• Sign In
  • My KT Puzzles Trading Contact Us Privacy Policy Sign Out
khaleejtimes

Mon, Sep 25, 2023 | Rabi Al-Awwal 11, 1445

prayer time in uae prayer time in uae 00:00:00

UAE

  • Local Plus
  • Crime
  • Legal
  • Education
  • Expo City Dubai
  • Government
  • Transport
  • Weather
  • Emergencies
  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ajman
  • Ras Al Khaimah
  • Fujairah
  • Umm Al Quwain

Life and Living

  • Visa & Immigration in UAE
  • Banking in UAE
  • Schooling in UAE
  • Housing in UAE
  • Ramadan 2023

World

  • Saudi Arabia
  • Bahrain
  • Oman
  • Kuwait
  • Qatar
  • MENA
  • India
  • Pakistan
  • Philippines
  • Americas
  • Europe
  • Africa

Opinion

  • Columnists
  • Editorial

Business

  • Auto
  • Aviation
  • Corporate
  • Cryptocurrency
  • Markets
  • Economy
  • Finance
  • Energy
  • Infrastructure
  • Realty
  • Start-Ups
  • Telecom
  • Tech
  • Currency Exchange
  • KT-Network

Sports

  • Cricket
  • Football
  • F1
  • Golf
  • Horse Racing
  • Tennis

Entertainment

  • Movies
  • OTT
  • Music
  • Local Events
  • Newsmakers

Dubai World Cup

  • Primer
  • Flashback
  • Columns
  • Track Notes
  • Big Numbers
  • Daily Updates
  • Videos

lifestyle

  • Arts & Culture
  • Beauty
  • Design
  • Fashion
  • Food
  • Health
  • Home
  • Mental Health
  • Parenting
  • Relationships
  • Shopping
  • StayHome
  • Wellness

Travel

  • Staycations
  • Vacations
  • UAE Attractions

Reviews

  • Tech Reviews
  • Motoring Reviews
  • Movie Reviews
  • Book reviews
  • Restaurant Reviews

Brands

  • City Times
  • WKND
  • Young Times
  • BRB
  • SHE
  • Metrolife
  • Buzzon
  • KT Gamez
  • BTR

Supplements

  • Back To School
  • India Independence Day
  • Pakistan Independence Day
  • Graduate and Postgraduate Degree Programmes
  • Eid-Al-Adha
  • It’s Summer Time
  • Georgia
  • Leading Universities
  • Getex
  • Higher Education
  • Cookbook
  • Pakistan Resolution Day
  • Business Management
  • KT Engage
  • BTR
  • Metrolife

KT Events

  • India Real Estate Show
  • Future Of Insurance
  • KT Desert Drive
  • Hybrid Workforce Summit
  • UniExpo International
  • New Age Finance & Accounting Summit
  • Digital Health Forum
  • DigiBank
  • FutureSec
  • Artelligence
  • UniExpo
  • DigiPay
  • Future of Smart Cities
  • Global Investment Forum
  • Coupons
  • Subscriptions
  • UAE Holidays
  • Expo 2020
  • Year of the 50th
  • Offbeat
  • Tech
  • Motoring
  • Community
  • Long Reads
  • eMagazines
  • eWKND
  • Photos
  • Podcasts
  • Videos
  • Gold/Forex
  • Trading
  • MyKT
  • Prayer Timings
  • Cinema Listings
  • Weather
  • E-Paper
  • Buzzon
  • Inspired Living
  • Latest News
  • About Us
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Sitemap

KT APPDOWNLOAD

  • apple iPhone | iPad
  • android Android
  • huawei Huawei
KT Icon
  • UAE
  • Gold/Forex
  • COP 28
  • World
  • Business
  • Prayer Timings
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
  • Opinion
  • KT Events
  • Supplements
  • KT Shows
  • Puzzles
  • My KT

Cryptocurrencies: What are DAOs and how to launch your own?

Crowdfunding is a thing of the past. There's a new way to organize projects involving large funds and hundreds of strangers that agree to your own rules and decisions-all based on a blockchain.


Follow us on Google News-khaleejtimes

By Alisha Roy

Published: Mon 24 Jan 2022, 11:49 AM

Last updated: Wed 23 Mar 2022, 3:06 PM

Welcome to "DAOs" or decentralized autonomous organizations. At its core, DAOs allow people to form new digital communities that decide on how to pool resources at a global scale. DAOs come together in order to launch kickstarter initiatives with the help of cryptocurrencies, that fund the project, or even allow stakeholders to make important decisions.

Some think DAOs are similar to the recent popularity of memecoins - that now exist as a cultural trend despite having no real purpose. Meaning, people own meme coins or NFTs because they want to. In a similar way, this "want" drives people to find DAOs. For instance, a group of people wanted to buy a copy of the US constitution and in order to do so, they raised funds through a token called PEOPLE that funded their ConstitutionDAO project.

How to launch a DAO crypto project on your own?

As you can see, DAOs can be launched for anything. All you need is a mission to want something badly enough, and a developer friend to create a governance token that will fund your DAO goals. Creating DAOs doesn’t have to be complicated. You can also make your own DAO in the metaverse, like in Decentraland, for instance, which already has an established DAO of its own.

When you do actually make your DAO project, there are some things to keep in mind like establishing clear rules from the start. This will tackle issues like mob rule where few DAO members could hold a majority of the tokens and begin to sway decisions in their favor. In a way, even Bitcoin has all the properties of a fully functional DAO, with predetermined rules, autonomous functions and a consensus based protocol that runs the network. So this makes Bitcoin not just the first DAO, but also the most successful one yet.

To date, several DAOs have come and gone but one in particular became infamous for its hack. In June 2016, "The DAO" - an initiative to support a decentralized version of Airbnb got hacked due to vulnerabilities in its code. Before the hack, the DAO campaign had raised over $150 million worth of funds in Ether, out of which $50 million worth of Ether was stolen from the DAO. The hack had a significant impact on people’s trust in both Ethereum and DAOs in general, at the time

In Conclusion

Fast forward to 2022, and DAOs are now enjoying their best year yet. Most projects have their own incentives. Take ConstitutionDAO for instance, which was unsuccessful in buying a copy of the US Constitution, but members still have their tokens, which could potentially be valuable in other markets. Tokens like PEOPLE may not be as popular as other more valuable DAO cryptocurrencies like AAVE, MAKER, COMPOUND, and others, but PEOPLE and SPICE, and other new DAOs are certainly trading today.

To learn more about cryptocurrencies, visit BitOasis, the safest and easiest place to buy and sell crypto since 2015.

  • Dubai
khaleejtimes footer
©2023 Galadari Printing and Publishing LLC. All rights reserved.

UAE

  • Crime
  • Education
  • Expo City Dubai
  • Government
  • Legal
  • Transport
  • Weather
  • Opinion
  • Prayer Timings

World

  • Saudi Arabia
  • Bahrain
  • Oman
  • Kuwait
  • Qatar
  • MENA
  • India
  • Pakistan
  • Philippines
  • Americas
  • Europe

Business

  • Auto
  • Aviation
  • Corporate
  • Cryptocurrency
  • Markets
  • Economy
  • Realty
  • Start-ups
  • Tech
  • Currency Exchange
  • Gold and Forex

Sports

  • Cricket
  • Football
  • F1
  • Golf
  • Horse Racing
  • Tennis

Entertainment

  • Movies
  • OTT
  • Music
  • Local Events
  • Newsmakers
  • UAE Cinema listings

lifestyle

  • Art & Culture
  • Beauty
  • Design
  • Fashion
  • Food
  • Health
  • Home
  • Mental Health
  • Parenting
  • Relationships

Multimedia

  • Videos
  • Photos
  • Podcasts

About us

  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Sitemap

KT APP DOWNLOAD

  • khaleej times apple footer iPhone | iPad
  • khaleej times android footer Android
  • khaleej times huawei footer Huawei
khaleejtimes buzzon
khaleejtimes citytimes
khaleejtimes competitions
khaleejtimes epaper
khaleejtimes kt-puzzles
khaleejtimes jobs
khaleejtimes Subscription
khaleejtimes wknd
khaleejtimes young times
khaleejtimes

Type your keywords