The blockchain is being looked at as a great way to transform finance as we know it to this very day. Although there is a genuine use case for distributed ledger technology in the monetary system, its use cases transcend the borders of payments and settlement. The Ethereum developers are very excited about their solution to build a democracy on the blockchain, thanks to the Decentralized Autonomous Organization concept.
Also read: JM Bullion Announces Discounted Precious Metals for Bitcoin Users The Decentralized Autonomous Organization – or DAO
Most people have taken a keen interest in Ethereum thanks to the option of using automated smart contracts . A smart contract acts as an agreement between two or more parties, which will verify all of the provided data and rule on whether or not contract conditions are met. Unlike most other types of agreements, a smart contract does not require human input once it has been set up.
But there is a problem with most of these smart contracts, as they are still created and owned by humans. As a result, these contracts are not completely autonomous , but only up to a certain extent. The Ethereum ecosystem is unbiased regarding biotics, robots, or any other type of species using smart contracts, and it is only normal to try and take things one step further.
One way to tackle this problem is by introducing a new breed of organization that is both decentralized and democratic , yet only “exists” on the blockchain . However, that does not mean this organization is incapable of doing anything, as it would grant access to the same toolset regular accounts offer.
Imagining such an organizational form without a central manager would be all but impossible, but the Ethereum developers have come up with a way to […]
