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A new class of distributed applications is now possible thanks to blockchain technology. Furthermore, more than its anticipated applications in finance, it has also facilitated the birth of cutting-edge solutions for management and administration. Among these, the so-called Decentralized Autonomous Organizations (DAO) are the most important innovation. These solutions enable the DAO to run autonomously by running the relevant piece of software on the blockchain network that reduces human workload and continuous monitoring. Many organizations are adopting this new approach to run businesses smoothly and reduce friction at the enterprise level.
In this blog, we will discuss the DAO governance platform and will put a specific focus on Aragon DAO.
Let’s first talk about what a DAO Governance Platform is!
Platform-enabled DAOs
Users can establish their own DAO utilizing a prototype that can usually be changed via the frameworks that offer DAO deployment as-a-service. A decentralized Autonomous Organization, or DAO for short, is a type of system that runs automatically and sustainably and is built using open-source software. To be completely decentralized, DAO was not associated with any one country or institution; nevertheless, it did initially use the Ethereum network. Smart contracts are used to carry out DAO rules and policies, which eliminates the requirement for centralized control. After the smart contract has been activated on Ethereum, it is not doable to change the rules without a consensus.
Every participant has an equitable influence on how the DAO is run, and they can agree on different policies and changes using governance tokens. The quantity of tokens they hold generally corresponds to their voting influence. In conclusion, DAO governance platforms are truly groundbreaking and have the power to drastically change how organizations are managed. They have so far been effectively used in grant funding, pool investing, collections, philanthropic funds, freelancing organizations, and other industries.
Explore in detail about different DAO governance models in this article.
Let’s talk about Aragon DAO which is considered to be one of the finest DAO platforms.
On the Ethereum blockchain and its Rinkeby test network, decentralized autonomous organizations (DAOs) can be created using a platform called Aragon. With the aid of its decentralized structure, the Aragon platform enables the formation of associations, businesses, charities, and other types of groups. With a variety of more sophisticated deployments and applications, Aragon is massively scalable for usage by both private firms and public sector organizations. With an overall project market valuation of over $3 billion USD, Aragon claims that more than 1,700 organizations have been formed on its platform.
Aragon Client, a tool for developing and engaging in DAOs, the Aragon Network, a larger DAO comprised of a network of DAOs, the Aragon Association, a charitable entity that disburses the money raised from the Aragon token sale, and Aragon Court, a mechanism for resolving disputes, make up the entire Aragon proposition. There are two native tokens in Aragon. The Aragon Network Token (ANT) can be utilized as collateral to produce the less common ANJ token, which is a component of the distinctive Aragon Court dispute settlement system, as well as to engage in ecosystem management.
Since we have started to dig more about the Aragon Platform, let’s discuss various tools that are an integral part of such DAO PLatforms.
Invest in World-Class DAO Governance Services
Schedule Free Demo- Tools for Collaboration And Interaction
Whatever your DAO participants will utilize on a regular basis to communicate and collaborate is included in this section. Ensuring that your DAO participants have exposure to the necessary details while avoiding making critical data open is a challenging balance to strike. If not appropriately guarded, Customizable Notion sites and Google Docs might provide a safe haven to fraudsters. - Tools For Casting Votes And Taking Actions
All the tools a DAO uses when making choices fall under this class. Some DAOs participate exclusively on-chain, which means that their ballots are cast, documented, and the outcome of those votes is autonomously carried out via a smart contract. Other DAOs largely rely on off-chain infrastructure, including actual voting programs. - Tools For Funding And Other Incentives
The capacity to preserve your critical assets in cryptocurrencies kept on the blockchain is one of the main characteristics of DAOs. In addition to paying fundraisers and full-time participants, you’ll be required to grant the appropriate participants access to the fund and the ability to start token exchanges. Or, if your DAO is completely run in the dark, you’ll need a governance system to allow people to handle the funds. - Tools For Access Control And Participation Monitoring
It’s likely that you may not want every media communique you create to be open to the general web. Therefore, as an element of your DAO tools stack, you’ll require participation monitoring and access control solutions. - Tools for Publicizing Your Services or Products
Another crucial component of DAO infrastructure is attracting your market so that you can promote your purpose, enroll newcomers, and offer your services or products. - Tools for Regulatory and Legislative Work
Add regulatory tools to the DAO tool stack if you want to recruit staff, sign contracts with other organizations, and provide contributors liability insurance.
All of the above-given tools or functions must be an integral part of your DAO platform development strategy if any of these can help you achieve your organizational goals.
There are three main components of any DAO Platform development process –
- Smart Contract Deployment
- Token Creation
- DAO Development
The first two components are the base of any successful DAO implementation process.
Given below are some of the popular DAO governance token examples:
- Curve DAO (CRV)
- Uniswap DAO (UNI)
- Aave (AAVE)
- Compound (COMP)
- Decentraland (LAND)
- 0x
- Decred (DCR)
- Dash (DASH)
- MakerDAO (MKR)
- Friends with Benefits DAO (FWB)
Conclusion
To sum up, the fundamental idea of decentralization has caught the attention of a variety of businesses and has been demonstrated to be a real catalyst for innovation and increased effectiveness. DAO platforms will play a significant role in our society’s development, resulting in better, more equitable administration and greater transparency.
Our developers are experts in modern blockchain technology areas, including DAO governance platform development. We are a top blockchain development company with over years of experience and global market exposure in the blockchain industry. Antier can give you the finest tech solutions and make sure that the creation, implementation, and maintenance of your product go without a hitch. Talk to our consultants today.
