A decentralized autonomous organization (DAO) has paramount implications for the tech world and the human society in the global economy. Blockchain smart contracts administer clearly defined agreements without an overseeing force, unlike current formal or informal agreements where a boss, judicial system, etc. oversee the execution of contract terms. Through the use of an immutable blockchain and its smart contract, DAOs can carry out agreed-upon transactions with decision-making powers spread amongst its members.
Businesses and community projects are seeing the advantages to DAOs. This approach eliminates the creation, execution, and enforcement of contracts often filled with error, misinformation, and contradicting incentives which could cause long-term strife among the involved parties. In order to propagate this system into the common market, DAOs must become accessible tools.
The first code based DAO was launched as Smart Contract on the Ethereum blockchain. It was an investor-directed capital fund with no typical corporate management structure. It set a record for the largest crowdfunding campaign but was hacked through a vulnerability in its DAO code. But even without this hack, the Ethereum DAO had “curators” to monitor and manage DAO decisions for their token holders. This led to the conclusion that even with advance DAO code, human interaction is needed with particular operating parameters for external contractors.
From this experience, Infinity Economics (IE) DAO has improved upon and has found a solution for running a more secure decentralized structure. It has also made it attainable for communities and businesses. IE is viewed as a hybrid DAO. It utilizes a much more flexible and advanced e-Governance platform and human input.
The advantages for businesses and communities with the IE DAO are:
– Flexibility in E-Governance due to built-in governance tools accessible and easy to use for the average user. Transparent tools are easy to set up and monitor without complicated code constructs that are difficult to test and predict.
– Common Sense Enabled because the IE Foundation is convinced that human common sense is important to prevent improper use and to act dynamically on unforeseeable problems.
– Fine Granulation for Proposal Voting supports multiple choices and multiple voting models contrary to plain yes/no solutions. Many real-world decisions cannot be determined so simply.
– Complete transparency allows non-developers the ability to verify and monitor proposals and voting outcome since they will not be in difficult to read contracts and codes. Blockexplorer and the tools are already built into the wallet for full transparency.
– Automated Transaction as Additional DAO Solution is not the preference of the IE Foundation, but the platform supports code-based DAO’s too. This Automated Transactions (AT) feature (Alpha Status) can be used to create smart contracts on the IE blockchain.
IE is a user and service-centric multipurpose blockchain platform and a cryptocurrency based on proven crypto open source projects. It is a DAO that can readily be adopted by businesses and communities through its accessibility and ease of use that could eventually eradicate the imperfections of the corporate and civic groups hierarchical structure in place today.
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