In the future, companies, funds and even governments will be run by DAOs and not a central entity that controls the whole system. That's powerful! Let me explain 'why', but first let's discuss what exactly is a DAO.
What Is DAO?
Full form of DAO is Decentralized Autonomous Organization. If you have spent enough time in crypto, you must have heard this term constantly and I am having this weird feeling that 2022 will also see so many applications built on the same concept, using blockchain & crypto and smart contracts. DAOs are trustless, leaderless communities. This simply means that community members and stakeholders own it and not a single centralized entity. They can simply vote and choose what to do with the funds and collaborate with other members on the internet.
Since you are reading this on Hive, a great example of DAO is our very own DHF (Decentralized Hive Fund) that can be used to obtain funding from the decentralized community fund. People can checkout your proposal and if they feel that it will provide lots of value to the ecosystem, you will get votes and eventually funding. Not one person or a single stakeholder can dictate how DHF will be used.
DAOs use Blockchain Technology that enables automated trustworthy transactions. It's a safe way to work with strangers over the internet.
Fighting Injustice - Assange DAO
Do you know about Julian Assange? He is an internet activist who is famous for Wikileaks, a publishing house which exposes governments and corporations by leaking confidential documents. Just google them and you will know their valuable contributions to humanity. Assange is wanted on espionage charges and after a complicated series of events he is finally confined to Belmarsh prison in London since April 2019. He is fighting for his freedom from the past 10 years and if he gets extradited to USA, we all know what is going to happen to him. USA wants him because most of the leaks done by him and his team exposed the cruel facets of the government and big corps. He is also going through severe depression and his mental health is deteriorating with each passing day.
Pak, a famous yet anon NFT artist and crypto investor did a tie up to create a 1/1 "Clock" NFT to collect funds for the liberation of Julian Assange. AssangeDAO has been created to acquire the NFT and within a week it has collected over 14k ETH (~$45 million). All the proceeds from this NFT sale will go to the firm fighting for Assange to stop his extradition to USA.
Pak also created other NFTs in the same collection that would help to generate funds to support other organizations fighting for freedom of speech, right to information, digital privacy, education, health and human & animal rights.
This is one of the most interesting and impactful applications of Blockchain & Crypto. With a few clicks you can support or fund your favorite initiative from anywhere in the world.
Isn't it powerful? What do you guys think? Let me know your thoughts in the comment section below!
Photo Credits In Main Image: https://www.flickr.com/photos/donkeyhotey/6299019650
