Best Answer Shared on SubDAO “Do Your Own DAO” Event
Dear SubDAO community!
In order to help SubDAO followers to know more about DAO, the SubDAO official team has organized the “Do Your Own DAO” on the community to educate them about DAO Technology on July 15th.
The 7-day event aims to collect the best understanding of DAO Technology from intelligent minds. During the event, there were 5 questions related to the DAO and it attracted so many good opinions which highly comprehended the DAO and the value of the DAO.
After the event ended and the strict screening, we have found the best answers to all the questions. It is a good time to share these brilliant ideas with all community.
Question 1: How to define DAO from the perspective of sociology?
Answer form @ipinGarg10D:
The term DAO stands for “decentralized autonomous organization” and can be described as an open-source blockchain protocol governed by a set of rules, created by its elected members, that automatically execute certain actions without the need for intermediaries. A DAO helps us to keep a network safe and optimized without the manual intermediation by its members. Participants are not obligated by a legal contract, but rather incentivized by rewards in the form of native asset tokens that help them work towards a unified goal.
Question 2: Explain the roadmap of DAO development in your understanding.
Answer from @love_hunter02:
First of all, the DAO needs a set of rules to operate on. Those rules are encoded in the form of a smart contract, essentially a computer program, that exists automatically on the Internet, but at the same time it also needs people to perform tasks that it cannot do on its own. .
Once the rules are established, the DAO will enter the funding phase. This is a very important part for two reasons. First, a DAO must have an internal asset class, tokens that can be used by the organization or used to reward certain activities within it. Second, by investing in a DAO, users gain voting rights and subsequently the ability to influence how it operates.
Once the funding period is over and a DAO is deployed, it becomes fully automated and completely independent of its creators and anyone else for that matter. They are open-source, which means their code can be viewed by anyone. Furthermore, all financial rules and transactions are recorded in the Blockchain. This makes the DAO completely transparent, immutable, and indestructible.
Question 3: What is the specific application utility of DAO?
Answer from @MuhammadAsdarS1:
Decentralized autonomous organization (DAO): An organization that is run through rules encoded as computer programs called smart contracts.
In theory, any interaction between humans and organizations can be expressed as a contract. Smart contracts (information transmission and enforcement of contracts) built on Blockchain technology enable us to construct these kinds of organizations based on the cloud. The goal is to be able to automate all management and administrative functions.
Such in SubDAO there are some components like SubDAO Node, Template Library, SubDAO Guard, Asset Vault, SubDAO Airfone, and Front End.
Question 4: What kind of governance is decentralized?
Answer from @MuhammadAsdarS1:
Governance is decentralized when governance transfers (control of an activity or organization) to several local offices or authorities rather than one single one. In decentralized governance, anyone can join and quit as they desire; people can vote democratically to achieve equality in decision-making; the matters handled are in line with the demands of the majority of people in the governance.
Question 5: How do we achieve “autonomy” with DAO?
Answer from @MuhammadAsdarS1:
When we use smart contracts we already achieve “autonomy” because Smart contracts provide “autonomy” to a DAO. These contracts are programmed, algorithmic protocols that execute when pre-specified conditions arise.
For example, say a buyer inputs a purchase request in a blockchain system. A seller then inputs a sale request and all nodes in the system verify the legitimacy of the transaction. A smart contract then releases the funds to the purchasing party, crediting the seller’s account to reflect the transaction. Because of the powers of smart contracts, no human intervention is required after they are set in motion. Therefore, the entire system remains autonomous.
Smart contracts may also govern voting processes that determine how a DAO is run.
About SubDAO
SubDAO is a DAO infrastructure based on Polkadot, where any decentralized organization is allowed to conveniently create and manage a DAO. SubDAO does not only connect DAO with DApps to realize DAO’s cross-chain management but also bridges Web 2.0 and Web 3.0.
The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot. All team members own rich experiences in Internet companies such as IBM, Tencent, and Alibaba. Jack Platts, former Director of External Cooperation of the Web3 Foundation and Partner of Hypersphere Ventures, serves as a strategic contributor to SubDAO. So far SubDAO has completed multi-million dollar financing including Hypersphere, Huobi Ventures, and other institutions.
Follow SubDAO
Website: https://subdao.network
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