PhoenixDAO, the self-sustaining decentralized autonomous organization (DAO), plans to eventually ensure the complete decentralization of the decision-making process.
The project is creating its own suite of products and protocols that will power the new digital economy, covering NFTs, DeFi, and decentralized governance.
From Centralization To Decentralization
At present, PhoenixDAO is not entirely autonomous or self-sufficient. However, it plans to soon allow the DAO to achieve complete decentralization. Initially, the DAO will follow a centralized approach when it comes to key decision making, where the final decisions regarding matters such as the direction that PhoenixDAO needs to take will come from the core team.
This second stage involves expanding the decision-making team to include more participants other than just the core team. The last stage will see the decision-making process become completely decentralized and autonomous, with all significant decisions put to a vote to the PhoenixDAO community.
This process will ensure that PhoenixDAO’s system of decentralization is entirely error-free and robust, allowing the platform to eventually move to a completely decentralized system of governance and decision-making.
The Traditional Way Of Decision Making
Traditionally, organizations have in place a tiered pyramid structure that manages different aspects of an organization. The company is divided into several departments, each with its own core team that has the final say in decision-making. Another higher authority then approves these decisions, usually the board or the founder/CEO.
The traditional decision-making method is seeped in centralization, which concentrates all decision-making into the hands of a few individuals and largely leaves the stakeholders out of any decision-making process.
How DAOs Like PhoenixDAO Will Ensure Autonomous Decision Making
DAO’s like PhoenixDAO are looking to upset the traditional method of decision-making by introducing smart contracts. DAOs will use smart contracts to automate the decision-making process. The smart contracts will run on commands that will not require any higher authority to approve key decisions as the entire process will be completely decentralized.
PhoenixDAO is looking to power the next generation of decentralized applications and focus on creating a self-sustaining governance ecosystem; it will offer community governance to all PHNX token holders. Users can buy the tokens on Kucoin, Uniswap, Bittrex, STEX, CoinEx, PROBIT, and coming soon to Numio.
The PhoenixDAO Events dApp
The events dApp was launched by PhoenixDAO on the Polygon network in April, enabling users to buy tickets by simply connecting their crypto wallets. Through this application, PhoenixDAO addresses the problems of centralized ticketing and makes it cheaper and more secure for both ticket sellers and ticket buyers.
PhoenixDAO is completely disrupting the ticketing industry by introducing smart contracts that eliminate the need for middlemen and enable companies to set clear guidelines for ticket sales and ticket reselling. The entire process of the transaction of tickets is recorded on the blockchain, making it immediately verifiable.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.