Web3.0 Crypto Trading Management Aggregator
What is a DAO?
DAO is a blockchain-based decentralized autonomous organization that is run entirely by computer code and has no reliance on humans. The DAO’s most distinguishing characteristic is that it lacks a single node — the “boss” — that oversees the whole system without the involvement of other players. In other words, in decentralized autonomous organizations, there is no hierarchical structure, and all ecosystem participants have the same rights and can vote on protocol changes on an equal basis with other ecosystem participants; control is distributed among team members rather than concentrated around one authoritative person.
Furthermore, the DAO makes use of smart contracts and governance tokens to allow members to reach a consensus on resource distribution. DAOs are typically referred to as trustless systems since they do not require human interaction or centralized coordination.
Why DAO is required?
Let’s take a closer look at how DAOs function. All decisions in the DAO are made by a group of people. That is, any member of the system can suggest enhancements to the decentralized protocol, which will be approved provided the rest of the community votes in favour of them. Developers are unable to make modifications without the agreement of the community, and may only upload new code when members have agreed to the changes.
The software serves as the management in a decentralized autonomous organization, but it does not make decisions independently! — this is handled by the community, and the software does nothing but carries out instructions.
The blockchain keeps track of all transactions, and any user can always see what’s going on. As a result, the DAO is both decentralized and transparent.
Introducing Assure DAO Model
The Assure DAO is the Assure system’s negotiation and execution process for the blockchain network protocol. Unlike other on-chain governance approaches, Assure creates a new distributed autonomous protocol for blockchain networks. The core content is that, in addition to allowing SURE holders to vote and negotiate the blockchain network’s upgrade iteration, it also introduces other ecosystem participants, such as developers, community member representatives, miners, and other multi-party participants, to governance, propose, and vote.
Assure sets the governance seats and percentage of governance participants on each chain using smart contracts buried in the genesis block. A suggestion can be initiated by any participant. The type of proposal includes the addition and deletion of management or governance seats, as well as the modification of common network parameters. Participants with governance seats vote on the proposal to determine whether it is passed, and the voted proposal is then executed via the smart contract.
The Assure governance system is required and automated, and it can upgrade and update itself in real-time through an effective decision-making and execution process. At the same time, the on-chain governance process is open and transparent, and it is simple to audit and backtrack, which is conducive to ensuring the fairness of the entire governance process while improving decision-making efficiency, without having to worry about the network and community’s reactions to hard and soft forks.
