There are over 2,000 Decentralized Autonomous Organizations (DAO) running various DeFi applications.
For new entrants to space, DeepDAO is an indispensable tool to help them sift through the seemingly endless options and come up with a winning pick.
DeepDAO makes picking a potential investment a lot easier
With thousands of DAOs running the show in the DeFi market, even seasoned investors will find it hard to keep track of the latest developments in the space. Picking the right DAO is even more problematic for newbies as there is no common source for comparative metrics such as DAO funding, performance, community involvement, or legal status.
This is where DeepDAO comes in. Simply put, what Coinmarketcap did to tokens is now being done by DeepDAO for DAOs.
Coinmarket cap is known as the place to check token rankings as well as governance and financial analysis. Similarly, DeepDAO’s team aims to rank and analyze all DAOs to come up with its rankings making it easier for investors to pick the right DAO for them to invest in.
The DeepDAP platform currently tracks DAOstack, Moloch type DAOs, and The LAO. However, there are plans to add more DAO types soon and the team even plans to include DAOs outside the Ethereum platform.
Decentralized Autonomous Organizations explained
The first DAO, which was introduced in 2016, was aimed at eliminating the human factors in the organizational structure. The idea came from cryptocurrencies which are not controlled by a single government or central bank.
In a decentralized autonomous organization, decisions are performed by programming codes or smart contracts on the Ethereum platform. For example, in DAOs that invest in DeFi products, the decisions on capital allocations, what product to invest in, and which products to sell as well as the timing of their executions are all done automatically depending on the instructions embedded into the code.
Ultimately, the ultimate goal is to minimize human intervention in the day-to-day running of the business. This is aimed at eliminating costly human errors and the possibility of manipulation by insiders. The DAO approach proved to be so successful that over half of DeFi’s $1 billion capital is now managed by DAOs.
Website: https://deepdao.io
Medium: https://medium.com/deep-dao
Twitter: https://twitter.com/DeepDAO_io
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
Source: https://bitcoinerx.com/blockchain/how-deepdao-can-help-defi-investors-pick-a-winner/
- 000
- 2016
- Agreement
- All
- analysis
- applications
- autonomous
- Bank
- Billion
- business
- capital
- caused
- Central Bank
- code
- CoinMarketCap
- commercial
- Common
- community
- company
- content
- contracts
- cryptocurrencies
- DAO
- decentralized
- DeFi
- DID
- ethereum
- financial
- First
- For Investors
- form
- funding
- governance
- Government
- How
- HTTPS
- idea
- information
- investment
- Investors
- IT
- latest
- Legal
- Making
- Market
- Metrics
- Options
- performance
- platform
- press
- Press Release
- Product
- Products
- Programming
- running
- sell
- Services
- smart
- Smart Contracts
- So
- Space
- Status
- successful
- token
- Tokens
- track
- WHO
