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What is DAO Ethereum (What does Ethereum mean)?

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What is DAO Ethereum? What does DAO Ethereum mean?The Ethereum community is a de

What is DAO Ethereum (What does Ethereum mean)?

What is DAO Ethereum? What does DAO Ethereum mean?

The Ethereum community is a decentralized autonomous organization (DAO) or collective network composed of developers, users, and project participants. The way the project operates is determined by the common interests of the participants. In this case, all members need to make decisions about the protocol.

To address this issue, DAO determines how to implement these strategies based on everyone’s opinions. For example, a team may decide whether or not to introduce the technology they support into smart contracts and use it for other purposes, or a team may choose to transfer their technology to other fields, and so on.

Over time, more and more users have joined the governance of the system, making DAO more complex and challenging.

As many blockchain applications are trying to establish their own DAO structures and these blockchain companies hope to gain substantial returns from their DAO structures, there are also some limitations. To make these protocols work better, people often use code-based designs to reduce management costs and achieve this goal through voting.

However, in the past few months, there have been various types of DAOs in the Ethereum community:

1. Ethereum Foundation/MetamaskDAO: a decentralized application platform;

2. Ethereum Public Goods Fund: a company focused on providing tools, services, products, and services for developers.

3. Ethereum Alliance: a decentralized nonprofit organization;

4. Ethereum research project – “The Distributed Source of Research” (DRR), aims to motivate developers and other participants to create new things.

Although any DAO on Ethereum is independent, in practice, only a few groups are designated as part of their DAO. Therefore, the scope of the use of the term “DAO” is very broad because they are completely open source, subject to rules, and must be reviewed to be effective.

In addition, for those who want to get into DAO work, they may not know what they want.

Currently, there are three forms of DAOs, including DAOs, Committees, and Councils. One of them is called ConsenSysDAOs, and the other is called ConstitutionDAO. Both concepts are simple but very complex. If an entity has proposals from multiple committees or individuals, he can contribute to the entire system instead of making a separate proposal from any party. How does DAO work?

Firstly, what needs to be understood is that unlike most other organizations, DAO is not a simple collection but a whole formed by a group of members, forming a strong community. At the same time, DAO is defined as the abbreviation of an organization.

The second is the coordinator – node operator.

The third component is the maintainer and execution manager (BP). The person responsible for maintaining the software can also lead the development of the software.

What does Ethereum mean

What is Ethereum? Simply put, it is a cryptocurrency and a subset of blockchain protocols. With the help of Ether, users can create their own applications and systems to run their digital tokens, thereby fulfilling the demand for network value. Although there are currently many different projects building solutions related to Ether, the names of these projects are different-because they are all open source or initiated by other developers, so they each have their own unique features or characteristics: decentralization, anonymity, immutability, etc.

Therefore, we call it “Ether”. What is Ether (Ethereum)? It builds a smart contract on the basis of Ether and uses this technology as a form of payment. When you want to send a transaction, you can store it in a smart contract and settle through this smart contract. If you don’t trust that the smart contract will cause fraud, you can refund it to the user’s account. In addition, smart contracts can also be used to prove someone’s identity without the need to trust third parties for maintenance. This means that you cannot lock assets outside of its smart contract or worry about any potential risks.

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