A Proposal, a Primer, and a Perspective
Happy Day RoboWarriors!
Why did the DAO go to therapy?
It couldn’t reach a consensus and needed some “group therapy” to sort out its decision-making!
If you’re an investor in RBIF, we already know that you are smart, savvy, and super-cool! After all, we are the meme with a Community-driven approach to Financial Freedom. Having just completed our very first proposal on RoboDAO, it has shown how important our holders are to the overall success of this exciting project!
For anyone who may have been on, we don't know, Mars, during the last bit of time, a proposal was set forth on RoboDAO to discover how RBIF holders felt about either airdropping or claiming the new V2 tokens. (announcements will be made when this is ready to happen — there will be plenty of time allotted) Overwhelmingly, the option to claim them won with an 84.98% vote. Well done Warriors!
This highlights the importance of both operating and participating in a decentralized autonomous organization (DAO). It puts the power of decision-making in the hands of its community members. It serves as a tool for the community and provides clear communication and clarity on issues that potentially affect us.
A Primer on DAO’s and Web3
A DAO is a community-owned and operated entity that is governed by a set of rules that are written into smart contracts. Smart contracts are self-executing contracts that are stored on a blockchain. This means that the rules of the DAO are transparent and immutable, and they cannot be changed without the consent of the community. Following is a breakdown of how it operates:
- The DAO is created by a group of people who agree to the rules of the DAO. These rules are written into smart contracts and stored on a blockchain.
- The DAO is funded by the sale of tokens. These tokens give the holders of the tokens voting rights in the DAO.
- The DAO is governed by the holders of the tokens. The holders of the tokens can vote on changes to the rules of the DAO, as well as on decisions about how the DAO is managed.
- The DAO is operated by people we know. These people are responsible for carrying out the decisions of the DAO.
Benefits of using a DAO:
- Transparency: The rules of a DAO are transparent and immutable. This means that everyone can see how the DAO is governed and that the rules cannot be changed without the consent of the community.
- Democracy: DAOs are democratically governed. This means that the holders of the tokens have voting rights and can participate in decisions about how the DAO is managed.
- Efficiency: DAOs are efficient because they are run by code. This means that there is no need for a central authority to manage the DAO (decentralization).
Web3, also known as the decentralized web or Web 3.0, refers to a vision of the future internet that aims to overcome some of the limitations and centralization of the current Web 2.0. Web3 is characterized by the integration of blockchain technology, decentralized protocols, and peer-to-peer networks that create a more open, secure, and user-centric online ecosystem.
In Web3, the control and ownership of data are shifted from centralized entities like tech companies and governments to individuals. Users have greater control over their personal information and can choose how and with whom they share it. This is made possible through the use of decentralized identity systems and self-sovereign digital identities.
Blockchain technology plays a crucial role in Web3 by providing a decentralized and tamper-resistant infrastructure. Smart contracts enable the automation of various processes and eliminate the need for intermediaries in transactions. In short, Web3 prioritizes both the privacy and the protection of individuals. Everything from your data to your location is not being sent and sold and then solicited back to you for someone else’s profit.
By now, we are sure you can see how powerful these innovations are and that they have the potential to free us from the grasp of greedy corporations and governments. This is why it’s so important to be involved in the community.
A Perspective on the Power of People Uniting
We’re certain that many of you have heard of Wall Street Bets (WSB). WSB is a community on the social media platform Reddit. They became famous in January 2021, when WSB members formed a plan and began buying shares of GameStop (GME) and other heavily shorted stocks, causing the prices of these stocks to surge. This event, known as the “GameStop short squeeze,” led to billions of dollars in losses for hedge funds that had bet against these stocks.
AMC Entertainment Holdings (AMC) is a movie theater chain that was also heavily shorted by hedge funds. In June 2021, WSB members began buying shares of AMC, causing the price of that stock to also surge. This also led to billions of dollars in losses for hedge funds that had bet against AMC.
Making money was obviously a huge factor behind these events. Another reason was that many of the retail investors saw this as an opportunity to “stick it” to the hedge funds they believed were responsible for market manipulation. Our point is that powerful things happen when people unite around a common goal. Whether it's voting on a proposal or sticking it to Wall Street, when a community unites and becomes vocal…it can accomplish really good things! Go viral and spread the vibe. Let people know that RBIF can help them with their dreams of belonging and becoming financially independent.
We are developing an entire ecosystem with the concept of Community and the very attainable goal of Financial Freedom at its forefront. ’Til next time :)
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