Over the past year, the crypto and blockchain space has observed several changes and innovations. As much as these innovations have facilitated the consumers, they have also ensured more efficiency in blockchain protocols. Blockchain protocols like IOTA intend to introduce new features in order to attract more consumers and users to their platform.
IOTA had previously introduced its much anticipated Chrysalis network update. This update was meant to change the working model of IOTA, making it more effective and feasible in usage. The update received a lot of appreciation from the community of the network. However, at the same time, it was also promised that the potential treasury of IOTA tokens might be governed by DAO in the coming times.
IOTA introduces DAOs to its users
Decentralized Autonomous Organizations (DAOs) have gained the spotlight over the last year or so. Before this time, DAOs were rather unknown and considered to be a failure in the crypto community. However, IOTA’s Co-Founder Dominic Schiener had a keen interest in the usability and structure of DAOs. This meant that IOTA’s network was meant to incorporate DAOs sooner or later.
The idea and concept of DAOs were brought to light for the IOTA community through the Chrysalis upgrade in May 2021. In its true essence, a DAO works as a network without a central authority or leader. DAOs inculcate smart contracts for the execution of tasks and functions on predefined terms. Members of a DAO are usually like-minded as they work towards a goal and vote on various decisions of the project.
The discussions for a DAO of IOTA have been doing rounds for quite a while now. Several groups presented their points in collective meetings to come up with the best possible model. These teams worked on the fundamentals of a DAO, covering the voting theory and method, smart contract details, structure and operating system of the DAO, and its legal standing.
As IOTA released the details of its DAO experiments, it also presented a YouTube playlist and session documents for its community members. These resources are meant to help the community members understand the concept behind DAOs.
Through meetings and sessions, IOTA has devised a set of goals. The protocol aims to enable a DAO culture in its ecosystem. It will also enable users to try out DAO tools and will help in setting up and starting DAOs. The platform wants to experiment and is giving room for failures and improvements. Finally, IOTA will also release the results of its experiments to prepare for the future rather effectively.
