Understanding DEGO DAO
Introduction
Over the years, several innovations have pioneered in the crypto space. These innovations range from simple smart contracts to the larger Decentralized Autonomous organization. Notably, the drive behind the crypto space advancement has been the zeal to make things easier.
The DEGO crypto is a distinct decentralized finance platform that operates in a relatively different way from the existing cryptocurrency systems. It focuses on creating an open blockchain platform that represents freedom and innovation for all its contributors. The system takes the vision further through its customized DAO system.
What is DAO
DAO is an acronym for Decentralized Autonomous Organization. DAO is an organization that is run uniquely through encoded rules on a smart contract. All organizations have a structure that governs the way work is done and guides everyone to understand perfectly their individual functions. DAO makes use of blockchain technology to enable organizational operation that require no hierarchy. Also, it utilizes blockchain technology to provide a secure online ledger that is capable of tracking financial operations across board. DAO can simply be described as a smart contract that self-runs an intelligent algorithm that makes decisions based on the rules encoded without the need for traditional management.
DEGO DAO will function by completely eliminating the effect of the middlemen in all transactions. In essence, all participants and their operations are subjected to a set of encoded rules through which the system was programmed. The DEGO system operates with a complete governance token, DEGO. Thus, all participants can feel inclusive in the operation of the DEGO blockchain.
Kicking-off the DEGO DAO
Creation stage
To create a top-tier blockchain system like DEGO, it is imperative to create a team that has the technical know-how on decentralization. The DEGO team was formed through a shared goal of developing an all-inclusive crypto platform.
Furthermore, the system will select five (5) internal representatives to review all decisions made by the team. The review process is aimed at establishing openness and transparency of the DEGO protocol. For network participants, contract permissions will be developed as a multi-signature wallet. Hence, contract decisions will be opened up to five confirmation phases.
Operation stage
The creation stage is expected to afford the system with the trust and stability that will aid functionality. However, for a decentralized autonomous organization like DEGO, there is a clear need for power to remain with the participants. Thus, after a period of operation in the creation stage, the user base will select the co-holders of the system’s multi-signature wallet. The co-holders will be selected through network proposal and voting by contributors.
The selection of co-holders will trigger a systematic procedure of voting for all operation within the DEGO DAO. The community can then vote to change network parameters, approval or rejection of business proposals and other cogent parts of the blockchain systems.
Conclusion
The DEGO DAO has created an efficient system to grow decentralized finances and drive more people to the concept of decentralization. The openness and control of finances by individuals is a rare feature in the cryptocurrency space. Thus, we might be welcoming a financial revolutionizer in the digital space in DEGO.
Check out the links below for the projects info;
Website: https://dego.finance/home
Telegram: https://t.me/dego_finance
Twitter: https://twitter.com/dego_finance
Medium: https://medium.com/@dego_finance
Discord: https://discord.com/invite/xJjSJrd
Github: https://github.com/dego-labs
Writer's Info
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