There’s been a lot of application and innovation taking place around decentralized autonomous organizations (DAOs) in recent times.
Decentralized autonomous organizations (DAOs) are super transparent voting systems set up for community members’ participation. There’s also been an increase in DAO usage and adoption in other spheres and ecosystems.
Seeing as decentralized autonomous organizations (DAOs) are basically blockchain-based ecosystems, several questions come to mind about the utilization of DAOs in important spheres today. Some of these questions include;
- Could the future of politics be governed by DAO?
- Could DAOs completely revolutionize how Politics is played?
This article provides an opinion on the questions as well as a brief overview of BitDAO, the world’s arguably largest DAO.
Politics and Blockchain-Based Voting
While DAOs have found usage majorly in the DeFi space, many schools of thought are of the opinion that its influence extends way beyond decentralized finance. DAOs could potentially transform important spheres like Politics and Economics.
In a recent interview, two of BitDAO’s core members disclosed that they see DAOs revolutionizing politics soon. DAOs have the potential to bring much-needed transparency to electoral processes worldwide. Making results from voting immutable and also accessible to the general public. These features make incorporating DAOs into politics very attractive to legislators and voters alike. This, in turn, helps to ensure accountability on the part of those involved in the electoral process.
Also, on most DAOs, one token is usually equal to one vote. So the higher your tokens the more significant your voting power or influence. But with respect to voting and politics, each citizen could get one vote.
There could also be a possibility of launching a CBDC that a DAO controls. The CBDC will be the reward to incentivize citizens to vote.
As previously stated BitDAO is arguably the world’s largest DAO. It also boasts of a treasury balance of about $2,137,410,331. The DAO is focused on providing much-needed support for builders.
Source – BitDAO
BitDAO also boasts of Specialized Autonomous Entities designed to make decisions on different spheres of the BitDAO ecosystem. This also helps to reduce the bureaucracy in the decision-making process.
Examples of Specialized Autonomous Entities on BitDAO include;
- Art guilds
- ZK ecosystem
- Events, etc.
In conclusion, the DAO ecosystem is growing exponentially. Integrating it into politics will facilitate transparency and immutability. Therefore, helping to introduce trustlessness in electoral processes.
BIT Price Outlook
At the time of writing, BIT was trading at $1.24 with a market cap of $1,137,955,235 and a 24-hour trading volume of $21,531,577. The token price is also down by 0.6% in the last 24 hours.
⬆️Get $125 for SIGNING UP with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ACCESS PRO membership (worth $99). MEXC supports U.S. Traders in all trading pairs and services.
To get your ALTCOIN BUZZ ACCESS PRO membership, DM us with your “newly signed up MEXC UID” and “Telegram ID” on our Twitter @altcoinbuzzio)
⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️Find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.