The phrase “Web3” was first used in 2014 by Ethereum co-founder Gavin Wood, who defined it as a “decentralized online ecosystem, which is based on blockchain.”
Although he describes Web3 in a technical sense, the phrase also conjures up images of the ground-breaking changes in online interaction that these decentralized apps would bring. Web3 can have specific, technical meanings, but it can also have philosophical connotations.
Users of the first generation of online apps could mostly just read content, but the second generation has given us additional opportunities to participate in reading and writing. Users may browse, publish, generate, and own the content they contribute using Web3, the third generation.
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Understanding DAO (Decentralized Autonomous Organizations)
DAOs make Web3’s decentralized structure possible. DAOs are communities that were born in the digital age and are based on a common goal. They typically start with a small group of people who have a similar interest or objective.
A DAO can be made by anyone, and launching one simply takes a few minutes. Any kind of purpose can serve as the foundation of a DAO. Several DAO kinds are listed below:
- DeFi (or protocol DAOs) use the blockchain to generate financial contracts
- DAO operating systems (like Aragon or Colony) provide a foundation for users to build their own DAO.
- Investment DAOs
- Collector DAOs, which is used for curating collections of digital items like NFTs
- Social DAOs
Even a DAO with the goal of acquiring an NBA team existed.No matter where you may be on your crypto journey, ZenGo X will offer the customer support team, which is available in the crypto wallet app.
How then are DAOs created? A DAO operating system, like Aragon or Colony, is a well-liked location to start since it gives creators the resources they need to succeed.
These resources include domain names (akin to web addresses), governance tokens, the capacity to exchange tokens, and a solid track record to support them. Each DAO is composed of various systems. These consist of:
- Treasury management
- Governance
- Voting
- Contribution management
These diverse systems work together like Lego pieces to form a single organization.
In these organizational communities, there are no central authorities. Instead, they are member-controlled, and choices are made by consensus. Every DAO has a set of rules or embedded governance that governs how it will function. Voting and participation in the operations and decisions of the community are only open to token holders.
The two biggest DAOs are Uniswap and Ethereum Name Service (ENS). ENS gives you the option to register a sort of blockchain domain name, much like GoDaddy or WordPress.
A decentralized cryptocurrency trading protocol is Uniswap. Instead of being a public cryptocurrency brokerage like Coinbase, it is a technology that enables token holders to exchange cryptocurrency across numerous wallets and apps.
