The Best Exchanges to buy and hold DAO?
Do you want to buy and hold DAO? Now you are looking for an exchange to invest in DAO?
Check out the 4 best exchanges to buy DAO today.
|Best Exchanges to buy and hold DAO||Description|
|1. Bybit||Bybit offers stablecoin-margined Options contracts to help you expand trading opportunities, and Portfolio Margin to help you maximize capital efficiency.|
|2. Binance||The largest Cryptocurrency exchange in the world. Buy, trade, and hold 600+ cryptocurrencies on Binance|
|3. Huobi||Huobi, a Leading Digital Asset Trading Platform. A wide array of digital asset trading and management services to satisfy diverse trading needs.|
|4. BitMEX||Supporting more than 30 Cryptocurrencies. Get crypto’s most advanced trading platform on your device.|
DAO is the abbreviation of Decentralized Autonomous Organization, which translates as a decentralized autonomous organization. Its main task is to solve the problems that require human intervention in the operation of smart contracts.
We compare it with a company. In a company, the board of directors is responsible for decision-making, and the CEO is responsible for execution.
In the decentralized blockchain world, the DAO organization can be responsible for decision-making, and the smart contract is responsible for execution. Since the smart contract code is open source, the events that will occur after the decision is passed can be known in advance, and there are no variables (theoretically) Therefore, compared with the way the company operates, the DAO organization will have a stronger sense of trust between strangers, and will operate more transparently and fairly.
The DAO organization can initiate resolutions and votes on events like the board of directors, and the rights are similar to those of the board of directors, which can cover almost all matters, including but not limited to raising funds and their uses, benefit distribution plans, modification of smart contract code, and even the dissolution of the DAO organization. , anyone who holds DAO tokens can initiate a resolution. The more tokens they hold, the greater the proportion of votes, and the greater the control over the DAO organization.
The governance method of the DAO organization has a very positive significance for the management of the decentralized world, but the DAO organization management inevitably requires open source projects, which will lead to the disclosure of certain business secrets, the easier copying of competing products, and the exposure of their own risks. It is easier for hackers to find loopholes to attack and other problems.
Famous DAO organization
The DAO, which led to the hard fork of ETH in 2016, raises funds by issuing DAO tokens, and owns DAO tokens to obtain voting rights, collectively finds valuable projects and votes, and then uses the raised funds It is a good idea to invest, find high-quality assets through collective wisdom, and finally realize the asset appreciation of all participants. However, The DAO project also failed due to hackers using the BUG in The DAO smart contract to steal coins.
Maker DAO, Maker is currently the largest financial platform in the DEFI field. It mainly focuses on lending functions. Users can obtain stable currency DAI by pledging assets. MKR is the governance and equity token of Maker DAO, which can be understood as the equity of the Maker platform and enjoy governance such as voting. rights, and the dividends of platform earnings.
PEOPLE, ConstitutionDAO, was born in Sotheby’s auction of the copy of the US Constitution in 2021. The purpose is to auction the copy of the US Constitution through crowdfunding. Participants can exchange ETH into PEOPLE tokens through the ratio of 100,000 PEOPLE: 1ETH. Crowdfunding, ConstitutionDAO planned to crowdfund 20 million US dollars, and finally raised 40 million US dollars, exceeding the target, but eventually lost in the bidding, ConstitutionDAO is Sotheby’s first cooperation with the DAO organization, and broke the 72-hour crowdfunding most funds. For the record, after the auction was defeated, ConstitutionDAO announced the end of the project, and users could redeem ETH at a ratio of 100,000:1, but this event greatly promoted ETH, WEB3.0, and blockchain, which are relatively relative to the traditional world. A new concept, although the PEOPLE token has no practical use, and ConstitutionDAO also announced that it has no further plans, there are still a large number of holders who choose to keep the PEOPLE token and recharge their belief in the new world.
APE, the governance token issued by the parent company of Boring Ape, the NFT with the largest market value at present, holders can participate in the ecological governance of APE DAO through APE tokens, and use it in related ecology, such as the very popular monkey land in May NFT (Otherside) requires users to hold 305 APEs (the price was above $6,000 at the time) after completing KYC to mint a piece of land (1 NFT), which led to a skyrocketing APE price.
On the whole, DAO, as a decentralized management method, provides a solution for the management of blockchain, but common problems in the industry still exist, and the blockchain is still in the early stage of exploration. Is the product at this stage feasible? , it takes time to verify. In addition, extra attention should be paid to the fact that the wisdom of the group may not exceed the individual. The book “The Crowd” also mentioned a point of view that the group is always inferior to the individual in intelligence. Tencent, if it adopts the DAO management method, may have been eliminated in the fierce market competition.
At present, using DAO to raise funds, invest and distribute benefits through smart contracts is a relatively reliable solution.