A Decentralized Autonomous Organization is a self-running organization that is transparent, democratic and decentralized. Managed through smart contracts on the blockchain, a DAO can be used to raise capital, manage resources, make decisions and execute plans. It’s the perfect tool for building a new, more equitable and sustainable economy.
Originally we wanted to setup Fast Forward as a traditional NGO, however, being a DAO has so many advantages, to name a few:
- full transparency without complex accounting and reporting
- everyone can join easily and help contribute
- everyone get’s rewarded for work they do
- everyone who contributes gets a voice in running the DAO
- flat organisational structure, no corporate hierarchy
- easily contribute to multiple DAO’s at the same time
- Volunteers from all over the world can contribute 🙂
- quick online decision making using consent mechanism
- small teams taking their own decisions get a lot done fast
Blockchain is just a tool to make a DAO work much more efficient. It’s what we create using this tool that’s important 🙂
For more on why we need DAO’s and how they work, read this article from Hypha, one of the leading DAO software developers. FFF DAO uses the Hypha DAO backbone.