Soon after the blockchain technology was launched, the Decentralized Autonomous Organization (DAO) model was also launched. The concept behind DAO is to create a governance system that will be different from what we have been used to before the inception of the blockchain technology.
Through DAO, blockchain users were able to interact, come to an agreement, and facilitate decentralized transactions in real-time and without any hassles too.
CHALLENGES
The main challenge however is that the current set of DAOs do not seem to be towing the same line as had been laid down by the blockchain technology. Hence, it became imperative for a platform like Geoma Dao to come up with innovative policies that are designed to make it possible for the users to enjoy unlimited governance on the blockchain technology.
FEATURES OF GEOMA DAO
What are the properties that make Geoma DAO one of the best platforms for people that are looking to get the most out of blockchain-based governance?
The primary and main feature that attracts the attention of people is the general design of the platform to accommodate the different needs of thousands of users. That way, it will be a hassle-free process in ensuring that the target audience(s) are getting the features and tools they need to maximize their use of the Decentralized Autonomous Organization (DAO).
THE GOVERNANCE STRUCTURE
If you have been wondering about the kind of governance model the Geoma DAO system will be using, it is pertinent to discuss some of the governance structure it uses.
- CONTRACTORS
There is no denying that transactions, which are facilitated via the blockchain network tend to verified and approved of before they can be delegated.
That informs the idea behind the Contractors on the Geoma DAO platform. The role of these contractors is to vote for projects that have been brought them for approval. It is only after the contractors approved of such projects that the same can be implemented.
Hence, the contractors in this instance are more of decision-makers that vet and decide on the projects that should be approved or not. - PROPOSALS
Of course, before projects will get to the approval stage, they must have been sent in. The process of doing so (on the Geoma DAO ecosystem) is called Proposals.
Here, the projects will be sent in for the contractors and other concerned parties to give or decline their approval of such projects. - CONSENSUS
A few contractors do not have the exclusive rights to decide if a project can be launched or not. There are also instances where such contractors must attain the required consensus. That is the idea behind the Consensus feature of the Geoma DAO platform.
Here, consensus can only be attained or created when the already-defined percentage of contributors or contractors have been gotten. In addition, such contributors must agree that the action in view can go on.
CONCLUSION
The Geoma DAO’s motives are commendable because they are patterned to reinvent the battered image of Decentralized Autonomous Organization in particular and the blockchain technology in general.
Let us hope that this project achieves a good number of its projects because doing so will help to change how decisions are made and adopted in a decentralized system.
USEFUL LINKS
Website: https://www.thegeomadao.com/
Whitepaper: https://drive.google.com/file/d/186LX27VMtGh3Pe6dDSXiIZ7LmvVdyeyP/view?usp=sharing
Telegram: https://t.me/geomachat
Twitter: https://twitter.com/thegeomadao
YouTube: https://www.youtube.com/channel/UCys4E09zDz9xjlyKiBZwr_g?view_as=subscriber
AUTHOR'S DETAILS
Bitcointalk Username: Stonechris
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661433;sa=summary
Eth Address: 0xeF728a6f7aB532bac5b2662B9eE6a0C097bc5243