Hey,
Do you know what's the real
meaning of Democracy?
I thought it meant equality.
Where everyone is equal.
But not everyone has what I have
today.
So I googled what democracy
is.
Singapore runs a Representative
democracy system where elected GRC represent a group of people in the parliament.
Giving power in the hands of
representatives who are elected by us fellow singaporeans.
Where representatives are being
nominated and to serve the citizens.
On the other hand, if we are to
use representative democracy for all things decentralized
It would not
work.
As blockchain obeys one rule,
Decentralization.
The creation of bitcoin was to
cancel the central authority and to make third party confirmation irrelevant.
And in 2016 Etherium created a
Decentralized Autonomous Organization.
DAO for short.
Dao uses smart contracts,
collective work from contributors and community members to run the community.
Making everyone in the community
technically a ‘boss’.
Since there is no single entity
in charge, nor any Board of Directors
Allowing various types of
activities to be executed in a completely decentralized and automated manner.
It also enables the creation of
better and efficient systems, reducing human errors, waiting errors and other unnecessary approval process.
Which in turn reduces
operational costs and human behavior risk.
Today, DAO is the foundation of
DeFi application as the keyword ‘Decentralized’ is the main show of Blockchain.
Creating an autonomous status in
the financial world for everyone.
Till my next email on Metaverse,
Crypto, NFTs, Web 3....
What is your thought about
that?
Reply to this
email.
I'll be on the other
side.
