Connect with us

Entrepreneur

How Will Blockchain Change Decentralized Businesses? Hear It From Damon Nam

Published

on

DAO (Decentralized Autonomous Organizations) appears to be the way many firms will operate in the future. Organizations will begin to integrate their tangible products and services with the virtual worlds of their target customers. Identification cards, real estate titles, and art, for example, will be sold as digital NFTs to support the DAO while also giving users with digital proof of ownership of these items. And because everything on the blockchain is immediate and transparent, this will return a significant amount of power to the people who utilize those products. All sounds pretty exciting, right? But how to get started? Let’s hear it from Damon Nam! Damon Nam, a 23-year-old IT professional and former Microsoft employee, is also a proud business owner. He worked for Microsoft for seventeen years before moving on to the blockchain industry, where he focused on decentralized finance as the founder of Coin and an adviser to HODLVERSE. Damon is one of the co-founders of PRIVÉ, a community-owned DAO that specializes in high-end lifestyle goods and services.

Why go decentralized?

Those with the most stake in the firm can choose the company’s direction in centralized organizations. And, in general, this means that anyone may come in at any moment and buy a big portion of a firm in order to change its course. That is not doable with a DAO.

The company’s direction and role are established and inscribed into the smart contract. Anyone interested in investing in the DAO must agree to those conditions before proceeding. This means that a single entity, whether a person or a committee, cannot participate in a DAO and make choices based only on self-interest. Rather, everyone who invests in a DAO is doing so to support the organization’s objectives and aims. PRIVÉ is a new global digital community that bridges the digital and physical worlds. It is a private membership club of entrepreneurs, investors, tastemakers, artists, and connoisseurs who gain lifelong benefits and networking opportunities through PRIVÉ NFT ownership. Members receive one PRIVÉ champagne bottle each year, invitations to events such as parties and private tastings, and access to an ever-expanding list of VIP perks. PRIVÉ champagne is created in Avize, France, and club membership is limited to less than 10,000 global members.

Why shift toward DAOs

Damon believes that DAOs are what businesses and organizations will look like in the future. This is because a DAO democratizes the organization’s direction by giving all members, regardless of role, a vote or a say in what the organization does in the future. In a classic limited liability corporation (LLC), for example, the individual who founded the LLC sits at the top, making all decisions, and then staff and workers follow a chain. The lower you go in the food chain, the less voice you have and the less influence you have on where that organization goes. Because all or most of the authority in the organization is concentrated at the top, the mission of the organization can alter at any time. Damon worked for Microsoft for seventeen years and had a successful business career. He spent the previous six years working as a founder in the blockchain sector after quitting Microsoft to pursue his goal of creating his own technology firm. His companies have gotten millions of dollars in funding and revenues over this time.

Also Read: Entrepreneurial Uses of Artificial Intelligence That Will Change Your Business

Advice for youth

Although the DAO concept as a whole seems exciting, it can be a little hard. As a result, Damon simplifies things for newcomers by saying that if you’re thinking about constructing a DAO, one of the issues you’ll want to consider is how you want to structure it. A DAO can be created on tokens, commonly NFTs, that have smart contracts built into them. One of the best aspects of blockchain is that it is entirely open source. So you can take the code from an existing platform that already does what you want to accomplish with your DAO, look at how they do it, and then alter the code to make it work for you.

There is still a lot of legal ambiguity right now, however there are resources for advising as you begin to establish your DAO. In the meanwhile, you might begin by identifying the DAO’s aim. For example, if your DAO’s purpose is to construct a virtual museum, you should configure your smart contracts to send funds to the museum when individuals buy tokens in your DAO.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.