'DAOs: The Truth Beyond the Hype' cc: reitiocom 0x_delken blockchain cryptocurrency
“Corporate greed is evil!”, “DAOs will change everything!”, “Unlike corporate governance, anyone can have a say in DAOs!”. These are some widespread stigmas that, for a good reason, is widespread.
However, DAOs are not the all-conquering innovation that most people make it out to be; most people misunderstand what exactly is a DAO.[TopCareerID] yes folks, this is a live illustration of a “DAO” in action… While it is a marked improvement if compared with corporate governance, the fiduciaries of a DAO are also… wait for it… humans!
The DAO, mostly made up of retail users, votes for Fantom, as it is the fastest EVM-compatible chain. On the other hand, PancakeSwap’s core developers value security and decentralization over speed. They posit that it will be much better if PancakeSwap migrates to Ethereum, and in a bold move against the DAO’s majority consensus vote, PancakeSwap is migrated to Ethereum.
Absent this requirement, a DAO is as good as useless — not having the ability to fork simply means that nobody besides the protocol’s fiduciaries has any real voice whatsoever regarding the direction of the project.Building on from the above, governance of an entity is not a black-or-white choice between decentralization and centralization.
Repeated for emphasis, the ones that will ultimately be pulling the shots will not be the DAO itself, but the protocol’s core team . By law of nature, if the core team abuses its power , a project can be forked given enough support. For instance, the Bitcoin Cash fork on Bitcoin due to disagreement in block size, or the Ethereum Classic fork on Ethereum due to opposing views on resolution handling in the aftermath of TheDAO hack.
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