DAO’s Decoded: A Reality Of The Future Or Just A Current Buzz?

Photo by 愚木混株 cdd20 on Unsplash

Last August, Bengaluru-based blockchain startup Polygon (previously known as Matic Network) announced that it would build India’s first DAO or a Decentralised Autonomous Organisation. Wait, what DAO?

For the unaware – DAO is a digital entity built on open-source code operated by every member of its community, wherein every member has a voice. And for the ones who are au fait, there’s more on the hotline. 

The DAOs and Dont’s

DAOs could offer significant benefits over conventional corporations. The code which DAO is built upon is public, and trusting that code is easy and can be thoroughly tested before deployment. After being launched, every action a DAO makes needs to be authorized by the community and is entirely public and verifiable.

Moreover, internal conflicts are typically simply settled using the voting method, in-line with the smart contract’s pre-written parameters. 

On the downside, these decentralized autonomous groups aren’t as ideal as they seem. They sound worrying on the grounds of legality, security, and structure. It’s probably not such a good idea to trust people with key financial judgments. Agree?

Indians Are Catching The DAO Fever

It’s no secret that Indian entrepreneurs are making a chase for DAOs. Last February, Asgard, a decentralized currency reserve protocol, became launched India’s first DAO in an attempt to bring metaverse, DeFi, and NFTs under one roof. Asgard’s metaverse, built on the concept of Norse mythology, brings the old characters to life, where users can submit their ideas of which character should be added next.

By now, you’ve probably guessed it. There’s more to DAOs than just the monies. Structuring the organization remains a challenge, and that’s where Indian startup DAOLens entered this month. The Bengaluru-based web3 startup, which raised $5 million in pre-seed funding, looks beyond the buzzwords to provide the tools that DAOs need for their organizations to function efficiently – and not just pump up the prices.

At the latest, Yashoda Hospitals has become India’s first hospital to join the metaverse platform and deploy DAO. The hospital will provide medical treatments to the patients through the Metaverse. No kidding!

Too long? Here’s a one-liner: Decentralized autonomous organizations, or DAOs are the latest buzz in blockchain town; Indian entrepreneurs cannot keep their eyes off it.  

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