If you cut off a spider’s head, it dies; if you cut off a starfish’s leg it grows a new one, and that leg can grow into an entirely new starfish. Traditional top-down organizations are like spiders, and distributed organizations are like starfish, having a strong ability to survive.
In today’s block-chain world, such starfish organization is known as DAO (Decentralized Autonomous Organization) which makes it possible for the old social system to go through earth-shattering changes. In DAO, the rules of management and operation are written on the blockchain in the form of a smart contract, according to which everyone acts in an open and fair way, thus realizing self-operation and “unstoppable” ability without centralized control and human intervention.
Since the failure of “the DAO” project in 2016, DAO has gone a long way, such as MakerDAO, Aragon, and MolochDAO, which are all based on Ethereum ecology. However, although we have witnessed the maturity and growth of the ecosystem, it is still in its infancy and it is too early to put it into operation on a large scale as it needs more time to evolve. With the maturity of Polka Ecology (Substrate framework is functioning increasingly perfectly, supporting one-click chaining) and compatibility (supporting cross-chaining), we have perceived the opportunity that DAO can further develop based on Polka.
There is a governance module in the Substrate framework. While creating a Runtime, the creator can freely choose to join this module, and its goal is self-evident: enable the Substrate chain to realize completely decentralized self-management. SubDAO Network (also known as Starfish Network) has different goals. The goal of SubDAO is to create a (1) cross-chain platform providing (2) general and customized functionalities to govern a DAO (3) connecting to DApp with the ability to (4) access off-chain external data. SubDAO enables organizations without major service chains to easily use cross-chain assets and cross-chain protocols to complete smart contract-based events, which is our initial assumption about SubDAO for Polka ecology.
Aragon has gone the extra mile for the standardized definition of DAO. We think that in the initial stage, SubDAO should realize several types of DAO templates of the simplest version, such as Fund Template, Parachain Slot Auction Template, and Voting Template, so as to design different templates by defining different types of events:
l Define creation rules (such as defining membership);
l Define voting rules;
l Define the rules and custody methods of fund pools;
l Define the budget process.
And in terms of user experience, it allows Polka users to create a DAO within “15 minutes”:
a. Select a template;
b. Select the organization name;
c. Set parameters for each template;
d. Submit the generated organization.
The early design version of SubDAO can realize the following (but not limited to) tasks and functions.
l A Polka parallel chain can realize simple fundraising through fundraising templates;
l A VC for Polka can use multiple currencies as a fund pool to complete multi-signing of the fund pool through the fund template and the investment proposal through voting, and use the fundraising DAO of the above-mentioned parallel chain to complete the token purchase. At the same time, the new tokens obtained can be guaranteed by the shareholder currency;
l An IPO-oriented fund can inject DOT and participate in the IPO voting process through the IPO template, and interact with the IPO module of the parallel chain. The DOT or parallel chain tokens obtained can be guaranteed by equity currency, and complete mortgage lending, currency stabilization, and other operations even through Acala or other parallel chains;
l A localized community (such as Polkaworld Community) can get donations supported by multiple parallel chains and go through the application and approval process of activity budget for different parallel chains.
To complete the above cases, we not only need to redesign the Ethereum products similar to Aragon, but need to design the special events of Polka:
l DAO needs to support event interaction with relay chain, and treasury, governance and society modules of other parallel chains, etc.;l
l DAO needs to support asset interaction with other parallel chains.
Although there are, of course, other aspects involving more technical planning of the SubDAO project, there is no need to describe them one by one in detail here.
The development of human society is undergoing a great change of decentralization. Perhaps this society will not be completely decentralized in the end, but at least centralization and decentralization will coexist. Organizations similar to DAO have cut a figure and made its way from Wikipedia to Skype in the traditional economy. The smart contract will become a milestone to the maturity and boom of DAO organization, just as Bitcoin has triggered a financial revolution. When DAO is mature enough to replace traditional organizations, there will be a major social change for us to embrace.
In that new society, people have the right and freedom to form organizations without centralization, borders, and government censorship. Everyone can freely put forward and decide their own needs, abide by and safeguard the rules of their own organization so as to build a more just and democratic society in which there are no sanctions or unreasonable instructions. The demands put forward by people or organizations, which will be displayed as a series of codes in the smart contract, can be voted and executed according to certain rules.
We believe that an era of DAO lies right ahead.
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