WHAT IS A DAO?
DAO – short for Decentralized Autonomous Organization is a business or organization which decisions are made by a pre-programmed code or the voting outcome of its members.
How It Works
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To make it simple, picture DAO as a restaurant, and the contributors or investors as the managers of the restaurant. But, this restaurant can hire its own staff, re-order food supply, pay it’s monthly rent and run the business on its own because the managers had already gave it a set of rules to follow. If they want to add a new item to the menu, the managers will go through a democratic voting process to decide the outcome.
This is a rough description on how a DAO works.
What Are Some Key Components of DAOs?
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By their very nature, DAOs are autonomous. This means that once a DAO gets deployed, outside forces cannot interrupt it. They also are transparent thanks to their open-source nature. In this way, there is no requirement for a trusted third party. DAOs typically have tokens of transactions, which are the organization’s method of rewarding specific activities. Since DAOs don’t have hierarchical structures, the funding occurs at creation and is distributed fairly.
The consensus is another crucial aspect of DAOs, requiring that the majority of stakeholders agree on a decision before moving or withdrawing funds. Even bugs cannot be taken care of until the majority of stakeholders agree to do so. As such, voting is an important part of DAOs. Voting allows for a consensus to be reached on decisions such as whether to approve a proposal, what contractor to appoint, and funding choices.
Why GAMO Protocol is the only platform that is able to execute this perfectly
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GAMO Protocol introduces a new blockchain and architecture of trust designed to specifically facilitate creation of Decentralized Autonomous Initial Coin Offering (DAICO) by creating an environment which DAICO’s can be built on.
A platform in which anyone is able to create their own DAICOs safely, without having to deal with its challenges
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