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DAOs to play vital role in developing Web3

DAOs will be critical in developing a Web3 that can fix all of the existing internet’s flaws. They are the polar opposite of big tech, in which a few founders or investors have centralised control over the whole user base and their content.

DAOs are more than simply decentralised technology; they are decentralised business concepts that are growing increasingly powerful. DAOs are actual, user-owned services for Web3 applications and beyond, as everything from infrastructure to governance and revenue is distributed. They promote a more egalitarian approach to organisations and enterprises, allowing users to have complete control over their online experience.

Consider the case of CanCan. It is a TikTok-like, decentralised social networking application hosted on Internet Computers that will allow users to watch and share videos directly from the internet on their mobile device. What distinguishes CanCan is that everything is done entirely on-chain. This will provide a fully secure decentralised platform that incentivizes all users to create, interact with, and moderate content, thereby making them members of the dApp management team.

This is accomplished through the use of reward points, which can be gifted to others and will eventually be exchangeable for governance tokens once the IC SNS is launched. CanCan is an ambitious project with a lot of promise, despite the fact that it is still in its early stages of development.

In terms of incentive tokens, DAOs are perfectly suited for handling resource distribution seamlessly. Because every aspect of how these groups function is hardcoded into the canisters that power them, there is no “middle man” who can influence the fair pay paid to individuals who join. In practice, each user will be directly paid based on the nature of their service and the quantity they invest.

A DAO allows any Startup to secure capital in a decentralised, community-led manner. Rather than selling IPOs or attracting specific investors, DAO-led fundraising will let anybody with an internet connection participate. It makes no difference who the user is or how much money they have. They can easily invest in a new service or platform as long as they are interested in it, and there are few barriers to do the entry.

DAOs can be extremely effective at curating material on any platform in a fair and even manner, all while relying on community consensus. Nobody wants their feed to be cluttered with offensive content; it produces a negative experience overall and drives good people away from the site.

DAOs are so popular these days that Kickstarter is working on one to carry its crowdfunding platform into the next generation. It addresses the basic faults in crowdfunding methods, such as how investors are frequently duped by failing projects while legitimate ones falter due to a lack of finance.

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