A BEGINNER’S GUIDE TO AURORA’S DAO
The term DAO(Decentralized Autonomous Organisation) was coined in 2013 by Vitalik Buterin, and implemented in 2016, since then it has brought positive impacts on the financial system of the world, it led to the vast majority of people participating directly in the decision-making process of a project, transparency, and Decentralization. DAO is very important in any project, that’s why in this article, you’ll learn about Aurora’s DAO, how it works, its benefits, and why you should choose Aurora today.
WHAT IS AURORA’S DAO?
Aurora’s DAO is a decentralized autonomous organization that governs the Aurora protocol. Aurora’s DAO functions similarly to a traditional Board of Directors, in that there is a “Council” of seats, the holders of which vote on high-level protocol matters, and theorize, and direct subordinate organizations to achieve those objectives.
HOW DOES AURORA’S DAO WORK?
Aurora DAO has a council, this council consists of three main components, which are;
- AURORA LABS; It is the entity that develops and maintains Aurora protocol by employing competent people who will work together to ensure that Aurora protocol functions effectively and efficiently.
- PRINCIPAL INVESTORS; A diverse set of early investors holds some of Aurora’s DAO council seats.
- ECOSYSTEM PARTNERS; Several of Aurora’s DAO are allocated to important early partners such as platforms, protocols, and respected ecosystem partners.
- Holders of $AURORA token will periodically vote on the constituency of the council.
BENEFITS OF AURORA’S DAO
Aurora’s DAO offers a lot of benefits, which include;
- DECENTRALIZATION; It ensures that the decision-making power of Aurora isn’t given to one central body, rather it is distributed among a diverse set of people who hold Aurora in their best interest, also holders of $aurora decide the members of the DAO so nobody is left out of the decision-making process of the Aurora ecosystem.
- COMMUNITY INVOLVEMENT; Aurora’s DAO introduces the facility for communities all over the world to connect and work on productive goals in the Aurora ecosystem, Aurora’s DAO enables community members as long as they are holders of $Aurora to contribute to the success of Aurora.
- TRUST AND TRANSPARENCY; Aurora’s DAO uses smart contracts, and its voting power is directly allocated to the number of tokens its members hold, the Aurora council will discuss proposals raised by the community which relates to the Aurora protocol and its ecosystem, and will publicly vote on the proposals the community raises thereby ensuring transparency and trust.
WHY YOU SHOULD START USING AURORA PROTOCOL?
Aurora is an EVM(Ethereum virtual machine), build on Near protocol that offers Near scalability with Ethereum compatibility, in simple words, users enjoy a fast transaction speed of 2 seconds and a low transaction fee of 0.02$ on all ERC20 tokens on Aurora, users also benefit from Aurora’s Rainbow bridge 2.0 as they can bridge and trade tokens built on $Eth, $Near and $Aurora on Aurora, and developers can simply deploy solidity contracts they built on Eth on Aurora, and enjoy trustless scalability and fast speed. With Aurora+, there’s free membership with members enjoying zero transactions cost for 50 transactions per month, and users who stake $Aurora on Aurora+ enjoy staking rewards of $Aurora and other ecosystem tokens built on Aurora. It also offers users the opportunity to reshape the world of Aurora by creating proposals that benefit the Aurora Ecosystem and be able to monitor Aurora’s DAO decision on such proposals.
CONCLUSION
The positive impacts of DAO are quite evident in the cryptosphere, as it brought a lot of technological advancements, However, Aurora’s DAO shines brighter than most because of its effective organization, Decentralization, Transparency, community involvement, and staking reward. Aurora offers both users and developers Near’s scalability with ETH compatibility and free 50 transactions for its member of Aurora+, so I believe you should give Aurora protocol a try today.
REFERENCES
- https://101blockchains.com/advantages-of-dao/
- https://aurora.dev/dao
- https://aurora.plus/
- https://blog.tally.cash/just-dao-it-a-brief-history-of-decentralized-organizations
- https://chaindebrief.com/aurora-network-the-layer-2-building-on-the-near-protocol/
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