Working and Investing in DAO explained.
DAO has been slowly growing in the market but still, it hasn't reached its full potential. Also, it didn't boom like NFT' had. People still understand it and slowly it's reaching the audience.
DAO explanation
DAO stands for Decentralised Autonomous Organisation. The explanation is in the words. It is decentralized means it doesn't have any single authority to control the organization.
Each and everyone is responsible for making decisions in the organization. It doesn't have any physical company everything is online and most of the founders will remain anonymous.
DAO working method
It is a community-led organization every action is autonomous which is programmed in smart contracts so no one can have control over it.
All the decision are fully autonomous and every code is transparent and can be viewed publicly which increase the trust in the organization.
To change any decision or create any new proposals there will a voting system after results it will be automatically deployed.
DAO raising funds
It raises funds from people like us. They create their own token and give us the opportunity to invest in their DAO in return for giving their token.
With their token, we get various benefits like decision making, voting, and other benefits depending on various DAO. With these funds, they improve their organization pay the developers, and use them in running and growing the organization.
Jobs in DAO
The organization is in high requirement of various roles for growth. You can participate in them.
Some DAO opens the jobs role for common people where we can apply according to skills. We do not require any certification or any qualification just depending on your skills you can get a job with a very good salary.
DAO is always a requirement of roles such as :
Web developer or Software developer: For those who have these skills it is very beneficial as there is no fixed time to work, we can work from home and very flexible allowing a total control on our work.
Community Managers: Most of the DAO is on telegram Discord where many people join and DAO requires moderators and admins to handle the crowd, solve their problems and help them with any doubts. Also trying to reduce spam. This is a very good job which doesn't require any technical skills.
Graphic Designers: DAO requires a graphic designer for every online post they wanna create, for advertising, for websites also for logo designing. The graphic designer can get a good salary depending upon his skills.
Social Media Managers: Every DAO is on all the Social media platforms and it is impossible to handle a single person. They provide jobs to handle the social media accounts and post and promote their stuff. Which is typically easy and doesn't require many qualifications.
Investment
If we don't have any skills or don't want to work we can just invest money and buy their tokens and keep it. They pay dividends just for holding their tokens, this may act as a passive income for us. And just keeping and holding for a longer period can also raise the price of the token thus making us some profits.
Some Good DAO's
Curve DAO Token: This token supports the curve.fi which is an exchange that allows us to swap coins of ERC-20 tokens.
Uniswap: This DAO is also the same purpose used to swap the cryptocurrencies lending them and gaining through it.
Maker DAO: This DAO allows us to borrow or lend our cryptocurrencies against some collateral and increase profits. It is Etherreum based protocol. They are the builders of DAI which is a stable coin which price will be always 1$
Dash: It is a cryptocurrency and It is governed by its DAO it user called Masternodes. They are behind the validating transaction and operating DASH
AAVE: This DAO allows us to deposit crypto and gain some interest on them, which is also called the staking of coins. It is one of the largest DAO where the most money is staked. Here we can also lend or borrow assets.
I try to explain various types of DAO in details with their operation and features in another article.
Conclusion: DAO (Decentralised Autonomous Organisation) is not governed by any single authority and everyone has the right to make decisions. They raise funds from us and improve their organization. Various types of DAO are given and Investing in good DAO can give us some profits.
Thank You
CyberCrypto
*Everything explained in this article is only for Educational Purposes and not financial advice to invest in anything. Do Your own research before investing in any assets. If you go in loss no one is responsible except you.
