{"id":16997,"date":"2016-06-02T07:22:31","date_gmt":"2016-06-01T23:22:31","guid":{"rendered":"https:\/\/www2019.dash.org\/2016\/06\/02\/dash-the-original-dao\/"},"modified":"2021-09-18T11:40:11","modified_gmt":"2021-09-18T11:40:11","slug":"dash-the-original-dao","status":"publish","type":"post","link":"https:\/\/wp.dash.org\/news\/dash-the-original-dao\/","title":{"rendered":"Dash: The Original DAO"},"content":{"rendered":"
The rise of Ethereum\u2019s The DAO is certainly cause for excitement. However, for\u00a0Dash<\/a>, the prospect of successfully operating a decentralized autonomous organization is already old news.<\/b><\/p>\n Created in 2014 by Evan Duffield as \u201cDarkcoin,\u201d Dash quickly grew from a platform for highly-anonymized transactions to a full service network for payments, project funding and decentralized governance by protocol.<\/p>\n Dash: Two Years Ahead<\/b><\/p>\n With all the talk about The DAO, people seem to have forgotten \u2014 or simply don\u2019t know \u2014 Dash has been providing DAO-like services for a couple of years.<\/p>\n With its Decentralized Governance by Blockchain (DGB) functionality, anyone can propose changes to Dash. Masternode owners host monthly votes on these proposals, which range from marketing and community-based decisions to direct modifications to Dash protocol.<\/p>\n Dash\u2019s project budget is funded by 10 percent of the block reward, which is entered into a fund that can be used to finance Masternode-approved projects.<\/p>\n Unlike The DAO, Dash funds its projects with money internal to the network, produced by miners, and controlled at the protocol level by Masternodes.<\/p>\n This method of funding promotes network strength, creating a positive feedback loop of internal capitalization that gets injected right back into the system for projects to improve the protocol.<\/p>\n The DAO, on the other hand, operates on a system of conflicting incentives, which could set the organization up for bouts of massive devaluation and ether dumping.<\/p>\n By requiring people to purchase DAO tokens with ether, the organization has also set up a system that turn DAO voting rights into a tradeable commodity, opening the door to crypto-token trading and other similar perils, vulnerabilities like pump and dump schemes, fraud and theft.<\/p>\n DAO tokens could even become more of a target for speculative day traders than those with genuine interest in voting and developing new projects.<\/p>\n Meanwhile, Dash, with its \u201cinternalized\u201d system facilitating voting across Masternode owners, pushes forward project funding decisions to protocol questions without disruption.<\/p>\n Read Full Story at :<\/strong><\/p>\n http:\/\/bitcoinist.net\/dash-original-dao\/<\/a><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" <\/a><\/p>\r\n