What is a DAO in Crypto? (Decentralized Autonomous Organization)
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- Опубліковано 5 чер 2024
- A DAO, or a Decentralized Autonomous Organization, is a company set up to run by code on the blockchain. The people who own tokens associated with the DAO are responsible for voting on changes and proposing new ideas to keep the DAO up and running and improving.
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Can you create a video diving into those other DAOs?
* MakerDAO
* Gitcoin
* Metacartel
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You said you went back to replan what did you mean by that.
This is one of the best explanations of a DAO I've seen! there's only one thing that I think might be confusing for people, with regards to governance.
You mentioned only one way that a DAO could do governance where people vote with their tokens & whoever has the most tokens has the most voting power - this obviously has some serious problems for keeping the DAO decentralized as the richest ppl in the DAO will have all the influence.
But one of the most exciting aspects of DAOs imo is that they allow orgs to experiment with new forms of governance. There are lots of exciting new ways from, quadratic voting to engagement-based consensus & NFT-based reputational voting, that keep things more democratic and prevent just the most wealthy from having all the influence. I hope you can do videos on some of these new forms of consensus as they gain prominence.
keep up the good work!
It’s just like a company in that sense. The larger shareholders should have more voting rights. But sometimes there are groups of shareholders, usually founders, with special shares that have more voting power.
Also you’ll rarely have 1 fat cat in charge of everything in a high value DAO, because the other voting stakeholders will eventually buy more tokens collectively than any individual
@@ChaceBonanno and that's where the SEC comes in cause they realize the developers of these projects dipped into the bag before anyone else.
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So ironically, CEOs can soon be replaced by technology. You hear that kids, you should not strive to be a CEO. Instead, strive to be a robot.
No, strive to be a software or cybersecurity engineer that creates the robots. And DAOs.
Or just a programer 😃
Make*
@@JohnTurner313 even the engineer can potentially be replaced by a learning ai lmao
When it comes to the world of investment, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
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Really interesting to hear the story of "The DAO". I had always wondered why there was an ETH classic and all I found was that they had to roll back a payment that was a scam.
Because DAOs are a scam and not sustainable cause they are ponzis.
I haven’t watched this video yet but this channel literally explains everything so well
Fantastic video! I would like to see a video on what a hard fork is and how it differs from a soft fork. Congrats on 2K subs and keep the videos coming!
Yes please make hard fork vs soft fork!
@@MarlonPersaud Its simple a hard fork is easier to pick up food but a soft fork is harder but the last one is the best as it aids dieting.
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Missing Con: I would have to trust that the largest DAO token holder has my best interest at heart. If they don’t, I’m screwed. Therefore, it is human-centered.
Same problem without Dao.
@@solana1036 Yeah, good point. Therefore, every so called "hack" maybe an exploit. The cotillion effect lives on.
Or you divers the decision-tokens from the paying-tokens, like with stock-shares. Then you could make it equal.
Let's see, what the future holds 😊
Also, some DAOs have steps in place to avoid whales taking control of the entire DAO like a limit on how much voting power an individual can have.
@@jonasbartel6894 “Let’s see what the future holds.” Yes! We are going in some interesting directions. I can’t fathom what the future holds. I am too busy thinking about a trustless system built by untrustworthy people. With a DAO, I can build an organization, own most of the tokens and sell the rest to others, and find a way to divvy them out so I will remain in control. I hope we discover a way to combat this.Especially since I can make unlimited wallets to hold the governance tokens. I’m sure there is a solution for this.
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When will Bitcoin become a store of value, 2026?
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A few comments. Re the vending machine analogy, there's one more human who is required. The human who reviews the footage from the concealed camera to monitor activity around the machine. It's generally not for vandalism, or petty theft. It's for counterfeit bills showing up in the deposits of the proceeds from the machine. I worked in the Treasurer's Office of a large state university for 3 decades. Banks are required to notify you if there's even one single counterfeit dollar in your deposit. Every once in a while, we'd have a large amount of counterfeit bills in the deposit from the vending machines. It was never the students. Students are awesome. And besides, it's not worth their while to put counterfeit bills in a machine. The person who stood to benefit greatly was the person who stocked the machine and retrieved the cash receipts from all of the machines on campus. They'd swap out the good bills from the machine and replace them with counterfeit bills. And they were dumb enough to do it right there at the machine, in front of the video camera they didn't know was there.
So, what would be the crypto equivalent of that one?
Also, and much more material, Boards of large corporations generally don't tell the CEO what to do. The CEO and the administration make the policy, and then report to the Board what they are doing, along with presenting performance reports for review. Most of the things that shareholders vote on are rubber stamp things like what auditors to hire, or voting for Board members themselves. If things are going well, the Board approves an obscene compensation package for the CEO. If things go poorly, they fire the CEO and give them an obscene golden parachute.
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I would love to see a hard fork video. Thanks for the amazing explanations
Mmm im not fully convinced, but im gonna give DAOs the benefit of the DAObt :P
Me neither that's why I research on videos about DAO the see future but is community driven like meme coins. Maybe I'm missing something.
Haha clever
Clever!!
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Love this. The best type of explanation
INVESTING IN CRYPTO NOW SHOULD BE IN EVERY WISE INDIVIDUAL'S LIST, IN SOME MONTHS TIME YOU WILL BE ECSTATIC WITH THE DECISION YOU MADE TODAY
You're right ma
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Crypto is the new gold,
I'm a huge fan of crypto, I hold some few coins in my wallet.
crypto is the act of speculating an cryptocurrency price,
It’s going to be hard to get the current business world comfortable with a trustless, faceless DAO. But future generations will likely be more accepting of the premise.
and for a reliable DAO to exists, it's pretty much obligatory to have some anti token monopoly policies, since if someone has 50%+ of the tokens, they're pretty much the CEO of the DAO
@@ChloeIsSad very true. But this may be the way that companies distribute their capitalization in the future anyway.
DAO will not replace businesses(Or only the rent seeking ones), they can't build innovation, innovation doesn't come from a crowd but from a single visionary person generally. DAO will replace bureaucracy and governments, and bring a less corruptible democracy.
So we need to stop making baby, because the world doesn't need human in the future
@@jonathanantoine4962 Why is the 50% plus Token holder less corrupt than an institution of a democratic state?
In 4 years this will be most seen channel in youtube ;) Congrats
Absolutely love your videos - keep up the great work.Good explain.Thank you very much for sharing.
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How does this crypto stuff really works and how do I make good profit from it? I'm willing to invest in it but I need guidance so I don't lose out.
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Brilliant! Thanks for all this valuable information; it is highly appreciated! Just recently getting acquainted with DAO's and NFT's, so thanks for this again!
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_Trading in forex requires an expert, account analysts or you gonna win today and blow off your entire account the next day*_
most people today have been having a lot of failure in Forex and crypto sector because of poor orientation and bad expert
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As a programmer I can say that this is almost impossible to create 100% secure code. Even if your logic is flawless there always some places that can be saved with security by obscurity. With this in mind the only way we could keep such big open source projects is by constantly updating vulnerabilities, but with smart contracts this is not so easy. Our code is decentralised so updating it will require extra time that can give hackers more opportunities for movement.
lovely insight. Always thought I was the only one who thought blockchain is vulnerable too.
Such a nice and simple explanation! Thank you :)
wow this channel is my favorite one to educate me since today ,
one of the examples of dao is also nexus , i own a little bit of Nexus :)
Great content
You said that code in a blockchain is always visible. However, I have heard that most of the smart contracts just show the ABI. So, is that easy to draw the code from ABI?
Brilliant. Love this. Thank you 😊👍
This channel is better than any UDEMY courses! Hope I discovered this first before buying a course! lol
Finally, finally I understand what a DAO is!!!!! And since I saw the video on hard and soft forks, I understood that as well. Hopefully we’ll never put our national defense grid in a DOW lest we get a nightmare scenario like “War Games”, or “Dr Strangelove”.
This is why weapon systems with any “autonomy” typically run on an isolated Linux software. Weapons + DAO = Nightmares..
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $460,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
Investing in stocks and crypto is a good idea, a good trading system would put you through many days of success.
It is possible to produce superior performance provided you do something different from the majority. However most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
Having monitored my portfolio performance which has made a jaw dropping $370k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market.
@@wilsonbrown8993 Interesting, I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@louisclifford9874 Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.
I understand partly the difference between hard forks and soft forks. I think I lean towards hard forks being better then soft. You should absolutely make a video!
Thanks for the content, good job!
Sad to see that these videos get less views that those hype UA-cam videos with insane price predictions. It shows up human greed is way bigger that the curiosity to understand new technologies. Keep up your great content!
Nobody gaf if you feel greed is more important, people are broke, don't really have time to be curious
As a legitimately visual learner these videos help me a lot
Great explanation thank you!
i would love to see a video about the hard fork. This channel is awesome by the way!
Nice video!! Very engaging from the beginning to the END., I'm new to crypto trade and I have been making huge losses but recently see a lot of people earning from it. Can someone please tell me what I'm doing wrong,,......
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I tell you man, it's so frustrating, UA-cam has to do better in regulating them.
Hey, you said you were able to find a true trader, where and who is she?
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Subscribed. Awesome explanation!
yes! i very love to hear how crypto/the world works so please continue making videos(and the vidoe about the soft\hard fork is sounds interesting)
Bro legit the first 10 seconds explained 66% of the subject damn i love it
Yes please: make a video on forks!
This is great! I'd love to see Elrond Network explained this way ⚡
You got great way of explaining! thanks
DAOs are a very effective community model in blockchain.
Tools like CommonWealth and Snapshot facilitate the creation of these DAOs
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Glad I found this channel. Will be sharing with friends as I've been a huge fan of the DAO structure for many years!
this channel is growing so fast
Hello Sir, another great and explanatory video like ALL the previous ones. Is it ok to ask, which program you use to create these kind of videos? I am very impressed by them.
Yes, we use software called Videoscribe, there are many other channels that use it, but the stories you tell are most important :)
@@WhiteboardCrypto Thanks for instant reply. I agree, the content is the most important part of the process.
@@WhiteboardCrypto I agree with you. Your stories are always exciting n I always watch to the end. Well done ✅
But isn't it a downside that people with more money/tokens can impact more? Like what if a group of super rich people decide to buy a lot of tokens and then basically take control of the DAO since they can just out vote others?
That's exactly how DAOs work. They are not democratic at all. It is very similar to shareholders of a traditional company; the higher the shares, the bigger the influence.
Why someone would give a ton of money to destroy something
@@Chris-ce3oj They wouldn't destroy - they'd skew it to their advantage
@@antoniosong their advantage would be to grow the dao benefitting everyone
Welcome to real life, crypto won't change basic economic concepts.
Amazing explanation as always, thank you!!
Excellent video, the narration is great.
Yes, please make video on hard & soft fork. You did good job with this one 👍
Yeah, what is a hard fork and why do some hard forks not issue new tokens from the hard fork?
Great news! We have video coming out answering all those questions!
Hi,
Just discovered this channel, really insightful. Thanks
Great channel! Subscribed!!
There is something that I do not completly grasp: in a centralized corp, the board decides what to do and usually they are the major share holders and have a vote right because they have more than x% of the shares. They vote what are the next steps for the company and the CEO has to apply these steps.
In a DAO, every token holder has a right to vote. And the votes decide the next steps, if there are new employees, ... But the people who are the richest have the most votes and will decide with the same influence as if it was a centralized organisation.
Or I am missing something ?
In that sense it functions the same as a “centralized” org, if the richest have majority vote over the DAO, but the difference is that a DAO is decentralized. It can run on its own without human input, enforce rules evenly across the board, and cannot be forced shut down by a government
@@AlphaCentauri00 "cannot be forced shut down by a government" -- how's that going to work? We used to believe the same thing about "the internet" but it sure didn't work out that way. Don't see what would stop a government from passing laws impacting the operation of a DAO just like any other part of life.
@@ChristopherForsyth you can't shut down code unless you delete it. Looping functions.
I might be wrong but I think there is no hierarcy of employees in a DAO
Exactly. The fact that they think DAOs somehow get around governments and majority shareholders/board members is just wrong
Hey! Love this channel
Could you do a video of how market cap works?
We've got one coming up :)
This is a new form of currency that puts a strong value in community! Crazy!
Great video, yet again!
I feel like there's a lot more doawnsides to this than you mentioned. Like how do you make sure that everyone who's owns the coin votes at every meeting?
you could make them LOSE money if they don't vote within X hours.
Any person with large number of tokens is technically control the decisions. This makes it still human centred. With government not being able to intervene, we are building the best recipe for chaos.
but unlike with organizations today where VCs and very rich people who are let in during first round funding and can buy in large amounts and become major stake holder while the price is still low, DAOs are open to anyone to as soon as they are created which equalizes the playing field. Additionally because its on the blockchain it is open source. If the community does not like what where things are going or disagree with a decision, they can effectively copy and paste the program of the DAO with whatever changes they want and start their own DAO.
Yeap that's how it works if u don't hold billions of coins you make a low return. Friend put 50k on shiba and made 500k I purchased $600 worth and made $1700 😭
@@Randomness1214 it's DAO
@@TheMessanger lol woops
@@TheMessanger *50k to 500k is a 1,000% gain which is nice... but your 600 to 1700 is nowhere near 1k%, if your gained 1,000% from 600, you would of been sitting on 6k which is nice. Your point was missed, it's all about percentage.*
This channel is a gem💥💕
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I recommended a professional broker to you guys sometime ago, can I get person who invested with her
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Yes! Please make a video about soft and hard forks!
Btw is Uniswap and Pancakeswap a "DAO" too? They have their own governance token that you can use to vote on smart contracts.
Yes they are mostly a DAO, we will have to look into Pancakeswap, but I believe it is mostly a Uniswap fork for the BSC
Love this. Great explanation.
nice quick vid, not a lot of cocky shit talk
and love the illustration, it really helps.
Nice content. To me, trading the forex and crypto market is way better than any online investment 💯
Please I need someone to help me trade or invest the forex or crypto market because I'm tired of trading in losses myself. I've blown my account twice and it's frustrating.
@@chrissain1395 I will advise you to try expert Mrs Bridget's trading services...... She's the best
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@@Kokoben1 Wow you really know expert Bridget...? I'm a living testimony of expert Bridget, she has been trading for me for months now
Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?
RACHAEL CAMPBELL understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
She's really good in studying the market and making a strategy and i am learning so much from her already
The fact that I got to learn and earn from her program is everything to me think about it, it's a win-win for both ways.
Wow. I'm a bit perplexed seeing rachael campbell. name been mentioned here also. Didn't know she has been good to so many people.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
Yes, please do hard vs soft fork video. Awesome content.
I want to see a video about hard and soft fork !! Good job as always
Success seems to be connected with action . successful people keep moving . They make mistakes ,but they don't quit .The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
Stay invested, diversification for streams of incomes is very important.