HomeUncategorizedThe evolution of DAOs and why they are expected to take hold in 2022 By Cointelegraph

The evolution of DAOs and why they are expected to take hold in 2022 By Cointelegraph

February 13, 2022

[ad_1]


In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over time.

The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It’s decentralized, so there is no CEO or board of executives responsible for decision-making, and it’s autonomous, meaning it’s self-governing. Self-governing means that there are governance rules programmed into blockchain-based smart contracts, and members of the DAO vote on matters affecting the DAO according to those rules.

Hannes Graah is the former vice president of growth at Revolut, and founder of stablecoin yielding protocol Gro. He also spent eight years at Spotify (NYSE:) scaling company operations and assorted growth projects until mid-stage, then launching new regions until the initial public offering. A four-time startup founder, he is also an investor and advisor in more than 10 companies as well as a growth strategist for more than 30 brands and companies.