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[Urgent Executive] ETH-A, USDC-A and PSM-USDC-A DC increase
However it was too late. On Jan 5, 2021, MakerDAO's most important vaults ETH-A and ETH-B were dried up. DeFi's most popular project was experiencing a liquidity crisis.
This was not the first time when it happened: last time a similar crisis took almost one month for an urgent executive to take into effect.
Obviously, it is inefficient and potentially risky to rely on an online core of human organizations as MakerDAO's core governance mechanism. DAism's solution is to evolve onchain DAO from Decentralized Autonomous Organization to Decentralized Autonomous Organism, i.e.:
DAO 2.0 = Token + Smart Contract + Smart Algorithm
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The concept of Blockchain's DAO might date back to the term "Decentralized Organized Company"[1] coined by Daniel Larimer on September 7, 2013. Soon after that this term was revised to "Decentralized Autonomous Corporation" abbreviated as "DAC". Thirteen days later Vitalik Buterin published an article[2] detailing his thoughts on DAC. On May 6, 2014, Vitalik published another article titled "DAOs, DACs, DAs and More: An Incomplete Terminology Guide" in which he was the first in the blockchain industry to point out that after DAO was initiated it would possibly be designed to run free from external control, and under predefined rules[3].
Six years have passed since the publication of Vitalik's article in 2014, we have gone through ICO bubbles, crash of crypto markets, and wild DeFi parties. Now it is time to re-examine DAO and survey its nature.
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DAism defines DAO as Decentralized Autonomous Organization that follows the principle of "Smart Contract is Law", and is run by Cooperative Engagement, enabled through use of blockchain technology. A DAO can have it's own specific goals and accordingly conduscive and agile features and mechanisms.
- "Smart Contract is Law"
Many of us already know that once a smart contract is deployed on Ethereum, it is resistant to external interference, modificatin, deletion, or discontination, and as such is indefeasible in implementation of incoded rules.
An open source smart contract is transparent. This means that it's inner workings and functionalities can be freely viewed by anyone.
A DAO smart contract uses code to execute rules and maintain architectures of the DAO.
A DAO's rules are agreed upon my means of consensus by DAO community members establishe by a poll of community members votes.
DAism provides a framework of smart contracts that allows a DAO that runs in it to develop its own straegies and rules, make it's decisions and strictly follow them by means of smart contract code.
- Cooperative Engagement
Cooperative Engagement translates into collective rationality. It has the following two advantages to achieve efficiency, fairness and justice:
Firstly, for a DAO, 1+1>2 i.e. a DAO's overall interest is greater than the sum of each DAO member's interest.
Secondly, a DAO internalises Pareto Optimality i.e. a DAO cannot facilitate benefit of a party external to the DAO.
All DAOs in DAism run and develop based on DAism common consensus. Although each DAO independently builds its own rules based on its own interests and goals, this common consensus drives all DAOs in DAism together make strategies and rules towards cooperative egagement. These strategies and rules will be coded on Ethereum smart contracts for secure execution.
- Freely Enjoy All Resources of Blockchain
Freely Enjoying all resources of blockchain motivates every DAO member to contribute his/her intelligence and maximizes fairness and justice. If a system can realize this it will be what the Ethereum white paper defines Ethereum as: an android of the cryptocurrency world. This is exactly what DAism is pushing for.
Any DApp can easily and conveniently register on DAism, thus a channel between both side contracts built. Any DAO can freely seach the whole DAism ecosystem for all services and products provided by the DApps that already registered, and use these resources freely.
Therefore DAism will be the Amazon for all DAOs. In DAism, DAOs will be consumers and DApps will be vendors.
- Different Targets and Various Styles, Agile and Colorful
A DAO can taget any area or issue from daily life to cultural activities etc. DAOs can have thousands of topics and run in varous styles.
DAism will be an open and permissionless platform like Ethereum.
In DAism anyone can freely construct a DAO for any purpose in any style just like in Ethereum anyone can freely initiate an ICO or in WhatsApp or Wechar anyone can organize a chat group.
- Redefine DAO with New Vitality
Blockchain opens the door to a decentralized world. This decentralized world will have severe frictions with the existing centralized world. DAism will redefine DAO with new vitality, restructure DAO with new DNAs, and make DAO survive through unprecedented headwinds and challenges.
On DAism, decisions of a DAO are made by collective intelligence and all actions are executed by censorship-resistant smart contracts on Ethereum. This mechanism can minimize any intereference from the existing centralized world. We believe human intelligence will drive DAO to evolve from conception to reality.
Above all, DAism aims to be a system that gives birth to, provides resources to, and motivates contributions to DAOs.
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Today, DAism submitted an application for support from The Ethereum Foundation Ecosystem Support Program (ESP).
DAism's Proof-of-Value (PoV) consensus has eliminated ICOs. Additionally, due to the anonymous nature of blockchain, we believe that attracting venture capital is inherently highly risky. Most importantly, VCs are easily deceived. Therefore, we refuse to set a wrong example with our actions all the time. However, after nearly 5 years of development, our project with public attributes does require financial support, which is why we initiated this application.
Here are the main details we provided in our application, which are now being oppenned to the public：
https://gamma.app/public/Project-Grants-Application-grnbrnujbb1o279