laid down in so-called ‘smart contracts’. Where Bitcoin makes (financial) intermediaries superfluous when sending and receiving money, DAO’s management makes it superfluous. Everything is done transparently and automatically, by the users themselves, together. There is therefore no hierarchy, but also no bureaucracy. Often DAOs are set up by a worldwide community around a certain mission, who are jointly responsible for the programmed objectives. As a result, the whole works in a completely decentralized and democratic way. It provides an innovative, new way of organizing organizations on the web. “Corporations organized the Industrial age, DAO’s will organize the Internet Age” – Aaron Wright
Outsourcing Customer Service
This way of working creates a solution for the ‘ principal-agent theory’ , where friction can arise between the principal (read: management) and South Africa Phone Number agent (read: employee), because the agent has no interest in performing the task as the principal intended him. Consider, for example, a commercial hospital, where management prefers to see as many treatments as possible, but doctors prefer to take the time to properly help a patient. Smart contract with a decentralized autonomous organization (DAO) How do you encourage organizational members to manage and maintain the DAO? DAOs often use their own digital token (or coin).
Make it Beneficiate
The ‘smart contracts’ can make many of these payments automatic. Suppose we turn Frankwatching into a DAO, and create the FrankCoin. We lay down the rules of participation and the reward system in advance in a ‘smart contract’. As a writer, for example, I can be automatically with FrankCoins for my blogs, based on the number of readers (I’m in favour !). But we can also reward other aspects, such as writing newsletters and maintaining the site. In addition, as a community we can vote on topics that we would like to see on the site and which we would not.