Three innovative DAO blockchain projects

In this article we will look at three ground-breaking DAO blockchain projects. Many blockchain initiatives are now being managed and governed by Distributed Autonomous Organizations (DAOs). 

Indeed, through a DAO, investors can influence the direction of the organization and its various projects. These organizations are not administered by a single, centralized management structure but rather by the members of the community. Before we discuss some innovative DAO blockchain projects, however, we must explore the term ‘DAO’ in more detail.

What makes a DAO different from other systems is that the rules of the organization are written into codes. A set of smart contracts executing algorithms carry out decisions based on the relevant information. Of course, this is possible without any intervention or the presence of traditional management. Smart contracts execute the decisions and enable voting on proposals.  

Here are three innovative DAO blockchain projects.

LexDAO

Firstly, LexDAO is a decentralized legal engineering guild established as an unincorporated non-profit association. This Web3 native community of lawyers collaborate to solve legal problems with code. Indeed, they help create tech-based solutions for legal needs and open-source legal solutions.

The goal of this DAO blockchain project is to develop smart contracts and blockchain tools that can perform legal services. The platform can automate various legal activities such as arbitration. 

These services might become increasingly important as a result of the growing number of organizations operating on the blockchain.

LexDAO provides legal wrappers, dispute resolution systems, legal entity consultation, risk analysis and fundraising legal support.

The platform is based on Ethereum. What’s more, it allows attorneys to both learn about and take a leadership role in technology trends.

Aragon

Aragon enables organizations to build and run their DAO on open-source infrastructure with governance plugins.

This DAO blockchain project is therefore a suite of applications and services enabling new forms of global communities.

Communities can organize themselves around capital assets, currency or tokens. Of course, these will increase in value as more people hold and use the assets to participate in the community.

Aragon doesn’t just provide basic financial tools like tokenization. It also integrates the possibility to fundraise, manage finances and reward contributors. As you can see, this is a truly innovative DAO blockchain project.

More than 3,800 DAOs are currently running on Aragon, which is managed by their own DAO.

The ANT token is the main coordination mechanism of the Aragon Network DAO. ANT holders can make proposals and vote and participate in dispute resolution too.

Decentraland

Decentraland leverages Web3 protocols to offer participants a metaverse ecosystem where virtual real estate can be built, traded and purchased. This final DAO blockchain initiative uses the Ethereum blockchain. 

Specifically, Decentraland offers LAND (an NFT minted as an ERC 721 smart contract), which represents a digital land parcel. Over 90,000 unique LAND pieces on the ecosystem can be bought, sold and traded. Another NFT on the game is Estate, which is an ERC 721 smart contract comprising multiple LAND pieces. 

The platform is managed by the Decentraland DAO.

At the time of its inception, it was the first completely decentralized virtual environment. Of course, that makes Decentraland a ground-breaking DAO blockchain project. Users have authority over the rules that govern how the world operates through the DAO. For example, the types of wearable objects that are permitted (or forbidden), moderation of material, LAND policy and auctions.

The NFTs can be traded via MANA, which is the governance token of Decentraland. It is also used to govern the platform as part of this DAO blockchain venture.

The LAND Contract, Estates Contract, Wearables, Content Servers and Marketplace are the most significant smart contracts and assets. These all make up Decentraland and are owned by the Decentraland DAO. 

Moreover, players can stake MANA and participate in community-wide voting to maintain and secure the network. In addition, they can support numerous operations and projects across the platform.

Global companies like Morgan Stanley, Coca-Cola and Adidas use Decentraland to connect with digital-native consumers.

Conclusions

As we have seen, there are a variety of ground-breaking DAO blockchain initiatives. DAOs are an innovative way to run distributed organizations based on a community of contributors, users and investors.

In fact, DAOs are one of the most interesting ideas to have emerged from the crypto industry. Over time, thousands of DAOs have been created to manage different kinds of crypto organizations and projects in every domain. These include everything from agriculture to blockchain games, Decentralized Finance and legal services.

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