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- Historically, the centralized executives in companies have set their own hierarchy.
- Ecosystem DAOs is a concept in the Web3 world to end the bureaucracy of corporates.
- Smart Contracts introduced by Ethereum is the core fundamental behind this system.
Ecosystem DAOs: The Revolutionary Tech?
According to various research papers:
One of the biggest reasons why companies are unable to exhibit maximum productivity and efficiency, is the hierarchy system. Now, the Web3 world is ready to disrupt this area. Decentralized Autonomous Organizations, commonly known as DAOs is Web3 world’s biggest application in the corporate world.
There are many types of DAOs, such as “protocol DAOs”, “service DAOs”, “collector DAOs”. But the category of the blockchain system which aims to bring the whole community together is known as Ecosystem DAOs.
Want to Understand it Better?
The above statements can be very complex for some readers. Think of it this way: Ethereum has introduced the concept of Smart Contracts through their published currency.
These smart contracts are actually the programs stored on the blockchain which executes when all the conditions are met.
This concept is applied to the Web3 World with the introduction of Ecosystem DAOs. This is a basic collection of rules, projects and systems which helps in aligning multiple parties and communities towards a common goal. Simply put, Ecosystem DAOs promise a world with no more hierarchy, no more power to executives and no more operative misunderstandings.
This is the ecosystem where the governance is maintained by a set of written rules which is stored on the blockchain after being voted upon by the stakeholders of the Ecosystem DAOs itself. Because of this exponential increase in the involvement inside the community, the overall growth of the company can be easily leveraged.
Ultimately, it is the technology built by the stakeholders for the stakeholders.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
