Huge growth opportunities have emerged across the web3 space thanks to decentralized structures. But what exactly is decentralization? How does it work? And why decentralize when you can centralize? Here is an overview of the pros and cons of decentralization.
Everything You Need To Know About Blockchain
In this video, we will explain the history of Blockchain, what it is, how Bitcoin transactions happen, how Blockchain features like hash encryption, proof of work, and mining contribute to them, and how Blockchain technology is applied in real-world situations. Let’s dive into this video to learn the fundamentals of blockchain technology and how it works.
Wikipedia’s Jimmy Wales Already Solved the Internet’s Problems
Wikipedia, “the free encyclopedia that anyone can edit,” went from being a weird online experiment 21 years ago to one of the mainstays of the modern internet with astonishing speed. Even more astonishing, it has maintained its reputation and functionality since its founding, even as the rest of the social internet seems hellbent on tearing itself apart.
As Twitter, Facebook, and others are consumed with controversy over moderation, governance, and the definition of free speech, Wikipedia continues to quietly grow in utility, trustworthiness, and comprehensiveness; there are now nearly 6.5 million articles on the English version alone and it has held its place in the top 15 most visited sites on the internet for well over a decade.
Reason spoke with Wikipedia’s founder, Jimmy Wales, who was predictably modest about what he got right. A key ingredient to Wikipedia’s success is its high degree of decentralization. After this interview was conducted, Elon Musk made a bid to buy Twitter, bringing new salience to the battle over who controls the flow of information (and disinformation) online.
Reason last spoke with Wales 15 years ago, and the resulting profile ended up becoming a source for Wales’ own Wikipedia entry. At that time, we talked about the future of online speech, improving the algorithms that shape our lives, and the role that Friedrich Hayek played in Wales’ thinking. This conversation picked up where we left off.
What is a DAO – Explained in 3 minutes (Animation)
A Decentralized Autonomous Organization is an organization that is created based on a set of rules encoded as a computer program.
The rules and codes are transparent and to be controlled by the members of the organization without any influence from a central body.
Let’s say there’s a vending machine that’s not only capable of accepting payment and dispensing snacks but can also place an order for more snacks automatically.
The vending machine can also pay its rent and order cleaning services by itself when required. Active users of the machine all have a say in how the machine operates.
The users determine which snacks the machine should order and also how often it should order cleaning services. There is no manager or board of directors, as all these processes were encoded into the vending machine when it was created.
In short: a DAO is about establishing a fully functional, automated organisation without hierarchical management.
Since DAOs don’t have managers delegating work about what and how things should be done, something else must take the role of it’s managing functions to fully function on it’s own.
A functioning DAO is created in phases, where the launch phase is used to define and activate the first set of rules, encoded as a smart contract.
After the launch phase, the DAO moves onto the funding phase because it needs an internal property that uses currency to carry out smart contract functions.
When both phases are complete, a DAO can function by itself and its functions are carried out by its stakeholders via way of voting.
After a DAO is deployed it becomes independent from its creators and is fully autonomous.
Every decision on how it operates and where to spend its funds are determined via voting and reaching collective consensus from it’s stakeholders.
All users who purchased a stake in a DAO have a right to make proposals regarding its future by paying a monetary fee for each proposal.
Then the stakeholders would vote on the proposal. To carry out the winning proposal, the majority must reach a consensus.
There’s a minimum percentage required to reach consensus and it can vary with per DAO. As with every operational rule, the required percentage to reach consensus is stated in the code.
Crypto Investors Take On Wyoming Real Estate | WSJ
A group of about 6,000 crypto investors known as CityDAO bought 40 acres of land in Wyoming. WSJ’s Paul Vigna explains how this decentralized autonomous organization, or DAO, came to own this land.
The Future Of Work | Decentralized Autonomous Organization Will Shift Power To Employees
What does a future with no bosses look like? How will decentralized autonomous organizations flip the structure of a business to return power to the employees? Smart contracts and token economics will be a large part of the equation, but businesses will also become more democratic, with employees being stakeholders instead of just cogs in a corporate wheel. We expect DAO’s to play a major role in a paradigm shift on what work actually is.
Every Type of NFT Utility Explained | DAO, Staking, Burning, Breeding, Utility Tokens and More!
As the crypto markets go on run and ethereum price is soaring the nft space is moving slow. In this video I breakdown what common utility projects are using to stand out in this fast paced landscape. People have started stigmatizing DAO’s due to the whole daoturtles being taken off open sea. I believe every NFT project should be utilizing a DAO to handle governance in their communities. We are seeing a lot projects and founders innovate in this space but also a lot of bad actors using these pieces of utility as a buzzword to reel people in. Today’s video i breakdown each type of utility and explain how they work.
What is a DAO (Decentralized Autonomous Organization) in Crypto?
A DAO stands for decentralized autonomous organization and is an internet-native business that’s both owned and managed by its members. It’s becoming increasingly popular in the crypto space and is a fascinating business model and innovation.
Coinbase CEO Brian Armstrong on Cryptocurrency and the Future of Decentralization
Co-founder & CEO of Coinbase, Brian Armstrong started Coinbase in 2012 when bitcoin was $2 and almost no one knew what it was, let alone believed in it. Today, it is the largest cryptocurrency exchange in the USA that just went public at a nearly $100B market cap.
How does a DAO work?
Decentralized autonomous organizations (DAOs) are like traditional organizations, except they run autonomously, or almost. Much like traditional companies, DAOs have stakeholders that vote on changes. So while they run autonomously, so-called stakeholders can vote to influence decisions and direction. DAOs, just like pretty much everything else connected to cryptocurrencies, are an extremely new and, to some extent, revolutionary technology. In this episode of Ask Luno, we go in-depth on how they work. Can you picture companies that could one day run without human intervention? Let us know your thoughts in the comments below.