Rise of the YangDAO – YangDAO

Rise of the YangDAO and the Golden Age of the Yang Dynasty

The decentralized autonomous organization, or DAO, is a type of cooperative network that has historically been used to fund technology development at scale. With the advent of the YangDAO, we can now wield this tool to launch us into a renaissance of human prosperity and enlightenment.

The YangDAO is neither a corporation nor a campaign committee. Instead of a board of directors, executive officers, and employees, the YangDAO is operated by its members through a system of open-source smart contracts. The system ensures that decisions are made transparently and democratically, removing the possibility for embezzlement of funds or preferential treatment of some members over others.

The possibilities for funding proposals are limited only by the will of the membership. You might imagine a YangDAO proposal to erect a Yang statue in Iowa ?, another one to fund a Freedom Dividend program for Venezuela ??, and another one to convince Keanu Reeves to join the cast of HBO’s Humanity First ?.

Proposals come in all shapes and sizes, and it is up to the Yang Gang community to steward the YangDAO towards shared objectives.

Here is a brief overview of how it works:

A prospective member pledges money to the Freedom Bank (the shared funding pool). An existing member applies on their behalf.
Existing members vote on the applicant.
If accepted, the new member receives shares, which allow them to vote on proposals and prospective new members.
A member may submit a proposal for funding, asking for new shares, providing a description of the project to be funded, and pledging 0.
At any moment, a member may ragequit, exchanging their shares to withdraw a proportional share of the money in the Freedom Bank.

In our next article, YangDAO Tutorial — Becoming a Member, we provide a step-by-step guide to submit a membership application.

Published at Thu, 08 Aug 2019 10:06:21 +0000

Bitcoin Pic Of The Moment
La plateforme de création de blog accepte désormais les paiements en Bitcoins (Capture écran).
By julienmoro on 2014-02-17 08:27:50