The crypto industry has experienced several evolutions in the last two decades. The changes have ranged from one development to the other. Transition has occurred from 2010 to 2016 from Bootstrap to Ico’s (Initial Coins Offering) from 2017 to 2019. In 2019 to 2021 Platform launches like launchpads, Dex (decentralized exchange) platforms with examples like Pancakeswap, Coingecko, Binance were launched which have generated thousands into millions of dollars for the investors and users. In late 2021, high yielding DAO like Olympus DAO and Hector DAO were launched with profit in millions of dollars for the investors through the ecosystem.
Decentralized Autonomous Organization (DAO) which is also referred to as Decentralized Autonomous Corporation is simply defined as a robot programmed to govern operations. This gives room for complete democratic activities in decision making in the DAO governance. The autonomy of the DAO gives legal rights to every investor or stakeholder, which is primarily received by purchasing the token of the DAO ecosystem, like the OHM token in the Olympus DAO and HEC for the Hector DAO with an all-time high of about $1500 and $357 respectively.
A DAO is run by a system of codes or contracts upon which the mode of operation of the ecosystem is established. A DAO code is difficult to change or manipulate as soon as the ecosystem is deployed and running. The editing of a DAO ecosystem code will require writing a new DAO smart contract and an agreement within the DAO ecosystem.
In addition, before editing codes, funds must be migrated which will require all the members of the organization to vote and an agreement must be reached before the funds can be migrated.It is necessary to reiterate that the decision in a DAO system is completely democratic, meaning decisions are made primarily by voting.
To be a member of any DAO ecosystem, you have to invest in the organization by purchasing the DAO token or NFTs which grant you the ability to vote in the DAO community. Access into a DAO ecosystem is only limited to individuals who have a verified ownership of the DAO governance token or Nft available in a cryptocurrency wallet. However, membership can be changed by selling the DAO token of Nft to the ecosystem or any interested individual.