OVR is introducing the technology of Decentralized Autonomy Organization.
As more and more innovative technologies continue to underlie our digital space, we would in no time achieve the goal of a completely smart and autonomous economy- a world at your fingertips, where you call the shots! There are currently a list of disruptive technologies, such as blockchain, IoT, AI, and DAO which are currently being adopted to re-model the current work pattern, at the same time ensuring full autonomy.
The motive behind the creation of blockchain was to eliminate existing centralized structures and give back autonomy to the users themselves, as well as enabling transparency. Decentralization was the focal point of blockchain, and as such, led to the idea of Decentralized Autonomous Organization (DAO).
Decentralized Autonomous Organization can be described as a set of algorithms programmed, enforced, and embedded into the code of a smart contract that can be executed without a hierarchical management. It is a system that ensures that all transactions whether financial, are recorded on a public ledger. Thus, any blockchain-based structure with a decentralized governance system can be considered a DAO.
They are termed “autonomous,” because the system has the ability to make decisions on its own. For instance, consider an organization that can execute decisions with no leader, manager or advisor. That’s the idea behind DAO, eliminating age-long traditional organizations with hierarchical management, and providing full autonomy in a smart contract.
Many organizations are beginning to open their arms to DAO. According to Eyal Eithcowich, founder and CEO of DeepDao, the growth of DAO is accelerating, increasing from 10 just last year to around 76 presently. He also stated that the number of active DAO has seen a 660% increase since 2019. (DeepDao is a company that provides insights and analysis into Decentralized autonomous organization).
Humans are not perfect, as they can be influenced by emotions to make mistakes that will lead to fraud. DAO, however, is failure-proof, with no emotions, and cannot be influenced by emotions. Thus, making it not only secured, but reliable.
OVR is trailing the path to provide users with a decentralized/community-first platform for transactions.