Decentralized autonomous organizations - knownunder the name DAO for short - have become a mainstay of the crypto world.
The raison d'être of DAO is to allow companies and organizations to function fully without the need for a hierarchical management structure. As this Cointelegraph guide explains , it's like a distributor handing out a snack in exchange for a packet of coins - then automatically using those funds to reorganize the stock. There is no need for human involvement to keep the machine running, as all the processes it needs to run are pre-written in the code.
Beyond this real-life example, the possibilities for DAO are endless. There is only one problem: Some believe that the potential and promise of this technology is not being fully realized. Many DAppsonly use DAO for governance purposes - allowing community members to submit proposals and vote.
A growing group of crypto enthusiasts believe DAO will play a leading role as the world makes the switch to Web3 - paving the way for fully decentralized businesses that can gain the same levels of importance and influence that the centralized tech giants currently enjoy in the Web2 world. Rising internet value will require a new style of organization where decentralized applications are managed by members of the community.
But if this is to be achieved, the DAO must evolve. Technical limitations must be corrected and removed to achieve mass adoption.
Beyon d vote
MetisDAO believes that decentralized autonomous organizations should provide much more than just a voting mechanism for community members. Instead, he argues that DAO should help manage their collaborations - allowing everyone to help grow a project and receive incentives based on their hard work.
But for now, the structure of DAO means it is poorly suited for large scale applications. There is a heavy reliance on smart contracts, and the programming language is not always ideal for executing complex business logic. The focus on voting is also impractical for a large decentralized company and can distract from the bigger picture. Large companies do not meet every day to vote on operational matters. Instead, they have a frame in.Make sure that daily operations are under control. DAO needs the same.
From a technical point of view, a change is also necessary. Layer 1 solutions are marred by high gas costs, low levels of efficiency, and a lack of on-line tools that can support the management of a DAO. Evolution is also necessary to ensure that members of a community can easily trust each other.
Making decentralized businesses happen
MetisDAO has a basic mechanism to build trust and empower people. Known as optimistic governance, this approach aims to unite community members through the use of staking bonds, which ensures that participants are financially engaged and motivated to work in the best interests of the community. 'a project. The collaboratorss who do not keep their promises could end up being penalized by a series of opt-out mechanisms.
Decentralized businesses can be created in three easy steps - and the built-in trust mechanism means they can collaborate with no one. Over time, users can accumulate Reputation Power, a decentralized corporate credentials system based on the collaboration history recorded on the blockchain. This means that each wallet address can be evaluated so that users can determine whether they are trustworthy or not.
Metis is also a Layer 2 solution (by forcing optimistic rollup) that serves as a sidechain on top of the Ethereum backbone. This paves the way for dramatically increased scalability and dramatically reduced gas costs. Most transactions end up happeningin this sidechain and are bundled into a single package when communication needs to be established with the main chain. Better yet, a plethora of microservices and tools can be developed and deployed through this infrastructure.
The project also offers more functions for DAO management - and already, community members have developed the task management, knowledge management and event management. This is coupled with a simple interface that Web2 users will find easy to understand, and simple APIs that pave the way for integration with other DApps.
Over time, Metis hopes to make sure that DAO can serve more than a shell structure that does not encourage value creation. Reform is necessary for effective governance. Many projects are home to token holders determined to seize arbitrage opportunities - people who have little or nointend to vote because they don't care what happens in the community.
The Metis have just completed their seed fundraiser and are expected to officially launch in April - and the private fundraiser is expected to end that same month. This will pave the way for integration with the Web2, DeFi and NFT communities. Integration with DeFi protocols will allow community members to mine and manage their funds collectively and avoid being exploited by whales. Metis tokens will be listed on exchanges before June, as well as a range of micro service tools will be launched. And before summer, decentralized companies will be able to launch their own tokens. Learn more about MetisDAO
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