🌏DAO

DAO (Distributed Autonomous Organisation) is a generic form of decentralised organisation and is the most common form of organisation in the Web3 world.

Background and Current Status of DAO

The concept of a Decentralised Autonomous Corporation (DAC) was introduced in 2014 when V-God, the founder of Ether, explained his understanding of the concept on his blog and in Bitcoin Magazine, and shortly afterwards formally introduced the term DAO.

The DAO is still in the early stages of infrastructure change, and the growth in the number of DAOs and their wider recognition is just beginning. In terms of development trends, the type of DAO has evolved from the initial technology-oriented to the social-oriented. In the future, DAOs will become more diversified and mature.For example:

• DAOs for governance purposes, such as MakerDAO

• DAOs for creators, such as Leaving Records

• DAOs for investment purposes, such as The LAO

• DAOs for collecting purposes, such as Flamingo DAO

• DAOs for social purposes, such as Friends With Benefits (FWB)

• DAOs for human resource management purposes, such as RaidGuild

• DAOs for funding purposes, such as Aave Grants

• DAO DAOs for learning purposes, such as Windseeker

Despite the rapid development of DAOs, there are still many unresolved and unexplored issues, including laws and regulations, liability and capital violence.

DAOs are carriers of shared value with the community. With a decentralised governance model for DAOs, the Web3 world and the future metaverse will be able to run smoothly and its economy will be able to operate efficiently.

The DAO design of Bitbyte

Bitbyte.finance is a decentralised crypto aggregation service platform for multi-chain deployments. All the service tools and functions on the platform embody the DAO design philosophy.These include:

• Invitation rewards for airdrops

• Invitation bonus for mining pools

• Invitation bonus for crowdfunding pools

• Earnings unlock rewards for Vortex NFT and Bond NFT

Users can access the Bitbyte website's [Airdrop - My Community] page to view information about the community network, which supports binding invitation links, viewing the community network and number of friends, as well as details of invitation reward data and transaction data.

In addition, Bitbyte introduces the Digital Identity System, which enables the organic integration of social and financial aspects on the blockchain, forming a "decentralised social graph" that gives everyone the right and ability to participate and live together freely in the Web3 world. The Digital Identity System is an identity system based on the decentralised, distributed and anonymous nature of the blockchain, which is fundamentally different from traditional identity systems and solves the trust and security problems of users entering the Web3 and metaverse.