What is a DAO and why do we need one?
Wikipedia defines DAO (Decentralized Autonomous Organization) as an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles.
Some of today’s internet users and the next generations are looking forward to starting social organizations, searching for an answer to: “How can we exchange values in a trusted environment?” Blockchain enables automated trusted transactions and value exchanges, but even so, internet users around the world want to organize themselves in a “Safe and effective way to work with like-minded folks, around the globe”, according to Ethereum
DAOs are an effective and safe way to work with like-minded folks around the globe.
Think of them like an internet-native business that’s collectively owned and managed by its members. They have built-in treasuries that no one has the authority to access without the approval of the group. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice.
There’s no CEO who can authorize spending based on their own whims and no chance of a cunning CFO manipulating the books. Everything is out in the open and the rules around spending are baked into the DAO via its code.
What are the highlights of DAO at IBAX?
DAOs on the IBAX network are DAOs in the true sense of the word based on a fully democratic theory, governed through a 100% transparent voting process that allows decisions to be made about how to vote, who can have a vote, and how much weight to give to the vote. No one can change the terms and parameters of the DAO ecosystem including the founding team of the project without a vote, making the governance of DAOs on IBAX transparent and fair.
Nowadays, many “DAO” projects can’t get rid of the model of voting on the blockchain and then governing off the blockchain, where the voting result is rejected by the development team or the resolution is rejected because of the personal interests of the eco-owner. IBAX wants to become the infrastructure of a real DAO and make the DAO governance template directly into BaaS in the near future, so that the voting result directly trigger a smart contract to execute the voting result.
What features have been implemented in the DAO on IBAX?
The DAO can decide the direction of the project through a proposal vote, and the following feature options can be added or deleted whenever the vote is passed.
Main network parameters:
Pages, code snippets, platform parameters
All parameters on the page, all code snippets on the chain, the number of honorary nodes on the platform, the price of coins issued, the maximum number of blocks, etc. can be modified after the vote is passed.
The name of the ecosystem, new and modified ecological multi-language
After voting, you can modify the name of the ecology and add or remove multilingual versions of the ecosystem.
Parameters of ecosystem, DAO and creator model on/off
You can modify the creator name, gas fee, and other parameters on the ecology after voting.
The creator of the ecology can choose the creator model when creating the ecology, i.e. the creator has the ability to modify the ecology, such as choosing the DAO model at the beginning, and then switching back to the creator model after the DAO has voted.
Modify the delayed contract, add and modify the voting template, tabs, menus, data tables and fields.
After the vote is passed, you can add or delete the delayed contract, modify the voting model, tab content, menu content and layout, data table type and field content.
Adding roles, assigning and removing role members
You can add or remove role members such as developers, creators, and members after voting.
Adding and destroying coins
New coins can be added and coins can be removed according to the authority of the ecology.
Application parameters, application
After the vote is passed, you can delete the existing applications on the chain, or modify the name of the application and other parameter classes.
DAO on the IBAX, can be fast, efficient, fair and transparent governance, can be based on the purpose to build different types of DAO, build different economic models, voting methods, etc., no one can have the privilege, governance based on the code has been set.
How is IBAX different from other blockchain DAOs?
Most DAO organizations in the market are not DAOs in the true sense, and most of their votes are not conducted on the blockchain, but instead voted off-chain and then uploaded to the blockchain. Due to the self-interest of the eco-development team, resolutions are often ignored or tampered with, and a series of governance problems caused by moral hazard cannot be solved thus leading participants to lose confidence in DAO governance and stop getting involved in DAO projects.
All proposals and votes on IBAX’s DAO are made on the blockchain, and once the proposal is approved, the resolution can be executed through a smart contract based on the results of the vote. The founding team has no privileges, and the power is in the hands of the voters thus achieving a truly decentralized governance, a more transparent and fairer world.
Can you imagine a way of organizing with other people around the world, without knowing each other and establishing your own rules, and making your own decisions autonomously all encoded on a Blockchain? Well, DAOs on IBAX are making this real.