Let’s start for the basics! 😊
DAO stands for Decentralized Autonomous Organization.
Let’s break it down word by word:
Because DAOs are still very new and haven’t yet learned how to operate in a fully decentralized or autonomous way, not many fit this description.
<aside> 👉 You can think of DAOS as entities that allow their communities to work together by using blockchain technology, and the incentives it enables, to fulfill a common purpose.
DAOs are governed by the community, for the community.
The GoodDAO is the governance protocol that governs the GoodDollar protocol, and empowers community members to take an active role in determining its future: shaping GoodDollar’s destiny as it seeks to create free money as a public good for all.
In the GoodDAO, all GoodDollar community members have the chance to play a more active role! All GoodDAO decisions are meant to maintain a protocol capable of generating, financing, sustaining and distributing a digital basic income in the form of the G$ token to claimers all over the world.
GoodDAO’s three main operational goals are:
If you want to know more, you can check out our Governance paper.
<aside> 👉 In the GoodDAO everybody gets a say! GoodDAO members are members of the GoodDollar community. Members have the power to vote on all proposed changes and to make their own proposals.
For example: The GoodDAO elected a team community moderators to take on responsibility for monitoring communications and onboarding members. They are hired from the GoodDAO and they get paid on a monthly rate.