DAO Crypto Tokens: What, Why And How To Buy | Binance Blog

What are DAO tokens and how do you buy them? Your answers lie here ⤵️

Blockchain Crypto Exchange, Cryptocurrency Exchange

1/17/2022 3:24:00 PM

What are DAO tokens and how do you buy them? Your answers lie here ⤵️

Mirroring the explosive interest in DeFi in 2020, DAOs have gained a spike in popularity with no signs of slowing down. Find out all about DAO crypto tokens and how you can get your own DAO crypto tokens with Binance .

Binance is home to the world’s largest global cryptocurrency exchange by trading volume and user base, and offers a wide selection of DAO coins for users to add to their portfolio.DAOs1. Rules are created via smart contracts through community voting, and are decentralized and community-led with no central authority. These smart contracts lay the foundational rules of how a DAO is to operate. And these rules cannot be changed unless they’re voted upon by the DAO’s core community members. As decisions to the DAO’s operational workflows, governance system, and incentive structures will need to be voted on in order to take effect, smart contracts are essential to creating a sustainable and autonomous DAO.

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A big part of DeFi governance, Decentralized Autonomous Organizations, or DAOs, are internet-native organizations collectively owned and organized by their members. DAOs give users a chance to start social organizations without knowing each other, establish their own rules and make their own decisions autonomously on the blockchain. As explained more in-depth in the article later, there are many uses of DAOs, including investments with attractive returns. You can start adding your own DAO tokens with Binance today. Binance is home to the world’s largest global cryptocurrency exchange by trading volume and user base, and offers a wide selection of DAO coins for users to add to their portfolio. to begin your DAO token journey today. What Is DAO? DAOs , are social organizations represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. Or to put it simply, think of DAOs as an internet community of like-minded individuals with a shared bank account. They can come together to form a group, establish a mission and decide how to fund their DAO’s mission collectively. How Do DAOs Work? 1. Rules are created via smart contracts through community voting DAOs operate using smart contracts , and are decentralized and community-led with no central authority. These smart contracts lay the foundational rules of how a DAO is to operate. And these rules cannot be changed unless they’re voted upon by the DAO’s core community members. As decisions to the DAO’s operational workflows, governance system, and incentive structures will need to be voted on in order to take effect, smart contracts are essential to creating a sustainable and autonomous DAO. 2. Users can fund DAO’s growth by purchasing the DAO’s native tokens Once the rules of the smart contract are written onto the blockchain , the next step is to acquire funding. Since smart contracts require the creation and distribution of internal property like native tokens, which can be used for voting or incentivizing certain activities on the protocol. Individuals or entities interested in participating in the DAO’s growth can purchase the DAO’s native token which are cryptocurrencies tied to certain projects. Token holders are given voting rights proportional to their holdings and are able to own equity in the DAO to help shape the DAO’s future. 3. Receive governance tokens to influence token distribution and treasury management Once there’s enough funding for a DAO to kick-off, all of its decisions will be made by token holders through a consensus vote. As the DAO’s stakeholders, community members will then work towards the most beneficial outcome for the entire network. Beyond voting rights, members can also work for their DAOs where they can get governance tokens in return, including roles in token distribution and treasury management. DAO’s Benefits In The Real World Currently, DAO crypto tokens are being used for many purposes like investment, charity, buying and creating NFTs, fundraising and many more. For example, the Decentraland DAO includes a decentralized city planning committee in the metaverse where they decide moderation of content, LAND policy and auctions, among others. Below we’ve outlined the top three benefits of DAOs and their native tokens in the real world: Decentralized, Automated And Transparent The decentralized and transparent nature of DAO gives its members full ownership to maintain the protocol. Moreover, DAOs are automated – thanks to smart contracts – and decisions are executed automatically. Compared to traditional companies, DAOs eliminate all third-party transaction costs and the organization only “pays” for existing on the blockchain, thereby increasing their profit margins. Community-Driven Decision-making power in the organization is given to each token holder. This power is proportional to the tokens held by a member, but it doesn't give them more rights or privileges. Token holders have the right to effect changes that further develop the protocol, which makes it a rewarding and truly democratized space. Potential Investment Returns Owning a governance token in a DAO is a bit like holding equity in an early stage start-up — if it becomes successful later on, that equity will be extremely valuable. The DAO members who are also token holders are rewarded with a fixed percentage of the transaction volumes on the exchange. This helps create a more stable token user base with a long-term investment mentality. All in all, this reward mechanism is what differentiates these tokens from those launched by other non-DAO projects. What Are The Most Popular DAO Tokens?