- The leading crypto trading platform, Coinbase, recently transformed into a decentralized company
- DAOs refer to programs that enable organizations to operate without the requirement of a hierarchical management framework
- DAO aims to democratize the complete process
The way people execute is continuously evolving over the last couple of decades. The credit goes to the surging penetration of the internet and enhancements in communication devices that continue to make remote work easily accessible. However, after the COVID-19 pandemic arrived, many organizations realized the feasibility of distant working. As workers worked continuously from home amid lockdowns implemented by respective governments.
The crypto industry is used to remote working as multifunctional managements, whose participants stay across geographies, execute and run its multiple projects. Interestingly, these decentralized groups act like supplements to cryptocurrency technology, whose core feature is all about decentralizing data.
Coinbase’s decision to go the decentralized way
The leading crypto trading platform, Coinbase, recently transformed into a decentralized company. The company chose to decentralize itself after functioning for a while as a remote-first entity. They encouraged workers to work from anywhere across the world. According to Brian Armstrong the resolve to become a decentralized institution made them conclude that most of the workforce thought working remotely was favorable. He is the CEO of Coinbase. It gave them independence, flexibility, and the capability to give accurate attention while enjoying private time. The employee-friendly work scheme led to the company attracting some of the leading talents worldwide.
When it comes to decentralized collaborations with an international workforce, conventional ownership frameworks and a top-down perspective to governance are not the best options. DAO or Decentralized Autonomous Organization aims to democratize the complete process. Established in 2016, the DAO firm’s life was concise following safety problems that led to a hack, enforcing its termination. However, the short stretch of this fresh application of blockchain technology was successful in proving the DAO concept and led to further developments.
DAOs refer to programs that enable organizations to operate without a hierarchical management framework requirement. Instead, it facilitates stakeholders’ network in a business to participate in distinctive roles . These roles are essential to ensure the firm’s smooth operation and development. In return, they earn rewards for their commitments to the ecosystem.
Evolution of DAO with Web 3.0
In the Internet’s developmental journey, the next level is generally referred to as Web 3.0. It is associated with the tech framework’s decentralization, depending considerably on partnership actions. That is where anyone can give or receive information without constraints from a third party. Businesses staying relevant in today’s world will require a fresh organizational framework to communicate and regulate decentralized partnerships. Integration of fully-functional DAOs will make this evolution possible.
The accessibility of full-function DAOs will facilitate businesses with plans to join the Coinbase path to establish and regulate a decentralized company. Within a short period before, technical restrictions concerning entanglements and scalability of smart contracts ruling DAOs and connected high gas prices will be in control to drive the acceptance of decentralized collaboration and governance.
The future lies in the METIS-DAO way
Metis refers to a layer 2 solution based on the Ethereum blockchain. It solves the problems halting the widespread adoption of DAOs. By using a merger of Optimistic Governance and an entourage of microservice instruments, Metis ensures scalability and accessibility to easily accessible DAO infrastructure.
Metis is likely to become the popular platform for establishing Decentralized Autonomous Companies/Corporations with all its characteristics for the freshly emerging Web 3.0.