Governments and banks have a huge issue and it’s the way they are being run in an archaic fashion of doing things. When they decide to do a bill to help everyone it goes through a process of passing. A member sponsors a bill, a committee studies it, then it’s voted on by the committee. Then from the committee to the Senate, and voted on again, then passed onto the house and senate to be voted on once again. Then the president can sign or veto the bill.
Sadly in that whole process where are we the people involved in the process of the bill or the discussions? Regular people like me or you are left out of the decision-making of what’s going on, we are only usually told after the fact of what has passed. The problem is with where the voting goes through, every person on a committee is influenced by different people and funders.
It’s easily corruptible and no one can say who influenced what, it’s put down votes in the end.
This is where DAO is different, it’s not just about involving the committee to vote because truly everyone in a DAO is the committee. You could have developers, or investors, no matter the size of their holdings voting on the whole process. It’s transparent and immutable as it’s stored on the blockchain for everyone to see when something is voted up. You can’t hide behind big sponsors or have businesses interfering because they have no way of knowing everyone in the system. A DAO Is typically worldwide and Decentralized protecting people involved in the DAO.
The only issue with a DAO is in the smart contract itself, where if it gets hacked the funds could be drained before changes would be made due to an act of voting. The only thing is a DAO is less likely to be influenced by corporations or businesses as they are diverse and spread globally as a decentralized autonomous organization. Could you imagine if our vote came down being performed on a DAO?
The fight that happened this year between the USA, Donald Trump, and Joe Biden would be no more. The vote each person who held a vote would be given a token to vote, as to be registered on the blockchain. Immutable data stored forever that shows would vote what, as well as the ability of anyone looking into it to confirm information. There would be a digital record forever.
Could you imagine, if the last election came down on this, imagine the money saved, the transparency fixed forever for all to see?
A DAO would be a perfect example of how rug pulls and scams could be put dead in their steps.
Written into a contract a vote to pull liquidity from a project. Could you imagine, information held on developers so as to only be released by voting on DAO if they broke a rule, or tried to scam their holders. This could re-decentralize DEFI as a way to keep identities safe but also keep people held accountable when it comes to their future in cryptocurrency. The data is held forever on the blockchain.
As you look more into cryptocurrency and projects, consider DAOs and the direction they will be bringing projects in the future. This is the way to allow us to move into the future without and still have the ability to keep the negativity of rug pullers and scammers out of the news. Here lies the way into the future of cryptocurrency and what we should all be about.
Author: Scott Tripp AKA Cryptobeast32
