Making the DAO name to Work for Ideas
You may skim over an acronym a thousand times without getting to know what’s the meaning of it, no matter how important or insightful this could be. Think of that every time you say DAO Labs or DAOVERSE.
Blockchain history has a lot of pages and yet not everything in the main chapters will talk about side uses of the technology far from project finances, exchange activity and -more recently- NFTs, but the community benefits that the DAO model provides is what Social Mining is all about.
Why is DAO a keyword for Social Mining?
DAO comes after making out a word after joining the initial letters of the Decentralized Autonomous Organization, and it is very easy to find the meaning in a quick research. Alas, let’s dig a little into that.
The modern interconnected world, a vast open field of multiple information intercourse, may not have a central authority or identifiable guideline but is managed by a group or groups of members who share a common goal while interacting over and in it when they produce content within it. That’s their data, those are their thoughts and opinions, and while they are together building that collective intelligence around an idea and -or- a project, they also build a community while they work together for it, even though they don’t see it as a real job.
DAOs are a construct of blockchain technology. They record and execute transactions, decisions, and smart contracts (a real game-changer for Blockchain and related areas). DAOs are transparent, democratic, and resilient to censorship and open to sanctioning any proof of corruption. And, yes: Sometimes that makes them quite dysfunctional, too.
Of course that collides with traditional systems and therefore their laws and common rules. That happens when you talk about a new form of legal structure that challenges the traditional model of corporations and governments. DAOs aim to create open and democratic platforms where individuals can control their identities and, mostly, their personal data, which has proven to be a valuable source of income for many social media enterprises.
If we look at how they operate, DAOs issue tokens or softer participation means to their members, which grant them voting rights and, for some cases, a stake in the organization's success. Members can propose and vote on initiatives that affect the DAO's operations, finances and goals when its community proposes a shift on governance and participation.
Besides and within the possibilities or structure, DAOs can also interact with other DAOs or external entities through smart contracts, so these DAO-based communities can extend their useful skills to help other communities to grow, improve and add value to their community activity, just like the Social Mining model does for every project that has been applied to.
What are the benefits of a Social Mining DAO like DAOVERSE?
Let’s begin with the three core benefits that this model brings to Social Mining, explaining it with examples taken from the DAOVERSE ecosystem.
Decentralization: Any DAO you think of is driven by a collective of members who have equal voting rights and stake in the organization. This allows for more diversity, innovation, and resilience to censorship or corruption. In DAOVERSE´s case, for instance, members work and earn under guidelines and an infrastructure provided by a company, DAO Labs, but the role of the last is limited to be just the technology provider for the DAOVERSE community to act, expand and extend its member’s skills while they consolidate into a self- regulated group.
Transparency: By nature, DAOs operate on a blockchain that records and verifies every transaction, decision, and smart contract (if it is the case) that happens as a community action, because every single useful and valuable activity a community member performs helps push the cart towards the common goal. When a Social Miner has a concern about his actions or others´, it is easily traceable to find sources and outcomes of those. After all, a healthy community is accountable as well.
Community-driven: Although a collective decision-making process could be a growing pain for blockchain communities, DAOs enable members to propose and vote on initiatives that align with their common vision and goals. This fosters a sense of ownership, collaboration, and participation among members. DAOVERSE allows its members to do it through the task aggregation program that is opened every certain period on the platform so Daoversians have a word and express their opinions on the community’s direction through participative tasks.
Global access: Since the Internet infrastructure is virtually borderless, DAOs actions are only not limited by technology aspects still in development. Geographical boundaries, for instance, are subject to certain legal jurisdictions, but in general terms anyone with an internet connection and a compatible wallet can join a DAO and contribute to its development. That’s why access limitation is also a challenge for a Social Mining DAO. Legal systems around the Globe must step up to the times.
But now that we mention challenges, Adoption is a big one: DAOs face barriers to entry and acceptance from mainstream society, which may not understand or trust their decentralised and autonomous nature. Why is that? You may be asking. Answer is simple: Old or outdated DAO models, like the ones of Digibyte or Dash, struggle with community requests.
There is hardly any validation and people that can propose "actions". At most, they collect all or the first tranche and then disappear. That causes members to lose interest or maybe encourage them to game the system, causing other community members to suffer from power imbalances or inequalities and ultimately making all lose collective sense of common purpose when they think most of their efforts are in vain. That's why we consider regular DAOs inefficient as of now.
How Daoversians see the DAO in DAOVERSE?
DAOVERSE’s validation team continuously compiles community tasks results to search for new community angles and vision. One instrumental part is to evaluate how the Daoversians perceive their own community.
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They called for a task for Social Miners to describe DAOVERSE or the DAO Labs website with 3 adjectives derived from the name acronym. As a very easy matter to explain, most submissions opted for the traditional approach and defined DAO as Decentralized, Autonomous and Organization, but other Social Miners were as creative as thoughtful.
For instance, the words Dynamic or Driven (including Data-Driven or just Data) were very used to define the letter D. Others used the terms Decent, Decorous, Defiant, Delightful, Alluring, Adaptative, Audacious, Open and Odd (yes: even Odd), all of those a little subjective and yet describe they fun and encouraging vision about Social Mining.
What projects would benefit from a Social Mining DAO?
DAOVERSE also pushed a task to request its Social miners to decide what blockchain community would benefit from a Social Mining out of a list of 4 successful projects: Dash, Hedera, Klaytn and Qtum. Validators simply asked which one of these four would be the next destination for the Social Mining Ecosystem to expand, based on thorough research made by task performers about these Big 4 chains.
Although the voting pattern was not majorly in favour of a specific project or specific tendency, both Dash and Klaytn ended up tied in the first place of community choice with 28% of the vote each.
For the Dash oriented submissions, Daoversian AdebolaAyan based his opinion in the payment method platform this project offers as a ramp for Social Mining to add to DAOVERSE:
The Social Mining community will benefit from DASH fast, secure, and private transactions on DASH Blockchain and Social Miners will also have the privilege to make purchases directly with @Dashpay mobile wallet through DashDirect.
Presenting the best opposite argument, citing a better technology and more earning opportunities for the Daoversians, MetaverseJR posted on her Tweet account:
#Klaytn will offer users a unique opportunity to contribute to the growth of a strong and innovative #blockchain ecosystem while earning rewards. This is why our next target should be @klaytn_official.
DAO Labs is already in conversations with both blockchain projects to evaluate the real benefits that could bring to all Daoversians and what this Social Mining community will offer to them. Results will be disclosed as we can share those.
As a Conclusion…
We didn’t discuss the different kinds of DAOs in this article. There are many, and every project proposes a different approach to it. Not all of them are pitch-perfect, not all of them can totally tackle the problem they refer to, but it’s a work in progress. Communities have the first word to survey DAOs and the last word to censor them.
DAOVERSE is an autonomous community in which DAO Labs participates as another Social Miner. This company grants fairness, equality, transparency and up-to-date technology to this Social Mining platform according to the most ethical procedures, extensive to all the projects that -and in the future will- integrate the expanding DAOVERSE Ecosystem.
This Social Mining DAO inspired many internet strangers around the world to collaborate, together, for common causes, in decision-making and content tasks and challenges. And will keep doing so.
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