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The DAO has been an important invention since 2017, and it’s finally time for a break. With the bear market making investors more selective but projects still needing support, there are plenty of active groups to consider as your next investment destination. Let us introduce you to some of them in this list!
The “best dao to join” is a list of 10 cryptocurrencies that are predicted to be the best in 2022. These are based on factors such as market cap, trading volume, and more.
The year 2022 is approaching, and the buzz around cryptocurrencies, blockchain, and NFTs is at an all-time high. While the financial buzz is understandable, it’s crucial to remember that blockchain technology isn’t limited to cryptocurrencies.
With each passing year, the number of applications for blockchain technology grows. The Decentralized Autonomous Organization, or DAO, is one of the most interesting and possibly game-changing application cases.
But, before we go into the technical concept of a Decentralized Autonomous Organization, let’s clear up some jargon and terminology. There is no single point of failure in a decentralized organization. It is run by a group of people and computers who obey a set of established rules rather than a single person.
As a result, unlike conventional companies, employees who work in a DAO get a portion of the organization’s ownership.
What exactly is a DAO?
A decentralized autonomous organization (DAO) is an organization that replaces conventional organizational and managerial structures with computer-embedded code. Rather than a single leader, the individuals that make up this organization control it.
In other words, there is no one point of failure since the individuals who make up the organization have the potential to alter its path. As a result, everyone who buys a DAO’s tokens owns it. Nonetheless, rather than equating each token to stock shares and ownership, tokens operate as donations that provide individuals voting rights.
Decisions are made electronically in a DAO by established rules encoded as smart contracts, which are computer programs.
Why will DAOs be the most innovative cryptocurrency?
DAOs, which are powered by smart contracts, provide transaction transparency and equal voice to its members. They aren’t, however, a novel notion. It all began with The DAO, a venture capital firm, in 2016.
Today, DAOs are commonly utilized for investing, fundraising, donating to charity, purchasing NFTs, and borrowing money.
Taking advantage of the recent buzz, the question that arises is whether DAOs will deliver on their promises.
DAOs are not hierarchical in nature.
DAO is a decentralized autonomous organization (DAO) that is run by everyone rather than by a single individual. Unless the whole organization agrees, the rules cannot be changed once they are placed on the smart contract. Unlike conventional organizations, where power is concentrated in a single hand, this provides equal rights to all members of the community.
But what are the advantages of a flat, non-hierarchical organization? Preventing the abuse of authority is the most straightforward solution. A DAO’s members have the ability to vote, and each vote is counted equally before a decision is reached.
DAOs have the potential to improve capital efficiency.
DAO is revolutionizing the financial world. They want to cut out middlemen as much as possible and give individuals complete control over their personal information. DAOs improve financial efficiency, security, transparency, and traceability by promoting seamless and easy supply and confirming the legitimacy of the paying and receiving parties. DAOs with solid infrastructure make it easier to put community money to good use.
In 2021, the DAO will have a new look.
The DAO, also known as Genesis DAO, was founded in May 2016 by a few Ethereum community members. It was the first internet-based decentralized community. It was suggested as a venture capital fund, and anybody may deposit ETH to any unique wallet address in return for DAO tokens during its founding time. During this time, 12.7 million Ether (worth $150 million in 2016) was raised, making it the largest crowdfund ever. It was so successful that the value of ETH from The DAO was over $250 million while ETH was selling at $20. However, in 2017, a hacker hacked The DAO and siphoned cash worth roughly $70 million owing to a flaw in its protocol.
Since then, DAOs have grown steadily, and there are currently over 100 DAOs managing assets totaling more than $10 billion.
The DeFi movement is giving the world’s financial system a whole new appearance. Its promise is straightforward: permissionless and transparent financial services. The impact of decentralized finance on financial inclusion, liquidity, and cost reduction is enormous. Unlike conventional financial structures, decentralized apps (dApps) do not need a central authority. Who, then, is in charge of these applications?
DAOs control almost all important dApps, including Uniswap and Aave. These communities are in charge of overseeing a project’s finances and ensuring that the initiative they support succeeds. DAOs, on the other hand, are not all the same. DAOs come in a variety of shapes and sizes, each with its own set of functions.
DAOs come in a variety of forms, including:
DAOs that collect data
NFTs are very costly assets that a single individual cannot purchase. The collector DAOs were born as a result of this. The expenses of such assets are shared among the members of these DAOs.
Some DAOs allow whale investors to act as hedge funds, while others let community members to pool their cash and acquire NFTs. Because everything is done on the blockchain, transactions are transparent, and the value of the NFTs is shared by everyone.
Remember how suspicious onlookers looked when CryptoPunk #2890 sold for a whooping $761,889? The item was not purchased by a person, but rather by a DAO that pooled their funds.
DAOs for gaming
The issue of trust is one of the most serious issues in online gaming. When a game creator promises he’ll compensate you for your in-game accomplishments, how can you believe him?
Game DAO is attempting to address this issue; the answer is to build a completely transparent system that allows users to earn tokens by playing games, viewing videos, and interacting with other players.
The Gaming DAO blockchain is a platform where gamers may get compensated (in the form of NFTs) for their time and efforts, as well as contribute resources that they would not otherwise utilize to aid others. It’s a gaming platform that aims to get people interested in blockchain technology. Of course, it’s not only for players; it’s also for game creators seeking for a means to monetize or fix their problems.
Yield Guild is a gaming DAO that helps game makers crowdfund and develop their projects. Yield Guild will maintain ownerships and keep track of the players’ standings and inventory using Ethereum blockchain and smart contracts.
DAOs for social purposes
DAOs are transforming social media systems that are based on the internet. Apps like Facebook and Instagram in the web2 era have complete control over its users and their data. Users of Social DAOs have complete control over the rules of interaction, allowing them to establish rules that benefit them and their community.
Feiyu, an NEAR-based social networking site, allows users can post memes and GIFs with others in the metaverse. It has a built-in meme generator that allows you to create memes right on the site. Users may earn tokens or NFT products as a reward. It’s an NFT marketplace with the goal of motivating people to make their own one-of-a-kind NFT artworks.
The top ten decentralized autonomous organizations (DAOs) to join in 2022
IBC DAO No. 1
In the future years, play-to-earn gaming will be the largest trend in crypto. We anticipate digital variants of DAOs to play a significant role in the growth of the blockchain gaming environment, especially given the metaverse mania. IBC DAO is one such community that aims to lower entrance barriers for participants while still providing a steady income.
IBC gaming guilds enhance the P2E economy by sponsoring early-stage initiatives by using a sub DAO model. Furthermore, members of the community receive access to some of the best-performing assets, such as yield-generating NFTs, PFP NFTs, virtual lands, and in-game assets. Market players would considerably profit from joining a gaming guild like IBC DAO, given where the crypto market is heading in 2022 with sectoral gaming rotation.
Now is the time to join the waiting list.
DAO Flamingo #2
Flamingo DAO is a non-fungible token (NFT) DAO that is looking for new investment possibilities in ownable, blockchain-based assets. Flamingo serves as a real-time curated list of the greatest NFTs available for purchase, sale, and trading by investors.
Each artist and maker may define their own guidelines for how their assets can be used and exchanged on Flamingo. For example, an artist may set a condition that their picture can only be sold at auction to a Russian collector.
DAO #3: Friends with Benefits
Friends with Benefits is a new decentralized autonomous organization (DAO) that was founded with the goal of creating a decentralized incubator for Web 3.0 apps. It offers Web 3.0 entrepreneurs with a network, resources, and shared incentives in order to help them establish and expand their businesses.
It also has a marketplace for peer-to-peer trade of resources, services, and goods, as well as a voting and decision-making governance protocol.
DAO #4 Curve
CURVE DAO is the governance token for CURVE Finance, an Automated Market Maker (AMM) that provides liquidity to exchanges. It is also one of the top five cryptocurrency liquidity providers.
CURVE Finance is a decentralized exchange for stablecoins, unlike other participants in the market, and since the assets are less volatile, it provides minimal slippage and cheap cost swaps between assets of the same value. Curve DAO is beneficial for a variety of reasons because it allows for permissionless, quick, and automatic asset changes.
- It facilitates the exchange of stablecoins for cryptocurrency users.
- It’s an excellent way for liquidity providers to make interest fees while trading, as well as for traders seeking for particular possibilities to engage in.
Curve Finance is a peer-to-peer network of fiat currencies based on the Ethereum blockchain that is completely collateralized. The DAO token holders, who may vote on proposals and get incentives, administer this network.
Merit Circle #5
Merit Circle is a decentralized autonomous organization that invests in the top play-to-earn games and supports them in their growth. Play-to-earn games are those that allow you to earn NFTs by playing them.
The Merit Circle community is always on the lookout for new gaming initiatives to support and sponsor. The Merit Circle DAO awards ETH and ERC20 tokens to the games that garner the most votes from the Merit Circle community. This money will also be utilized to get the games started.
Holders earn staking prizes if the game is successful. Because MC is a community-first DAO with a varied membership, it has set up a Balancer liquidity program that focuses on funding problems for DeFi protocols. The weight of both assets in the Balancer pool will be variable, unlike in ordinary pools.
#6 Guild Games with a High Yield
It’s no wonder that some game developers are seeking for a fresh method to make their imprint in the age of Fortnite and PUBG. The Yield Guild is just what they need. It focuses on offering a platform for game creators, publishers, and players. It also acts as a center for virtual reality gaming.
The Yield Guild assists such developers by giving funding and consulting to aid in the creation and publication of their work on the platform. The company behind the project is also working on a virtual reality game called “Yield,” which will enable users to establish Guilds and compete against one another to climb leaderboards, collect awards, and generate passive revenue.
Gnosis DAO #7
Gnosis is a decentralized platform that allows anybody to establish prediction markets using Ethereum smart contracts. Gnosis is a forecasting tool that is open and available to anybody, because to blockchain technology’s decentralized, transparent, and irreversible nature. Anyone may engage in markets and build new markets, and anyone can develop and participate in prediction campaigns, thanks to the Gnostic platform.
The Gnosis DAO is a decentralized platform that enables users to forecast certain events in the virtual and real world, such as the price of Ether, the result of a football game, or the future president of the United States.
Maker DAO #8
The Dai stablecoin is issued by MakerDAO, an Ethereum-based platform. Dai is a decentralized stable currency that is tethered to the US dollar’s value (1 Dai = $1). The Dai stablecoin system intends to offer a viable alternative to central bank-issued fiat currencies via a system of Collateralized Debt Positions (CDP) and autonomous feedback mechanisms.
CDPs are Dai-denominated debt positions with Ethereum collateral backing their value. Users of Dai must have a minimum amount of collateral in their CDP to avoid liquidation and preserve a well-functioning market. The CDP is liquidated when the collateral value falls below a specific level, and the Maker system pays out the user’s loan in full.
Aragon DAO #9
Aragon DAO is a startup that offers all of the services required to create a Decentralized Autonomous Organization (DAO) on the Ethereum Blockchain. They think that the tools given by Aragon will aid in the adoption of DAOs as a form of alternative governance.
The Aragon Platform is a set of core tools for bringing DAOs to life and making them operate. These tools include the governance, voting, accounting, and fundraising capabilities needed to manage an organization efficiently and securely without having to entrust your finances to anyone else.
The Aragon Network is the world’s first decentralized jurisdiction, enabling groups to function on their own terms.
DuckDAO #10
DuckDAO is the first community-driven crypto incubator, and its major goal is to break the early phases of investing in high-potential companies. DuckDAO initiatives are divided into three categories: incubation, strategic contribution, and general contribution. DuckFarm, DuckDAO Hunters, and Duckstarter are just a few of DuckDAO’s offerings.
DuckDAO Hunters is a game where you gather NFTs. The game’s first season ended with over $200,000 in prizes, including a $100,000 grand prize. Season 2 will put what was learnt in Season 1 into practice, making the game more engaging and rewarding.
DuckDAO has shown that when properly implemented, the DAO model for investment works wonderfully.
Conclusion
While much of what DAOs promise has yet to be proven, the improvements they have already brought are impressive. The DAO movement has made one thing very clear: it is here to stay!
DAOs are having an influence throughout the crypto sector, from establishing network architecture to creating the largest gaming economy. Many individuals will understand the actual potential of DAOs when interest in micro-economies grows and contributors are granted meaningful ownership. And, in my view, 2022 will be the year when DAOs truly enter the mainstream. Join today to be a part of a historic change.
Karthikeya Gutta, a crypto writer and freelance contributor for ItsBlockchain, was born and raised in India. With in-depth analysis and research, he covers many facets of the sector. His enthusiasm for blockchain and the crypto ecosystem stems from his belief that it has the potential to transform the world and benefit millions of people.
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The “list of daos to join” is a list of top 10 DAOs to join as a member in 2022. These are the best cryptocurrencies to invest in.
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