DAO
The Digital Monetary Fund is managed by a seasoned team of financial markets and technical experts. We share a common philosophy of how blockchain and cryptography technology can be harnessed to deliver the promises of Modern Monetary Economic Theory. Management is driven by a shared commitment to the principles of a Decentralised Autonomous Organisation (DAO).
The Digital Monetary Fund is managed by anexpert team of financial markets and technical experts. We share a common philosophy of how blockchain and cryptography technology can be harnessed to deliver the promises of Modern Monetary Economic Theory. Management is driven by a shared commitment to the principles of a Decentralised Autonomous Organisation (DAO).
The Digital Monetary Fund DAO has been published on the Ethereum live blockchain and can be viewed here:
https://etherscan.io/token/0xa42be035918a91406ad0d756e96af0dd442e12df
The Digital Monetary Fund DAO has launched on the popular Aragon Governance platform. The Aragon platform allows token holders to participate in the decision-making and direction of the Digital Monetary Fund DAO. Holders of the DMF token can connect their Ethereum Wallet and participate in the DAO here:
https://client.aragon.org/#/dmf/
Overview
The Digital Monetary Fund (DMF) is a digital decentralized autonomous organization (DAO - stylized Đ), a form of member-directed entity. It began as an idea to use blockchain technology with Monetarist Economic Theory in April 2018. By September 2020 it had evolved into the Digital Monetary Fund and it was decided a DAO was the way to form the entity.
DAOs provide a new decentralized business model for organizing both commercial and non-profit enterprises. The DMF DAO is instantiated on the Ethereum blockchain, and had no conventional management structure or board of directors. The code of the DMF DAO is open-source https://github.com/Digital-Monetary-Fund.
The DMF DAO is stateless, and not tied to any particular nation state. Rules of the DMF DAO are encapsulated as Smart Contract software instructions, rather than national government regulations. Changes to the DMF DAO rules can only be made on a consensus basis, governed by votes of Smart Contract token holders.
The DAO will crowd-funded via a token sale in May 2021, and then on secondary markets.
Operation
The DMF DAO is a decentralized autonomous organization that exists as a set of contracts among people that resides on the Ethereum blockchain; it does not have a physical address, nor people in formal management roles. The theory underlying the DMF DAO is that by removing delegated power from directors and placing it directly in the hands of owners the DAO removed the ability of directors and fund managers to misdirect and waste investor funds.
As a blockchain-enabled organization, The DMF DAO aims to be completely transparent: everything is done by the code, which anyone can see and audit.
The DAO is intended to operate as “a hub that runs a blockchain-based international monetary system “. Investors receive voting rights by means of a digital share token; they vote on proposals that are submitted by “nominators” and a group of volunteers called “curators” check the identity of people submitting proposals and make sure the projects are legal before “whitelisting” them. The profits from operations will then flow back to its stakeholders.
The DAO’s relies on Ether allowed people to send their money to it from anywhere in the world without providing any identifying information.
DAO Organisation and Governance
Consent of the governed is the only legitimate basis for governance. Throughout history innovation in governance has enabled an increasingly more direct relationship between a community and those that make and enforce community rules. For example in a democracy, the intent is that rule makers are also community members, not a separate class creating and enforcing laws from some citadel on high.
For the sake of legitimacy, those who make laws should live by them and shoulder any burden that comes from them, which happens when the community is both the governor and the governed. Of course there’s always room for improvement. This is where Web3 technology as a phenomenal coordination tool has allowed humans to innovate governance once again — into Decentralized Autonomous Organizations (DAO)s.
DAOs give communities who share values the ability to organize and govern with maximum consent and legitimacy. Community rules are pre-made and transparently executed by code on a blockchain. And DAO communities are opt in, voluntary associations. Perhaps most importantly though, DAO communities are owned by each individual member through ownership of the network’s token. This aligns individual and group incentives towards everyone’s benefit, since actions that keep the network safe and prosperous reward token holders with a higher token value.
In DAO models where tokens give voting power, a community may reward positive actions like participation with more tokens. This gives extra influence to those who are most active in the community. Through ownership and influence DAO community members are motivated towards community benefit.
DAO communities share values and governance, and allow members to have ownership where they live, play, or work. And they are becoming increasingly common in Web3 communities!
Check out some of these helpful links to get up to speed on the way of the DAO:
How Do DAOs Really Work - Gary Lai
What Is A DAO - Shermin Voshmigr