We’re currently living in Web 2.0 times – where we take for granted the convenience of using the Web to communicate, create and consume content. It was propelled by (then) groundbreaking concepts like mobile web access, social networks, and smartphones. Web 2.0 has both positively and negatively disrupted many industries, but notably companies like Apple, Amazon, Google, Disney, and Meta have benefited (and even contributed heavily) to what we know is Web 2.0 now.
But that isn’t where it ends. In Web 2.0, the tech giants mentioned above are the ones largely in control, especially over our personal and financial data. We’re soon moving into the next phase – Web 3.0, which will run on decentralization. This means more control over our own data and likely higher security.
Web 3.0, the creator economy and future of work, will be built on Decentralized Autonomous Organizations (DAOs). A popular example of a DAO today is MakerDao, an Ethereum-based protocol that issues the DAI stablecoin and opens doors for collateral-backed loans without intermediaries like banks. It might sound controversial, but it’s working for now. DAOs function by a computer program that runs on the blockchain, executed once pre-determined conditions are met. They’re like rules for the DAO, to govern it and keep it running smoothly.
DAOs run on Decentralized Finance (DeFi) systems, which means that funds are no longer be stored in traditional banks, leading to higher transparency and more ownership by the entire organization.
With DAOs playing a main role in our immediate future, it’s highly crucial to start doing your research on them to not miss out on first-mover advantage. In this time of uncertainty when we don’t know what to expect next, the next obvious step to take is through sustainable growth of a DeFi community where stakeholders are held equally accountable.
One upcoming DAO project that fits the bill is the United DAO project, which is working towards reducing global barriers to entry to DeFi so all can reap its benefits. With their goal of creating a completely decentralized financial ecosystem, they plan to achieve sufficient adoption and liquidity to back the United DAO token (UTD), overcoming issues like price volatility through introducing innovative new tokenomics.
We’re looking forward to a revamp of the world again with Web 3.0 coming, and we’d totally recommend staying active on apps like Twitter, Telegram and Discord to get the latest updates on DAOs to watch out for before we completely miss the train.