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How to better understand NnsDAO, what is its vision and ecology?

ยท 5 min read
Patrick Punk

By Punk | NnsDAO Labs

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How to better understand NnsDAO, what is its vision and ecology?

Throughout the history of blockchain development is a human history of continuous decentralization, starting from the birth of bitcoin in 2008, people have decentralized currency, to the emergence of ethereum in 2014 decentralized finance began to explode, and then to the back of the decentralization of the idea deep in people's hearts, people began to explore more areas to decentralize, and not only on the business level, even governance The emergence of DAO has shown people that a bottom-up management approach is possible. The emergence of public chains such as ICP has even completed the last step of this revolution: server decentralization. As a result, in the near future, a blockchain project will feature no principals, no office addresses, and even servers that are distributed across data centers around the world. Theoretically no one will ever be able to shut down the project again.

The project we are going to introduce today: NnsDAO, is a DAO-based WEB3 platform deployed on the ICP ecosystem chain.

DAO has become the representative of advanced governance model. Many DEFI and VENTURE projects introduce DAO governance by letting the community vote on the direction of the project, but the weight of the vote is calculated according to the number of tokens held. Such an approach brings two disadvantages.

  1. there will be the possibility that large users with more cryptocurrency holdings will completely control the development of the project, making the so-called democracy much less effective.

  2. Many users who hold coins are not sensitive to voting and do not care about the development of the project, but simply buy the coins and put them away, but never vote when voting, for such projects many DAO organizations will face the embarrassing situation that those who hold coins do not work and those who work do not have many coins. As a result, many motions are forced to be shelved because there are not enough votes to implement them.

For this result, DAO organizations are constantly evolving to solve this problem. Some DAOs have started to adopt the form of BLOCK voting: as long as one person votes for a proposal and no one votes against the proposal, the proposal can be passed, and if two people vote one for and one against, the proposal cannot be passed.

NnsDAO takes a different approach to build a virtual reputation system to solve the above problem. In the NnsDAO ecosystem, all users in the ICP ecosystem are encouraged to create a union (DAON) and a sub-DAO (DAOS) of a project on ICP. The more users contribute to a project or union, the more they are rewarded with NnsDAO's eco-currency, NDP, and an additional virtual reputation, NFT, which cannot be traded. Through this dual token system, we will see what kind of changes will be brought to the DAO governance model.

Imagine a scenario where a user is very active in Project A under the NnsDAO ecosystem and has made a lot of contributions to Project A. Everyone in the Project A community knows him and he has a lot of tokens and voting rights in Project A. But no one in the Project B community knows him. But no one in the Project B community knows this guy, and he doesn't have many votes or tokens in Project B. If he wants to build up his influence in Project B, he either needs to start from scratch or buy a lot of Project B tokens, but the emergence of the virtual reputation system can change this process. As a result of good performance in project A, the user will accumulate his reputation and get a virtual reputation NFT, which allows the user to have enough voice and voting weight in any project under the NnsDAO ecosystem. In this way, the real contributors of the community can continue to promote the progress of the project and the weight of the vote is no longer the number of TOKENs held by a single project.

NnsDAO has already cooperated with JDADAO, a Japanese developer organization, and JDADAO has announced that it will join the NnsDAO ecosystem to help developers who wish to develop on the ICP chain in the future. Many projects on the ICP chain will introduce the DAO governance model in the future, and as the first DAO protocol on the ICP ecosystem, NnsDAO ecosystem does not only position itself as a project, but also as a protocol that can accommodate various DAO organizations on the ICP chain. Judging from the layout of NnsDAO's ecological segment now, they are also working towards this goal. Currently, NnsDAO has ICPSCAN, ICPDROPS, ICPTREE, Universe, and ICPODCAS under its ecology. Users can play in NnsDAO, participate in the governance of the ecological projects, check various data on ICP ecology, as well as hold NDP can also receive airdrops of each project. People can also work and socialize by setting up DAON on it so as to truly realize social2earn.

With the development of blockchain, the techno-punks have finally established a decentralized kingdom. the revolution brought by WEB3 will undoubtedly be very far-reaching, and the emergence and development of DAO organizations will be the key to this revolution. countless DAO organizations may appear in the future to replace the corporate system for people to work and socialize. There may also be a situation where oligopolistic companies and DAO organizations co-exist, and no matter which outcome, joining a DAO organization is the most important thing you should do now.

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