Crypt-ON: DAO Dream Becomes Reality
Most crypto community members are familiar with the idea of creating a DAO. However, we haven’t yet seen an example of creating a fully functional DAO, and the precedent of a $50 million theft from the project of the same name has called into question the very possibility of creating such companies. After all, in order to create a decentralized autonomous organization, it is necessary to aggregate a large number of finances which motivates fraudsters and hackers to resort to illegal actions. So, should we give DAO a shot, how will such a model change the business world and are we able to protect ourselves from taking risks?
Since there are no owners, control bodies or directors, each participant becomes a full co-owner of the company. This paradigm solves the problem of unfair distribution of revenue within the organization: now each member receives as much as they deserve going by their actions, regardless of their status. Therefore, all the members of the company, not just the top managers and owners, are motivated to advance the development of the company. It is difficult to say how soon DAO will compete with the largest companies with a classic organizational structure, but the higher efficiency of decentralized solutions isn’t beyond question.
First and foremost, of course, it is necessary to provide a reliable protection from unlawful actions against DAO members. Therefore, the Crypt-ON team intends to create a single infrastructure solution with the highest security standards. Crypt-ON is a multi-service p2p-platform targeting several crucial problems in the industry at once, and ultimately gather enough participants to become the world’s first fully functional DAO.
Escrow is going to be the first service, the so-called core of the platform and a mechanism aimed to protect the interests of transaction parties. The transaction amount is deposited with an independent arbitrator until all obligations are mutually confirmed by the parties. At the same time, any interaction between the participants is direct and conducted without the intervention of a third party, but only using the platform interface. The entire history of the user interaction is stored in the system, allowing you to return to the details of the transaction, if necessary. In this case, the software module will allow you to change the terms of the transaction by creating a new smart contract if both parties agree. This may help, for example, when one of the parties can’t fulfill the obligations in time, and the second one agrees to wait.
A reliable tool used to ensure secure transactions is going to be the basis for the development of a multi-service platform. Crypt-ON will also include a crypto-freelance exchange, a p2p lending service, and a p2p geo-exchanger. A single platform token envisaged for all financial transactions is called i-Point. There is also a reputational trust token, which contains records of all the user actions within the platform, displayed as a rating. The immutability of all user action records within the blockchain will create the most reliable registry of users and their reputation.
With debugging the DAO, Crypt-ON primarily provides a reliable environment for interaction between community members, and also offers the opportunity to carry out any necessary operations on the platform. In the future, when the DAO is formed, we plan to migrate to our own blockchain to ensure the highest autonomy of the Crypt-ON DAO and transfer the control over the further development of the platform to the community members.
By the way, the significance of creating the world’s first functional DAO was pointed out by one of the blockchain industry leaders, Brock Pierce, who has spoken positively about Crypt-ON in his Twitter.
Do not miss the opportunity to evaluate the benefits of Crypt-ON and take part in the ongoing TGE.