Berlin, Germany:-Technology has evolved radically in recent years. As the world is progressing, Web 3.0 is taking over every industry with cryptocurrency playing a crucial role in various fields including collective ownership and charitable donations. It is unsurprising then that UNICEF, one of the world’s largest charitable donors, acknowledges they are testing a DAO prototype to facilitate the funding process for digital public goods projects on-chain. “The DAO will provide the platform for a fair distribution of power and communication for a globally distributed digital public good”, explains UNICEF blockchain lead Arun Maharajan. Many such DAOs are already a reality on Ethereum, the world’s largest and most successful open source smart contract blockchain.
Bashar DAO, backed by experts from the blockchain field and ex Twitter senior developers, is the first true community owned DAO aimed at harnessing the power of blockchain technology to fund investments into decentralised technologies within the Arab world and help people in the region obtain financial freedom. BASHAR is the tradable and liquid token of the Bashar DAO. When used to transact, BASHAR will contribute to the protocol by filling the DAO treasury in a slow and sustainable manner. This is achieved due to a 0.5% collection on transactions. BASHAR token holders submit proposals and vote to decide which projects or causes are financed using the DAO treasury.
What is a DAO?
DAOs are a key component of important blockchain applications, including cryptocurrency, as well as Web 3.0. The grand vision is that DAOs could make it easier to create decentralised organisations that respect the interests of the stakeholders outside the control of any one party.
DAOs can be utilised to automate many financial processes on blockchain platforms like Ethereum or Arbitrum to ensure that stakeholders are compensated according to rules that everyone agrees to. They are also good at automatically facilitating shared votes based on a particular level of investment, support or engagement. A blockchain-based smart contract governs a DAO’s decision-making and execution. Proponents talk about using DAOs to replace trust that’s based on personal relationships or a central authority with a type of specially crafted blockchain program called a smart contract.
Bashar DAO, the Fork of Cult DAO
And in swings Bashar DAO, the fork of Cult DAO. But what is a fork you may ask? A fork can have many definitions within blockchain technology but in this case, Bashar DAO have forked Cult DAOs code, tailoring its features and functionality to match their desires. Essentially the team will be able to implement new features at a programming level including alterations to the taxation structure and DAO treasury mechanics. At the same time they inherit all the well audited and battled tested code that was successfully used by CULT DAO during the past two years.
CULT DAO is built on the Ethereum blockchain. With a sprawling cult following community CULT DAOs platform allows users to create, fund, and manage projects that benefit the cryptocurrency and blockchain space as deemed fit by the community. It is designed to be a self-sustaining ecosystem that rewards users for their contributions to the platform. The platform is powered by its native token, CULT, which is used to incentivise users to participate in the platform and to reward them for their contributions.
Company Name: Bashar DAO
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Finboard journalist was involved in the writing and production of this article.