DAO emerged as a new beast of Blockchain technology in 2016, and it gained a lot of attention from visionary organizations that wanted to revolutionize traditional structures. DAO development companies are playing a vital role in serving as a beacon of mastery in the understanding of blockchain, decentralized applications, protocols, and smart contracts.
In this article, we will explore the basic definition of DAO, its examples, required tech skills, platforms to find DAO project makers, the best companies offering DAO services, and cost-effective ways to hire a Dao development company.
DAO is also known as Decentralized Autonomous Organizations. This concept emerged in Blockchain technology, serving the purpose of decentralization, autonomy, transparency, voting rights, efficient resource allocation, community empowerment, innovation, experimentation, and trustless collaboration.
The operations of these organizations are based on the encoded rules that are being set as smart contracts in Blockchain technology, and these organizations are governed and created by their owners. They are often cited as a token holder and are allowed to vote in the decision-making process of the Decentralized Autonomous Organizations.
The rules of Decentralized organizations are written in smart contracts, which determine the way an organization operates.
It includes; the distribution of profits and the way decisions are made.
How Does DAO Differ From Traditional Organizations?
In various ways, Dao differs from traditional organizations. Most prominent are mention below;
- Automatic Handling
DAO handling services provide the distribution of funds for charitable purposes, and it’s completely automated and doesn’t require any human involvement.
- Hierarchy
Traditional organizations are based on hierarchy, but in DAO, there is no hierarchy, and everyone has equal access, and the most important thing about DAO is its decentralized nature.
- Transparency
In DAO, everything is transparent, and everyone knows the activities within the organization because it’s public.
- Leadership
In DAO, leadership is given to the community but not specifically to a small group of people or even an individual.
What Are The Few Examples of DAO?
DAOs can fit in any kind of organization, whether it’s profitable or non-profitable. The only criterion which is required is a group that is automated and decentralized.
A few examples are written down below!
Cryptocurrency
A DAO is also capable of working as a cryptocurrency that is user-managed.
Charity
In these decentralized organizations, they accept charity globally, and mutually they decide from where the money is coming and where the donations will be spent.
Venture
A venture fund in a DAO is where members gather their investment money and decide which startups deserve to receive funds.
DAO Programming Skills
Those developers who utilize the Avalanche network require the skills given below.
TypeScript
It is the extension of JavaScript, which enables developers to write code. The Angular JS framework has been used for web development.
Solidity
It is one of the most popular programming languages which helps in developing smart contracts. It is a high-level language that is object-oriented and used to create DAOs that are complex.
Other Tech skills include; Rust, C++, LIGO, SmartPy, etc.
Places To Find DAO Makers For Projects
When you’re building a DAO, the very first and most important step is to create smart contracts that will also play a role of a powerful foundation. Before hiring a DAO developer, it is important to keep in mind that a DAO developer should be an experienced person, but the question is;
Where to find skilled and experienced DAO professionals?
Here Are A Few Recommended Places Where You Can Find DAO Professionals
It is the platform where even strangers help your business to grow and care for you. LinkedIn has a large sum of skilled DAO developers all around the globe, and you can easily explore a developer by using a few related keywords like ‘’ Smart Contracts’’ etc.
DAO Job Board
It is a platform where gigs and long-term jobs for DAO developers are available and provides you with a filtration option so you can find the right fit for yourself by using keywords.
Reactive Space
Reactive Space is a company that specializes in DAO development. It provides you with a robust and highly scalable platform tailored according to your unique business needs.
The Cost-Effective Way to Hire a DAO Development Company
Here are a few tips that will help you to hire a company for your DAO Development in a cost-effective manner.
Tip 01
If you want to hire a DAO development company, first understand the scope of your project and its requirements. It will help you to communicate your wants according to the project more effectively, helping you get an accurate estimate of money.
Tip 02
Market Research is the best way to explore the companies that have the expertise, reasonable rates, and are experienced.
The best way to do that is to explore these companies and get an insight into their track record of the projects they have delivered successfully.
Tip 03
Reach out to the top DAO Development companies, communicate all your requirements, and ask to break down the expenses of the projects into multiple quotes, including testing, development, maintenance and deployment tasks, etc.
Tip 04
Hire a company that is working remotely from a location that is expert but cost-effective as well. It will save you a lot of money.
Tip 05
There are various companies which are providing DAO Development services with fixed prices but find a company like Reactive Space, which offers you a tailored model as per the requirements of your business with flexible rates.
Tip 06
Do not only look for a company that is providing you with cost-effective services but look for an experienced company that is maintaining quality, value, and cost at the same time.
Tip 07
Look for a company that will be able to partner with you for the long run and would provide you with maintenance packages and post-development support as well.
When you’re finding a cost-effective DAO Development Company, never neglect the quality the company provides. Always analyze different options and then make a decision if the chosen company meets your project’s needs while keeping the cost in mind.
