Recently came across a brilliant definition of a DAO on this Youtube channel. "DAOs allow internet strangers to organize in large groups under a common banner in pursuit of a shared vision" https://www.youtube.com/watch?t=239&v=TbQWgePDLTU&feature=youtu.be&ab_channel=Wintergatan
Users that become part of a DAO receive a token, this token allows the participants to govern the project and benefit from the value generated on it. Here is a great example of a DAO in action, where users are taking decisions and benefiting from the outcome:https://www.actionnetwork.com/general/rally-receives-2m-record-buyout-offer-on-super-mario-bros-video-game
Our community should pay attention to DAOs and their potential. Flipstarters are likely to improve their chance to succeed if, in exchange for a donation, contributors are rewarded with a token that makes them part of a DAO. Aside from flipstarter, many projects built on top of BCH would increase their chances of success when adopting this model. A fair distribution of the token may be the initial challenge.
Smart Bitcoin Cash gives us now the flexibility to create these platforms. There are several open-source projects that can be ported and adopted by the community. Example, Aragon, https://github.com/aragon
As we make progress on our Bridge project we are considering making it one of the first SmartBCH DAOs. Users then would be able to decide on the project direction, for example, what tokens to bridge, while at the same time benefit from the value the bridge generates. For the case of the Bridge, it generates value by charging fees on the tokens being moved between chains. Also being a bridge with Etherum, when Ethereum is locked into one side of the contract, Ethereum is then staked to generate a return that is then sent to the bridge token holders.
Show the Bitcoin Cash community adopt DAOs? what are some other ideas of DAOS that we could pursuit?
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source https://www.reddit.com/r/btc/comments/oyrgxi/lets_talk_about_daos/
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