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What is Decentralized Autonomous Organization (DAO) & How DAO works?

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What is Decentralized Autonomous Organization (DAO) & How DAO works?

  1. 1. What is Decentralized Autonomous Organization (DAO) & How DAO works?
  2. 2. INTRODUCTION • DAO is the organizations running in the software in a fully democratic way. • Before we jump into how exactly they work, we need to go through the tradition organization structure quickly. • An organization is the group of people working on a common interest. • This is most of the time is to make money for the shareholders. • The organization follows certain rules which are governed by the Government of the place where the organization has been incorporated. • An organization has the group of shareholders who represent the ownership of the organization in the percentage format. • Let’s say a person X own 3000 shares of the organization which has in total 30,000 issued shares then Mr. X will become 10% owner of that organization. Copyright© BlockchainCouncil 2
  3. 3. • These shares can be transferred to anyone which will, in turn, transfer the ownership of the organization. • Share holders appoint a Board of Directors who control the major key decision of the organization. • This group of people also known as Board of Directors appoints the CEO who execute the day-to-day operation by hiring more staff under him. • The rules & regulation of running the organization are written in Bylaws or Memorandum of Article, Article of Association. • DAO is just the digital version of the above arrangement where all rules & regulation are written in the source code rather than the piece of paper. Copyright© ToshendraSharma 3 Sign Up Now
  4. 4. • They are executed by thousands of people/computers together through some consensus-based algorithm. • The platform where the DAO runs is called Blockchain. • The most common case where the DAO can be written is Ethereum Blockchain. • In Ethereum, they are written in Solidity Language Copyright© ToshendraSharma 4 Sign Up Now
  5. 5. How does DAO work? • In the DAO, each action or vote is represented by some form of transaction in the Blockchain. • Here the members are represented by the address (in Ethereum, It’s Ethereum address). • These addresses can be owned by a human, a robot, an IOT device, or even another DAO. • This makes it ideal for a fully automated system to run the full-fledged organization. • Each member is given a token which represents the shares of the DAO; these tokens can also be used to vote in the DAO to take a certain decision. • The token is nothing but another kind of contract sunning on top of Blockchain. Copyright© ToshendraSharma 5 Sign Up Now
  6. 6. • The more token an address has, the more control he will have on the DAO. • Each member will have the rights to submit the proposal to take certain decisions. These decisions can be: o Fire the CEO or just Change the CEO o Hire a vendor to get his/her service o Hire a lawyer o Pay certain ethers/USD to someone as a salary or bonus o Issue the share to someone because that person/address is adding more value. • In the DAO, since this is nothing but a democracy which is running in the Blockchain the voting power can be optionally delegated to someone to whom a member trust more. This is in fact just like voting by proxy in the real organization. Copyright© ToshendraSharma 6 Sign Up Now
  7. 7. • The DAO can also raise fund through some crowd sourced funding by issuing the tokens/shares to anyone who is paying the money to the DAO. • This payment and issuing the shares/token can be done in real time unlike the more than 60 days process in the real organization. Copyright© ToshendraSharma 7 Sign Up Now
  8. 8. OUR CONTACT DETAILS https://www.blockchain-council.org training@blockchain-council.org fb.com/blockchaincouncil @chaincouncil WEBSITE: EMAIL: THANK YOU FOR YOUR TIME Copyright© BlockchainCouncil 8 Blockchain CouncilComPany: Sign Up Now

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