What is DAO development?
A DAO, or “Decentralized Autonomous Organization,” is a community-led entity with no central authority. It is fully autonomous and transparent. Smart contracts lay the foundational rules, execute the agreed upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
A DAO is governed entirely by its individual members who collectively make critical decisions about the future of the project.
Generally speaking, community members create proposals about the future operations of the protocol and then come together to vote on each proposal. Proposals that achieve some predefined level of consensus are then accepted and enforced by the rules instantiated within the smart contract.
How does a DAO work?
Generally speaking, community members create proposals about the future operations of the protocol and then come together to vote on each proposal. Proposals that achieve some predefined level of consensus are then accepted and enforced by the rules instantiated within the smart contract.
Some of the main use cases for DAOs are Web3 communities, investment funds and digital cooperatives.
The main purpose of a DAO is to decentralize and automate the governance of organizations such as corporations. The structure is flat and depends on the operation of smart contracts to enforce rules and decisions within the organization.
DAOs use tokens to provide voting and decision-making power to participants. Those with more tokens, have greater power.
The benefits of a DAO
Transparant
Every member of the DAO can see how many tokens voted for a certain decision. This makes it very transparant why decisions are made in a certain way, so that members cannot get into a disagreement about why a decision was made.
Decentralized
There is no single person or entity that has full control over the DAO. This eliminates uncertainty and increases participation and security because the ledger is shared by all members of your DAO.
Automated
Once the rules are coded and deployed in the smart contract(s), decisions are made automatically, without any need for human input.
The process
- Introducing our working method and getting to know the goals and wishes of the customer.
- Applying this to the project and giving the customer an idea of how we will carry out the project.
- Development of the smart contract(s) and DAO.
- Developing the Front-end application.
- Internal audit to check if the smart contract and DAO functions as intended and meets all standards such as security. We provide our customers with an extensive document in which you can see all scores.
- Testing on the testnet.
- Deployment of the smart contract on the blockchain/marketplace according to the customers’ wishes.
- Celebrate the successful deployment of the smart contract together with the customer.
