WWhat exactly is DAO?
A DAO is a relatively new form of politically decentralized organization in which a network of people coordinate through software code and automation to steer themselves toward a stated goal. Autonomy here refers to a process autonomy evolving from the smart contract feature of the Ethereum blockchain to a discrete living system. DAOs test the possibilities of decentralized self-government and have governance patterns that are expressed in different phases.
Most commonly, DAOs are built on blockchain-based components that include a treasury, governance mechanisms such as (but not limited to) voting, smart contracts for executing decisions, and tokens as a way for people to buy or “get out” of a collective endeavor and pathways to Facilitating collective processes replacing traditional organizational formats. They also integrate real-world feedback loops to absorb and process information from the outside world; For example, data oracles that translate real-time data feeds from external sources to support the DAOs’ decision-making and execution capabilities.
The vast majority of blockchain networks and smart contract-based apps are organized as DAOs. Blockchain networks can use a variety of validation mechanisms. Smart contract apps have governance protocols built into the code. These governance protocols are hardwired into the smart contracts like the rails for payments that are fully automated and at scale.
Decentralized finance and the DAO
DeFi apps require “DAOs” or decentralized autonomous organizations to operate. DAOs manage DeFi apps through the individual decisions made by decentralized validation nodes that own or own tokens in sufficient quantity to approve blocks. However, unlike public companies, corporations, limited partnerships, and limited companies, DAOs have no code (although, ironically, they are creatures of code). In other words, there is no “Model DAO Act” like there is a “Model Business Corporation Act”. DAOs are “blue-green organizations” within the corporate organizational scheme theorized by Frederic Lalou in his 2014 book Reinventing Organizations. In principle, they are legally unprecedented.
The world of DAO is desirable. It’s also complicated, crowded, and changeable. But what if we make it easier, more stable and more professional?
VD-DAO: Create Autonomous Communities based on DAO
VD-DAO is a new type of organizational ecosystem (DeFi 2.0+NFT+GameFi+metauniverse) and it is also a DAO-based decentralized autonomous organization. As an open and universal smart contract framework, VD-DAO can realize decentralized monitoring and collective value management on the blockchain. Just as HTTP realizes the creation and interoperability of websites and web applications, VD-DAO can realize the creation of blockchain networks, DeFi networks, collaborative applications and DAOs, and the alignment of their interests, and finally build a new type of open cooperation network. In this network, the collective can organize itself beyond pure economic growth around common goals and values. We believe this will be a crucial step for society to move towards a more collaborative and sustainable future.
At VD-DAO there is no centralized authority – no CEO, no CFO, no Board of Directors, nor are there shareholders to obey or serve. Instead, community members submit suggestions to the group, and each node can vote on each suggestion. These proposals, endorsed by the majority (or other prescribed portion) of the nodes, are accepted and enforced through the rules coded in the smart contract. Smart contracts are therefore the basis of the VD-DAO, setting the rules and executing the agreed decisions.
What will we do next?
VD-DAO is committed to using blockchain technology to help create a better, freer and fairer world as a promoter of DAO community building.
VD-DAO will establish a decentralized open blockchain protocol to ensure transparency of consensus algorithms and clarity of contracts to demonstrate collective wisdom through advanced democratic decision-making processes, thereby enriching the blockchain ecosystem. At the same time, using the idea of decentralized finance (DeFi) to achieve breakthroughs and innovations on the liquid mining track, VD-DAO will adopt the “Circular Destruction Mining” model, which is extremely deflationary, thus forming a more stable digital one economic model.
The new event of VD-DAO
VD-DAO’s worldwide limited community whitelist spots will be awarded. Stay tuned.
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