Berith Voting (1) — Introduce
Hello, This is Berith
Berith is a blockchain-based business platform and is building a Berith blockchain ecosystem through the participation of many investors and cooperation with companies such as Samsung Display, Lotte Precision Chemical, and CGV.
Berith tries to build a Decentralized Autonomous Organization (DAO) in the long run to expand the Berith public blockchain’s ecosystem from its role as a simple service provider and user, making everyone a member of the ecosystem.
1) DAO(Decentralized Autonomous Organization)
DAO(Decentralized Autonomous Organization) is an organization operated without centralized authority that members autonomously decide proposals and vote for the selection. These organizations have joint objectives among their members and use smart contracts to implement the protocols for the achievement. Moreover, the decisions are made through voting rights based on tokens distributed to DAO members.
2) A case in point for DAO
One of the notable cases is the Constitution DAO, created to auction of the U.S. Constitution’s first edition.
The DAO wanted to collect Ethereum and purchase the first edition of the Constitution, and decide how to manage and use the first edition of the Constitution by issuing the People token and voting using the issued tokens.
A similar case in Korea was attempted to establish a DAO to win two national treasures auctioned by the Kansong Art and Cultural Foundation. The DAO of the BAYC community these days, one of the most famous DAO carry out decentralized autonomous organization and executes various projects to maximize the revitalization and profit of their BAYC NFT.
3) The Needs of DAO
When individuals gather to form an organization, many problems may occur and lose trust among the members.
However, there are relatively fewer chances for the DAO members to experience these risks because DAO requires rules and smart contracts to achieve their common goals, and the members may participate in any process of the rule modification, development strategy decisions, and selection of the tasks.
Typically, a DAO group consists of maximizing gains for DAO members by maximizing gains for the entire DAO.
As a result, DAO governance members continue to make decisions to maximize the benefits of the DAO as a whole.
In addition, the DAO provides transparent visibility into the entire process without worrying about manipulation in decision-making. And unlike traditional organizations, where most of the rewards go to founders and executives, DAO distributes rewards for growth more fairly.
4) The Goal of the Voting system in Berith.
Berith has set a long-term goal of building a DAO to share benefits with ecosystem members and reach higher goals.
Specifically, we are developing blockchain-based services such as BaaS that allow ecosystem members to freely use Berith blockchain. We are also making efforts to continuously expand our ecosystem.
To achieve this goal, Berith intends to introduce the Berith Voting system as a stepping stone to DAO.
The goal of this Voting system is to actively construct and expand the Berith ecosystem through additional suggestions and voting functions.
For further information, we will follow up in our upcoming posts.