DAOs Will Be the Driving Force of Decisions
In a Decentralized Web3, DAOs Will Be the Driving Force of Decisions
Many people are aware that Big Tech monopolies, like Facebook, monopolize our data for their own monetary gain.
The trade-off is that Big Tech provides digital services that allow users to connect and interact with the world.
This trade-off is no longer appropriate. The upcoming version of the Internet, Web3, will be built on blockchain technology. Blockchains can be viewed as databases of authenticity, decentralized across multiple computers.
The key component of this shift to Web3 is replacing centralized monopolies with democratic structures called Decentralized Autonomous Organizations (DAOs). A DAO is a decentralized governance tool that allows anyone to vote on a proposed decision. Using blockchain technology, DAOs give every member of a given organization the power to vote and see the voting outcome in a transparent way.
DAOs fits with the philosophy of Web3. The applications people use every day will be adapted and replaced by blockchain-based Web3 applications, performing all of the same functions, with unprecedented transparency, fairness, and user control.
Want to learn how Web3 technologies will affect the upcoming Metaverse?