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The Future of Decentralized Governance With DAO and Web 3

The Future of Decentralized Governance With DAO and Web 3

Bikkina Srinivas, U. V. Adinarayana Rao
Copyright: © 2024 |Pages: 18
ISBN13: 9798369315323|ISBN13 Softcover: 9798369345665|EISBN13: 9798369315330
DOI: 10.4018/979-8-3693-1532-3.ch009
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MLA

Srinivas, Bikkina, and U. V. Adinarayana Rao. "The Future of Decentralized Governance With DAO and Web 3." Decentralizing the Online Experience With Web3 Technologies, edited by Dina Darwish, IGI Global, 2024, pp. 189-206. https://doi.org/10.4018/979-8-3693-1532-3.ch009

APA

Srinivas, B. & Adinarayana Rao, U. V. (2024). The Future of Decentralized Governance With DAO and Web 3. In D. Darwish (Ed.), Decentralizing the Online Experience With Web3 Technologies (pp. 189-206). IGI Global. https://doi.org/10.4018/979-8-3693-1532-3.ch009

Chicago

Srinivas, Bikkina, and U. V. Adinarayana Rao. "The Future of Decentralized Governance With DAO and Web 3." In Decentralizing the Online Experience With Web3 Technologies, edited by Dina Darwish, 189-206. Hershey, PA: IGI Global, 2024. https://doi.org/10.4018/979-8-3693-1532-3.ch009

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Abstract

Web 3 is considered the next generation of the internet. Decentralized autonomous organizations (DAOs) are considered the next avatar of organizations run digitally over blockchain-led technology platforms. Business logic and rules for running the organization are programmed in distributed applications (dApps) and executed using smart contracts. Token-based rights allow owing members to vote, participate in governance, and direct how the organization will be run. While DAOs are facing several legal and regulatory challenges on one side and fighting with technical vulnerabilities and hacks on the other side, future research in this field appears promising. There is an enormous need for education and awareness of the functioning of these emerging models, which can be dealt with using a multi-faceted approach. Decentralized governance can have a massive societal impact and lead to an equitable world. It drives financial inclusion and puts automatic decision-making at the fore.

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