DAOs have been a revolutionary and an incredible concept to be successfully implemented through blockchain technology. Decentralized autonomous organizations are entities that operate through smart contracts with its financial transactions and rules encoded on a blockchain, effectively removing the need for a central governing authority. The lack of a centralized authority reduces costs and in theory, provides more control and access to the investors.
Blockchain technology has provided us with the tools and infrastructure that was needed to innovate and streamline in every industry out there, and in doing so, it has introduced a number of concepts that would have been downright impossible before this technology came along. The concept of a DAO is full of promise and has captivated many people already, however it lacks certain critical components that currently prevent a DAO from being efficiently used. This is where the DAOstack comes in, a blockchain powered operating system that will provide a comprehensive framework that shall make the creation and maintenance of DAOs easier and efficient.
DAOstack is designed to be a platform for decentralized governance that enables collectives to self-organize around shared goals or values, easily and efficiently. It will allow thousands of open source creators, freelancers, and individuals with relevant resources to cooperate in producing DApps. The platform launches spring 2018 and includes a modular smart contract framework, a friendly developer environment with an intuitive user interface.
DAOs have a variety of features, each of which has their own pros and cons, what makes these structures similar is the fact that they all work on a voting system that basically calculates every party’s voting power. This voting system enables various parties to take part in the organization’s decision-making process and participate in the organization’s operations. DAOstack will have a similar voting system that shall be as simple as possible to keep it efficient, resilient, decentralized and scalable. DAOs made through DAOstack will require agents to submit proposals which shall initiate a decision, these proposals will be voted on with a simple Yes or No.
Proposals shall have a time limit after which they will be closed and their acceptance or rejection will be decided based on the number of votes that were submitted before the time limit. There is also a Quiet Ending system that will prevent last-minute changes being made to votes. These proposals can be prioritised up in the queue by spending GEN tokens. If the proposal is successful the promoter gets back her tokens plus some possible profit.
Arc.js
Arc will be a major part of DAOstack providing people with everything that they need to create, launch and maintain DAOs. The Arc framework will have its own open library of DAO templates and modules from which people will be able to take ideas and components that they need and then use them in developing their DAO. Arc is not limited to a specific set of governance systems, and it makes it easy for third parties to create their own elements per their needs. Essentially, Arc will be an open-source framework with a modular design in order to ensure that it shall remain highly scalable and its library remains relevant and becomes increasingly diverse as more and more people add their own templates and modules to it.
Final Thoughts
The foundation of DAOstack is simple – participants receive tokens with which they can vote on decisions. The smart contracts also serve as hardcoded rules that determine the automatic execution of actions once predefined parameters were met. Essentially, DAOStack aims to provide people with the toolbox needed to create their own DAO with unique a set of rules that haven’t been seen before and that's exciting in the DAO era. What I personally like is DAOStack is unique and trying to renovate the blockchain industry rather than just providing a token for basic utility or being an exchange token like BNB (Binance coin). Innovation is needed and that's where DAOStack succeeds.
Token Details
Token: GEN
Price: 1 GEN = 1 USD
Soft cap: 5,000,000 USD
Hard cap: 30,000,000 USD
Other Details
• Official website: https://daostack.io
• YouTube: https://www.youtube.com/channel/UCX4GNxoP4GdGQk7pUp0j6JA/videos
• Twitter: https://twitter.com/daostack
• Telegram: https://t.me/daostackcommunity
• Whitepaper: https://daostack.io/wp/DAOstack-White-Paper-en.pdf
My ETH address:
0x1C6916EdD696E615507cF6E614288A08FFbD9867