The buzzwords in the Web3 era are undeniably ‘coin’ or ‘NFT’. This is due to success stories of blockchain such as strikingly high investment returns and new possibilities presented for creators, triggering a massive interest in ‘coin’ and ‘NFT’.
However, what best represents the ideals of the Web3 era by far is the DAO(Decentralized Autonomous Organization). DAO allows consultations, resolutions, and implementation of protocols to operate a community through a decentralized and trustless structure that cannot be manipulated. Therefore, some refer to DAO as a value of direct democracy and juxtapose it as an innovation that mirrors neoliberal ideas.
A variety of organizations that conduct blockchain projects are advocates and enthusiasts of DAO. Communities under the name of DAO evolve continuously to manifest the true meaning of the organization, whether it is to preserve beliefs, make profits from collective investment or to acquire permission to operate a business. However, it is not easy to find a DAO that is entirely designed to allow a decentralized operation whilst increasing the value of DAO tokens. Now is the time where an accessible and stable protocol should be designed to allow communities to implement their own tokenomics.
DAO is determined collectively through a process in which like minded members with a common purpose agree on operating rulesets.Thus, it is crucial to provide members an On-chain environment where they can vote transparently and safely without alienation of information on the agenda.
DAO is designed to prevent human intervention through blockchain technology, guaranteeing freedom and rights without the need to regulate them through a rule of law. The operation is carried through a smart contract that assigns a role to each element for the execution of the designed protocol.
Application of innovative protocols that enable operation and revenue generation mechanism of recruited funds is essential to increase the value of a DAO. Implementation of the DAO ecosystem by protocol increases the self-sustaining power of the organization and lays the foundation to reach the next step.
Unfortunately, DAO is still an unfamiliar concept for most people in the Web3 era, and it faces limitations of information such as how to participate. Despite understanding the philosophy, perspective and potential of a DAO, the speed of creating and developing one is inevitably slow due to its technology-centric nature.
Through blockchain technology, DAO in NILE supports joint economic activities from various areas such as investments, sports, entertainment and art which was up in the air in Web2, allowing opportunities for anyone and everyone who appreciates Web3 to enjoy and participate in life innovation through DAOs. Just as science and technology in Egypts advanced from flooding of the Nile, NILE represents the beginning of a new civilization beyond the evolution of life, based on Web3.
As long as there is a clear vision for purpose and growth, it is possible for anyone to create and operate DAOs in NILE. In NILE, smart contracts based on the technology and know-how accumulated from the creation and expansion of the WEMIX ecosystem are the backbone of the DAOs. Instant trust and transparency is guaranteed through the visualization of the movement and flow of raised funds, along with a democratic voting structure On-chain. In addition, information asymmetry is prevented through una Messenger, the most seamless token-based community tool. Thus, NILE is the ideal platform to support creation, operation, and participation of DAOs where rights of the members are exercised without alienation.
DAO in NILE works on a robust and durable protocol made up of seven components. The whole management of this process is done through smart contracts, and a trustless system is guaranteed since the protocol is established on the votes by members. NEITH Protocol allows members of the DAO to propose and make creative and innovative ideas come true.
NEITH protocol devised in NILE realizes tokenomics of DAO. The seven components of the NEITH protocol furnishes an environment in which DAO can bring forth its own ecosystem. It allows various projects to carry out transparent and safe fundraising, execution of funds and possibility to expand assets. The funds raised as a result of DAO activities are reflected in the increase in the value of a DAO Token through Incinerator, activating its tokenomics. A DAO that only pursues growth of common assets for short-term purposes will eventually fail. NEITH Protocol presents a new paradigm in the Web3 era, enabling an environment in which DAOs can progress naturally, allowing members to focus on activities for common purposes.
DAO stimulates life evolution by connecting and making everything we think about a reality in Web3. There are no limits in a DAO. The recruiting purpose of each DAO is different; and the attributes of the members as well. Ultimately, Web3 allows anyone to experience the most revolutionary opportunities by participating in DAOs.
With blockchain technology evolving every day, we should fully embrace DAO of NILE that is designed for the evolution and continuation of the new civilization, and incentivize further innovation in the Web3 era.
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