works, we vote for witnesses, which gave high contributions on the development of the Steem ecosystem.
The combination of both gives birth to the Holographic Consensus. This improves the scalability and speed of decision making, therefore growth, of DAOs under DAOstack. This consensus reduces the risk of corruption and centralization of a DAO, which is the main purpose of its creation. We can finally experience a true, decentralized, autonomous organization.
Who Benefits from DAOstack?
The Organization
Increasing scalability, speed of consensus, and improved governance will benefit the organization under the DAOstack ecosystem. The use of GEN 'stakes' and Reputation for the economy of the DAO creates an organization with the least bias and cost-effective decisions that is truly decentralized in governance.
The Community
The built-in framework and internal tools of the DAOstack simplifies the overall participation of the community; from the developers to curators and members. With amplified effectivity of governance and truly decentralization of DAOs, the community under the DAOs created on the DAOstack ecosystem will benefit from its fast and infinite growth.
The Investors
Of course, the investors in DAOstack and in DAOs under it would greatly benefit for the solutions for governance given by the platform. With the increase in performance, scalability and improved governance, the probability of increase in value of their investments is higher. Investors also get incentives by their participation in the growth and development of the platform by staking or participating in prediction markets in the DAOstack economy.
For a deep breakdown on what is DAOstack and how it really works, I am inviting you to check their whitepaper out. They have fully explained on why do we really need DAOstack.
More Information & Resources:
- DAOstack Website
- DAOstack Summary
- DAOstack WhitePaper
- DAOstack Telegram
- DAOstack Twitter
- DAOstack Reddit
- DAOstack Newsletter
- DAOstack Github
- DAOstack Medium
- DAOstack YouTube
- DAOstack Token Sale FAQ
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