DEAR PROTOCOL DAO
* Inbuilt DAO
It is an entity with no central leadership. Decisions get made from the bottom-up, governed by a community organized around a specific set of rules enforced on a blockchain.
Inbuilt DAO is an organization where decisions get made from the bottom-up; a collective of members owns the organization. There are various ways to participate in a DAO, usually through the ownership of a token. A DAO allows them to organize themselves efficiently with technology that guarantees integrity. It’s also easier than creating a traditional organization or entity as many projects have international teams. Finally, a DAO is a cheap option for its functionality in organizing people. You can set one up for free or pay a small fee to do so.
DEAR Protocol will have the DAO inbuilt into it every decision will be taken must be approved by the DAO. Individuals collaborate with each other according to a self- enforcing open-source protocol. Keeping the network safe and performing other network tasks is rewarded with the native network tokens. A legal entity does not bind together members of a DAO, nor have they entered into any formal legal contracts. Instead, they are steered by incentives tied to the network tokens and fully transparent rules that are written into pieces of so ware, which are enforced by machine consensus. There are no bilateral agreements. There is only one governing law — the protocol or smart contract- regulating the behavior of all network participants.
What does a successful DAO need?
Among other things, a successful DAO should cover at least the five points below:
- A DAO needs a purpose. DAOs are simply a way of organizing projects or funds. Without a good underlying project and reason, your DAO will have nothing to run.
- 2. A DAO needs a voting mechanism. This is the primary way people interact with the DAO and make changes. There are multiple ways to do this. You could create your voting mechanism or use a third-party provider, as we discuss later.
3. A DAO needs a governance token or share system. How will people prove their right to an opinion in the DAO? A governance token is very common, and the token often might also be a utility token. A shares system is more common in funds where users deposit cryptocurrencies with the DAO to be invested.
4. A DAO needs a community. Decentralization gets stronger as more people join and participate in the governance of your DAO. This way, power is spread across more stakeholders.
Different DAOs are listed Below :
* Founder’s DAO :
Founders DAO is nothing but a board of all validators who stake more than 0.05% of the total supply. We may rename it to Validators DAO if the community wants to. They
mainly decide about the future of the chain. It’s truly public and open source.
So every proposal and its outcome will be updated in the public portal.
* Developer’s DAO :
The developer’s DAO will be responsible for maintaining all the Projects and products
by the chain running smoothly. Like Other DAO its proposal and outcomes will also be visible in the public portal.
* Marketing’s DAO :
Marketing DAO will be the most valuable individual of all time. They will be managing all the strategies and automatically recruit newer guys. The cost of Marketing will be covered by their stake.
Some Important things about all DAOs
Founders DAO can’t Liquidate their stake at any given point in time that stake will be staked itself and distribute rewards to all Prime Validators.
- *Previous Blog:- DEAR Faster TPS
- Visit our Website:- www.dearprotocol.io
- Telegram :- Dear Protocol
- linkedin :- Dear Protocol
