In the web3 realm, a true involvement consists of getting associated with a Decentralized Autonomous Organization (DAO), either building or using one as a customer.
Redefining trust, the Ontology Network is working towards building the infrastructure and delivering the web3 tools.
In its latest Medium blog update, the Ontology Network talks about DAO construction. It specifically discusses various DAO development issues, plus the tools and products that could solve such issues.
In another Ontology Network update, the Ontology MainNet v2.4.2 upgrade and Consensus Nodes upgrade is set to begin December 22, 2022.
Announcing the mainnet upgrade, Ontology Network tweeted:
🚨#MainNet Upgrade Announcement🚨
— Ontology #BUIDL4Web3 (@OntologyNetwork) December 22, 2022
Ontology MainNet v2.4.2 upgrade and #Consensus #Nodes upgrade will start on Dec 22, 2022.
This upgrade includes:
1. Add cors support for #Web3 API
2. Add #Web3 filter API
3. Fixed #Gas Fee Event Decimal Loss
🧵1/3 pic.twitter.com/5oxpxg975t
The Ontology Network discussed various DAO management aspects in its blog post. A brief review of the key points is as follows:
DAO Establishment
Just as a legal set-up is required to register a company as a business, to establish a DAO, a legal framework is equally necessary. A DAO also needs legal validity to sign necessary business documents, and grow sustainably.
If lacking the monetary resources to form a legal DAO apparatus, protocols like Syndicate and Upstream Collective might help. Syndicate forms an organization for budding DAOs, adds to it the members, a legal structure (per creator needs), and offers a product development template.
DAO Communication
Members of DAOs are scattered globally, having online participation. So, member-communication in DAOs must be convenient and timely. Discord and Telegram are prominently used by DAOs.
Discord is widely accepted due to the feature of channel subdividing, DAO member classifying, and a simple organizational structure.
Discord, though, is overflooded with various channels, distracting users, leading to delayed reach and views of the news. So, a couple of DAOs tend to use Telegram for daily communication.
DAO Collaboration
As for remote collaboration and efficiency, the platforms used by DAOs are Notion, Google Docs, etc. As DAOs develop further, novel collaboration tools custom-made for web3 would be developed, such as Dework or Layer3.
DAO Incentives
DAO participants are also living beings, their survival depends upon a salary income. The incumbent DAO incentive model is paying participants money per their contributions (on the PoW model). Incentive payments are vital in DAOs. Utopia labs and Parcel could potentially assist DAOs pay contributors whilst also reviewing their contributions.
The Ontology Network culminates the discussion mentioning available decentralized solutions. These include, multi-signature data clients for financial management, decentralized reputation scoring via identity-based systems for membership management, etc.
