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Defining a decentralized autonomous organization can be difficult. For the sake of simplicity, we can say that the laws of DAOs are written as computer programs and governed by the community. DAO refers to an organization free of central control. It gives the operational and administrative powers directly to the users.
The essence of blockchains is decentralization, which means that no blockchain is under the jurisdiction of a single authority. DAOs, on the other hand, provide the same operational model to businesses and organizations. A DAO is a decentralized autonomous organization governed by a group of individuals who don't follow traditional hierarchies and instead rely on smart contracts on the blockchain to make decisions. It is possible to refer to these blocks of data as "smart contracts" or "crypto contracts".
The admins of a DAO govern the transfer of assets between parties in accordance with a predetermined condition.
Users on the blockchain can create contracts that are similar to the real-world contracts we are all used to. It sets a condition and a parameter, and actions are executed when the conditions are met.
Consensus protocol dictates that two or more parties on the blockchain system must agree to this agreement before it can be implemented. If the terms and circumstances of the agreement are followed, smart contracts enable on their own. Then it verifies and enforces the agreement's results. The blockchain records all the rules and transactions, eliminating the need for a central authority.
A blockchain-based smart contract is a basis for DAO's operations. But before everything else, what are smart contracts in the first place?
For the uninitiated, smart contracts are open-source protocols that may only be changed if a certain set of predetermined circumstances is satisfied.
In a DAO's contract, all decisions and financial transactions are readily visible to all members and can be independently verified by any of them. It promotes transparency and eliminates corruption by not giving any one person or entity the entire governance power.
$CRIC is the native utility token within the ecosystem, which can be utilized for DAO operations, NFT marketplace transactions, and reward collection among other things. $CRIC holders automatically become a part of the governance body of CrickDAO. By doing so, we are truly democratizing the platform by giving power to anyone who gives their time and resources to the game. The power is no longer with us. Instead, all of it is in the hands of the users.
Governance is a key issue that all modern video games face. When players do not have any administrative rights over the platform they help build, it is indeed doing an injustice to their contributions. We do not want to repeat the same mistake, and blockchain helps us do so.
With the use of smart contracts, we have also eliminated the need for mediators or decision-makers. There is no space for whimsical or impulsive moves either. Everything is safeguarded through smart contracts. All these efforts have a single goal - to make CrickDAO a haven for all cricket lovers and enthusiasts.
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