We’ve already discussed cross-chain as one of the major cryptotrends. Now let’s talk about DAO, another stream that is gaining momentum.
Of course, DAO aspect is included in #MetaHash development plans. In our White Paper (p.51) DAO is described as “a decentralized autonomous organization, a project or company existing without a centralized management system concentrated in the hands of a limited number of managers”.
Simply put, it is a type of project driven by community decisions, for example by voting. is ideal to record every vote, while smart contracts act as a guarantor for transactions. In this way, technology provides transparency and solves the well-known principal-agent dilemma: contract parties cannot ignore each other’s interests or act in bad faith.
Nevertheless, it’s pretty hard to grow DAO. Firstly, such an organization can cover several jurisdictions, so conflicts of laws can take place. Secondly, every change to the code or smart contract requires a new vote, giving hackers the chance to use gaps in DAO’s design before it can be closed collectively.
For example, the second difficulty caused Ethereum’s hardfork in 2016: it was necessary to move the funds stolen from The DAO into the new smart contract. This crisis was a turning point in the history, from that time most cryptodevelopers pay special attention to cybersecurity.
Still, the challenges do not scare enthusiasts, and the DAO concept continues to live. Here are a few examples of major launches and attempts:
Of course, DAOs (like crosschain) are at a very early stage of development and yet there is no perfect example of such an organization. But the cryptoworld progress is only accelerating, and it is already clear that together we will reach the goal.
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