A DAO is a Decentralized Autonomous Organization. A DAO is a new type of corporate structure that is operated by a series of smart contracts, streamlining and automating the operations behind the company to ensure longevity and maximum efficiency.
In the simplest form, blockchain is a digital platform that allows people to store and share information securely, without relying on any one organization, person, or country to control the platform. Blockchain is the technology that digital assets, such as cryptocurrencies, are stored on because no one centralized organization controls it. While cryptocurrency is the thing that blockchain is best known for, there are many more possibilities for how this technology can be used to secure information, coordinate people, and transition away from centralization.
A relatively new concept to the world of business, based on this idea, is a DAO LLC.
A new type of LLC in which there is no leading member of the organization that has the majority rule. In a normal LLC, there are a select few members who make the core decisions for the business. A DAO has been modeled on the premise of decentralization where digital assets represent membership and have rights defined by the operating agreement. That operating agreement can be facilitated autonomously through a series of “Smart Contracts” that operate without any human interaction. While one person or entity must form the DAO, they do not retain sole control over the DAO. This means the business can run without a traditional business structure. All “members” of the DAO have a say in the actions of the organization.
* When fully decentralized and operational
* When fully decentralized and operational
The formation of a DAO is not all that different from forming any other kind of business. Legally compliant DAOs are LLCs, which means they are a limited liability company. A limited liability company means that the company is considered its own legal entity, regardless of how it pays taxes through the owner’s tax return. This also means that members are not personally liable for any legal actions against the entity, but does not prevent the company itself from facing legal proceedings.
Decentralized Autonomous Organizations (DAO) are more inclusive and responsive to stakeholder input because every member has a say. That means you don’t have to know the right people or have a certain amount of skin in the game (beyond the initial required token purchase) to be included in the decision-making or benefit from the organization’s profits.
Decentralized Autonomous Organizations (DAO) structures are formulated to have maximum transparency about organizational operations with the DAO members because the members manage the organization. Through a system of on-chain governance, proposal submissions, voting, and multi-signature wallets, the entire inner workings of the organization are memorialized on the blockchain for all to see.
The world of business and commerce has continually changed. From barter economies to on demand services, today all of that is possible due to the rise in new technologies. One technology that is primed to revolutionize the way organizations operate and the way we interact with the world around us is blockchain.
Most entities at their start are managed by a small membership team to steward the early success of the organization. In the context of a DAO, member managed support begins to evolve from a self managed organization to a progressively decentralized autonomous entity. At the start, BLOCKS intends to lay the early foundation for the DAO to grow into a fully autonomous, algorithmic entity.
BLOCKS DAO LLC aims to migrate traditional industries onto blockchain. Through a blend of blockchain and non-blockchain partnerships, BLOCKS intends to grow the utility of its digital asset to become a unit of measure for Blockchain. Our goal is to become blockchain agnostic and integrate existing applications into blockchain technology using BLOCKS. We welcome like-minded individuals, entities, and network participants to join in on our mission of setting the standard for a legally registered DAO LLC.
If you’re ready to jump into the next wave of tech and want to be with like-minded individuals, this is for you