ETHBerlin conference that took place the past week along with the Dappcon event has started a DAO renaissance as described by the CEO Anastasia Andrianova of the blockchain-financial protocol Akropolis as we are reading more about it in the latest cryptocurrency news reports.
Andrianova described her experience from the ETHBerlin conference in Berlin while there were other parallel conferences taking place at the Technical University of Berlin with more than 800 ethereum developers from all over the world gathering to discuss and demonstrate how to build on the world’s second most popular blockchain. She stated:
“It feels like a DAO renaissance.”
The decentralized autonomous organizations or DAOs are known to be difficult to execute well. Back in 2016, more than $60 million was stolen from the early DAO application named The DAO and this event impacted the ethereum evolution severely. This year, the main takeaway from the attendees like Andrianova was the resurgence of the interest for DAOs and other tools that could make DAOs work. The term ‘’DAO’’ as explained by the venture capitalist William Mougayer is applied to all sorts of ethereum projects today as he stated:
“My observation [from the conferences] is that the term DAO is being used too loosely. Some of these DAOs are really just smart contracts with some rules that say, ‘If, then, that.’’
The distinction between the big DAOs and the little ones are important to convey the complexity and degree of difficulty in an application. Jenna Zenk who is the former CTO of the blockchain startup Melonport and now a vice president of the DAO governing the melon protocol stated:
“DAOs are a new way for people, groups, projects and companies to organize themselves in a decentralized fashion and also, very importantly, a transparent fashion.”
Since the original DAO, Andrianova stated that specialized tools to help facilitate DAO have advanced a lot since the beginning. The highlighted that the rage quit featured in the new MolochDAO application was a major innovation to user sustainability within the DAO structures. The rage quit approach enables the participants in the MolochDAO to disengage and withdraw funds without penalty as explained in the coming altcoin news previously:
“[MolochDAO’s] rage quit approach was so important,” said Andrianova. “Unless you can disengage in a given moment in time then you’re stuck on suboptimal terms, which leads to people creating factions inside the organization.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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