The incremental eras of industry have been defined by the inevitable parallel progress of technologies and infrastructural methodologies, in a combination between evolution and revolution.
Many have claimed that we are in the process of approaching the ‘Industrial Revolution 4.0’. That is, if we have not reached it already!
Think ‘Internet of Things (IoT)’, ‘Big Data’, interconnectivity, and other corporate buzz-words. Those which describe different tools and services by which information can be leveraged for profit. Most often in direct exchange for money.
‘Smart Manufacturing’ also is a related term. It refers to the integration of such tools into existing systems as a means of improving communication, production speed and process automation.
Social Media: The Rise of Data Ecosystems
As one of the primary instigators of cross-sector industry improvements, the technology sector has seen an organic convergence with that of (tele)communications.
Technology as an industry is the ground zero for the many of business’ most influential developments. It is also distinguished in how it leverages data as both an asset, and as an economy in and of itself.
We have witnessed the measurable impact of this phenomenon from both positive and negative perspectives.
On the one hand, leading data-driven organizations in the West (Google, Facebook, Twitter, to name a few) have delivered significant improvements to the ways that individuals can communicate with each other globally. On both business and social levels.
On the other, we have seen more than a few considerable controversies that have been related to the very same companies, regarding the ethical integrity of their processes and activities.
This coincides with the recent implementation across the EU, of General Data Protection Regulations (GDPR), in addition to additional regulations which they and their users have become subject to.
The Blockchain of Things: DAOStack and ‘Collective Intelligence’
DAOStack is different.
It is a decentralized blockchain, token-backed solution to prevalent issues within the (current state of the) data economy, in addition to providing dynamic solutions which evolve with the times, as well as the needs of each respective user.
DAO stands for ‘Decentralized Autonomous Organization’ and essentially denotes blockchain unique self-governing consensus (or ‘decision making’) systems, whose decisions are informed by a decentralized network of nodes interlinked via p2p.
These are companies that combine dynamic smart contracts with machine-learning enabled artificial intelligence (AI) protocols. As well as the occasional optional human intervention to achieve their goals. The various modules and programs built upon / for these organizations are often called DApps (‘decentralized applications’).
‘Collective intelligence’ has a similarly self-descriptive title, referring to the practice of collaborative working towards either shared or exclusive goals. At the very least, you’re likely to see potential competitors as well as peers from other sectors either sharing mutual objectives or negotiating mutually beneficial agreements regarding data exchange, usage, and sometimes storage.
Decentralized autonomous organizations come in many forms, shapes, and sizes. We have companies such as MOBU, which hope to act as a regulator for the regulation and processing of securities token transactions utilizing autonomous applications.
Other notable applications include Databroker, which is a DAO which sees itself as a “global market for local [IoT sensor] data… utilizing existing infrastructure from telecommunication providers operating sensor connectivity networks”.
Paragraph introducing Zemel
We decided to speak to an expert on such matters to get a better idea of the current state of DAOs in the form of Josh Zemel (Communications Director at DAOStack). DAOStack hope to draw all of these disparate DAOs together onto one decentralized foundational platform.
Josh states that the company’s main purpose is to resolve the current challenges of ‘collective intelligence’
“Coordinating decision-making among thousands or millions of people in a way that is simultaneously efficient and resilient (non-corruptible) requires quite an elegant solution.
“You don’t want everyone bogged down in a sea of proposal-making and decision-making with no way to manage the collective attention (inefficiency).
“Also, you don’t want to solve for inefficiency by reverting to corruptible power structures that are subject to the bad acting, bad influence, or bad judgement of a powerful few.”
Creating a Solid Product and Business Foundation
When approaching the topic of resolving the problems faced in the status quo of ‘Collective Intelligence’ Josh recounts that they decided to focus on three primary areas…
- To create tools for DAOs to develop holographic and versatile governance / decision-making protocols and frameworks… “an approach to decentralized governance that lies at the core of the governance models on offer through the DAOstack platform”
- To take a dynamic and modular approach to development: “We are not so much building the completed spaceship, but rather the LEGO building blocks to build spaceships with… building blocks that can be easily configured to architect the governance system for any given organization”
- To enhance adoption and utilization by ensuring that “DAOstack is a system designed for a high degree of accessibility… [including] front-end developer[s] with no familiarity with blockchain or smart contracts,”
Launching a Successful ICO Crowd-Sale
“In terms of what contributed to the success of the token sale, there were many factors.”
Josh Zemel continues,
“One was certainly the enthusiasm for our product, and the fact that it is virtually complete and ready for launch.”
Beyond having a strong MVP / prototype and provable use-case,
“people perceive our project to have potentially broad applications… [it’s] designed to underpin a whole new kind of internet…
“instead of the internet of information, it’s the internet of collaboration.”
Josh finally concludes that the team and project overall benefitted from effective marketing and outreach campaign strategies, as they
“were clearly successful to some degree in getting the word out through different kinds of media, and in getting the attention of a number of influencers in the space…”
“Our core goal is to create a set of conditions that enable decentralized collaboration at scale.”
We hope that this exemplary advice from DAOStack’s Josh Zemel is helpful to you in some way whether or no your organization is Blockchain or DAO focused. Consider a modular development approach, in addition to “leverage[ing] the wisdom of the crowd as much as possible in determining how to allocate our resources” post-funding.
Finally, Josh left us with this to ponder:
“As for why decentralized collaboration at scale is important, many futurists believe that solutions to some of the world’s great challenges — climate, poverty, terrorism, nuclear risk, and so on — will be solved only through the power of decentralized collaboration on a massive scale, as well as through a widespread shift from win-lose (or “rivalrous”) economic incentive structures to win-win (or “anti-rivalrous”) ones.”
If you are interested in learning more about DAOStack, what they’re all about, the latest news, and the technical details in-depth then take a look at their official website, public whitepaper, or one of their many official social media presences / communities (Telegram, Reddit, Twitter)!