Introducing a Decentralized Autonomous Organization
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.
ADVANTAGES OF A DAO
Just like blockchain, DAO ensures that every transaction is completely decentralized and recorded on a public ledger. OVR is adopting a DAO to provide users with:
OVR is providing users with an ecosystem where all financial transactions, rules and decisions are recorded on a public ledger, giving every user the ability to review such decisions if need be. We’ll also adopt a consensus system where every stakeholder can contribute his/her decision as to how the organizational funds will be spent.
In contrast to hierarchical organizations laced with a number of bureaucratic processes that slows down transactions and decision making, OVR provides a decentralized structure that ensures transaction times are faster and more efficient. It also ensures speed in decision making during voting procedures within stakeholders, as users only need to contribute a certain amount of their OVR tokens to participate in the decision making process.
OVR’s decentralized ecosystem will give every user/investor an equal chance to make decisions that would benefit the community. Every users’ idea or contribution towards the development of the community will be taken into consideration. (Users have the autonomy of their ideas and decisions.
OVR is introducing the concept of IBCO (Initial Bonding Curve Offering) which shares the same advantages of the DAO which let the community members and the market determine the supply and price of OVR tokens.
There will be no pre-determine price for OVR tokens, instead the token price will be determined by its demand following a bonding curve. If there’s no demand the price will stay low, if there’s a demand the price will grow and the tokens will be minted, in this way price discovery is immediately entrusted to the market.
The IBCO will start on our platform by November, 2020. Stay updated for more information!
OVR is a cutting edge AR platform powered by the Ethereum Blockchain. OVR makes it possible for users provided with a mobile device or a smart glass to live interactive augmented reality experiences customized in the real world. OVR can be defined as a new standard in augmented reality where geographical experiences are based on the user’s position.
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