Our world is moving towards an economic crisis because of pandemic COVID19. In this crucial time, we prefer saving our goods & assets in order to safeguard our future. But, is it safe to trust today’s centralized platforms where they use third parties to save our assets? Or did you ever thought, who has complete control over your assets? The answer would be no, we are surrounded by the centralized platforms which use third party agents to safeguard our assets where anything can happen as we don’t have complete control over it. So do we have any solution to it? Yes, Era Swap DAO is the solution to tackle this age-old problem of governance. Let’s see this in detail!
What is DAO?
Let start with the basics, what does DAO stand for? DAO is a decentralized autonomous organization where you don’t need any middlemen to control your data but instead a smart contract that acts as a trusted source between you and the organization. It is an organization simply governed by computer code & programs where it can work autonomously, where you don’t need the central authority. Here in DAO, it uses a consensus mechanism where stakeholders are the ones who are aligned to rules for common goals & the welfare of the organization.
How Does DAO Work?
As you now know the basics of DAO, there might arise a question, how it works? Once DAO is deployed in a blockchain network, it cannot be controlled by an individual but instead community members of participants i.e stakeholders. Here smart contracts will govern every transaction predefined in the protocol, thus resulting in the best outcome for the network. The most important fact about DAO is that members of DAO are not tied with the traditional formal contract, but tied with the same goals or incentives rewards mentioned in the consensus rules. These rules are fully transparent, thus making DAO a decentralized organization where no single person can take or enforce individual decisions and autonomy to control all the functions on its own.
What is Era Swap DAO?
As you know the meaning of DAO, you must be thinking what is Era Swap DAO? What are the different features? or how it works? To know this, keep reading. Era Swap DAO is governed by a set of software rules in smart contracts on Blockchain Technology. In simple terms, Era Swap DAO is the most complex form of smart contracts where the rules of a decentralized organization are embedded into the code. It is basically an open-source organization that is completely transparent and can be presumed incorruptible.
Era Swap DAO uses the consensus mechanism to align the interests of the organization with the interests of its stakeholder. Here, the Interests of the participant’s members i.e Stakeholders of TimeAlly are aligned towards the incentive rules tied to the Era Swap native token. Thus, this is a primary way to approve certain decisions within Era Swap DAO. To approve proposals, stakeholders should vote to reach the majority of 66% consensus in Era Swap DAO. Every transaction record & rule has safely been secured on Era Swap Network. Era Swap DAO is one of the few true decentralized & autonomous organizations which you or any individual is free to adopt.
Below is a comparison of Era Swap DAO with Corporation & Cooperative Organization.
When compared to Era Swap DAO with the corporation and co-operative, it uses PoS Validators which do the management part in Era Swap Network. The ownership is given to TimeAlly Stakers who stake Era Swap tokens, the supervision is done by Blokcee and the workforce is the contractors. In Era Swap DAO, it uses machine consensus around token governance by complex smart contracts instead of any kind of a legal contract. Members of Era Swap DAO are not bound by a single entity, nor have they signed any formal agreement but instead all the stakeholders i.e, TimeAlly stakers are aligned towards the interests & incentives of Era Swap tokens which follows fully transparent rules mentioned in the smart contracts, enforced by consensus. Here, a Smart Contract is a single governing body or a protocol that rewards as per the behaviors of participants present in the network.
Why One Should Use Era Swap DAO?
On researching the current traditional centralized platforms, we found that Era Swap DAO can provide solutions to the below lists of centralized problems.
-Deficiency of centralization
– Data shared to the third party
– Shared Control
– Third-party permission
– Manipulation & Dominance of data
– Unemployment
– Lack of transparency
– Platform cost
– Third-Party Cost
– Convenience fee
– Global Payment Gateways
– Unbanked
– Unserved
– Underserved- Underdeveloped
– Undeveloped and so on.
Yes, you read it right, all the above problems can be easily solved with Era Swap DAO, thus making it one of the best trustless organizations running on smart contracts.
To know everything about Era Swap DAO, click on the below link!
