MCS | DAO: the Next Big Trend

MCS | DAO: the Next Big Trend

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"Over the summer, a group of "crypto fan" pooled their money in order to collectively make a seven-figure investment: The group secretly bought the sole existing copy of the album “Once Upon a Time in Shaolin” by the Wu-Tang Clan for a whopping $4 million. But it wasn't until Wednesday that the group, an organization known as PleasrDAO, came forward as the buyer. The announcement was a pleasant surprise for the crypto community, earning headlines in mainstream media outlets"

Source: https://www.cnbc.com/2021/10/25/what-are-daos-what-to-know-about-the-next-big-trend-in-crypto.html

What is DAO?

DAO (Decentralized Autonomous Organization) is defined Wikipedia as an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. Technically, DAO is an organization run entirely through software by leveraging smart contracts when executing their operation and without the need of a central party. Bitcoin is said to be the first successful example of a DAO.

How does DAO Works?

DAO uses the blockchain technology and smart contract where a blockchain is a decentralized, digital ledger that is commonly used to make transactions of cryptocurrencies and digital assets. Interestingly though, blockchain technology can also be use to create a rules and maintaining an organization structures. Traditionally, an organization consists of the directors and upper management that have powers to control the organization. DAO, on the other hand, using the idea of the decentralized technology does not set to be governed by one person or entity. In fact, DAO organizations are commonly governed through codes in smart contracts on the blockchain and can only be changed though votes by the DAO members.

Type of Existing DAO Organization

Below are 5 different examples of well-known DAOs:

  • The PleasrDAO: Collects various NFTs and invests in other assets
  • The HerStory DAO: Collects and funds projects by Black women and non-binary artists
  • The Komorbi Collective DAO: Funds women and non-binary crypto founders
  • The Friends with Benefits DAO: An exclusive social club which you pay to enter
  • The MetaCartel Venture DAO: A for-profit business that invests in early stage decentralized applications

DAOs are the Future of Work?

As the world gets increasingly global and after almost 2 years living through the COVID-19, the notion that one have to show up at one geographic location every day to work is already an outdated notion. Although the concept of DAO is still new, it is thought by many in the industry as something that will be disruptive to traditional structures of business.

In May, Mark Cuban tweeted "The future of corporations could be very different as DAOs take on legacy businesses. Entrepreneurs that enable DAOs can make money. If the community excels at governance, everyone shares in the upside."

According to Cooper Turley, investor and builder of some DAO projects, "I think in five years, companies won't have equity anymore. They'll have tokens, and they'll be represented as DAOs."

Can you imagine living in a world where operations are fully transparent and global where every members have a say when making a decision? Imagine an organization that can accept donations from anyone around the world and the members can vote to decide how to spend it. Perhaps, that future is closer than we thought.

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MCS Team

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