HashCash chief Raj Chowdhury explains why DAOs need to support the conventional organizational structure disrupting the real world as well as the metaverse.
PALO ALTO, CALIFORNIA., April 27, 2022 /PRNewswire-PRWeb/ — Blockchain pioneer and founder of HashCash Consultants, Raj Chowdhury is pinning his hopes on Decentralized Autonomous Organization or DAO as the future of organizational structure.
A DAO, by definition, is an organization that operates on rules encoded in a computer program that is transparent, operates through a consensus mechanism, and is not influenced by a central government. This is to say that they are member-owned communities without any centralized leadership.
Chowdhury is part of the crypto community of those who have placed their stake in DAOs. The head of HashCash, for his part, has already spoken about DAO in the limelight this year.
Chowdhury expanded his ground, on DAOs bracketing the metaverse and the real world. “I see DAOs as the future of organizational structure, in the metaverse and the physical world,” he wrote in an email. He then described an example of a DAO as the owner of a sports team franchise. Token holders will have the power to vote for team players.
“DAOs are also able to raise surprising funds far beyond current ownership models from individuals,” Chowdhury added.
Chowdhury, still eclipsed around the DeFi space which will most likely adapt to the DAO structure. “The decentralized finance (DeFi) space has a number of exchanges that are executions based on the asset exchange code,” he wrote. He pointed to asset purchases like cryptocurrency or synthetic assets that are pegged to stocks. These organizations tend towards DAO centrality and will eventually eliminate human intervention.
“This is because much of its operations can be programmed into the organizational structure, requiring only code adjustments voted on by DAO token holders,” he added.
Chowdhury has previously spoken out against European Union laws limiting crypto capacity. He also highlighted the need for banking infrastructure to evolve to keep up with the growth of cryptocurrencies. Chowdhury also made headlines for his crypto donations to Ukraine. It also supported the inclusion of cryptocurrencies in 401(k) plans.
The DAO concept is expected to disrupt a number of existing organizational structures, triggering a multitude of reactions, many of which would be backed by valid reasons. “Nevertheless, DAOs are the future of organizations and will be well received by a large segment of the population, for their trustless and transparent operation,” Chowdhury concluded.
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank implementation of blockchain technology trade finance and remittance transfers between two of the world’s largest banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policy makers in this area. He is a contributor to Economic Times, Business World and CNNMoney and advises industry leaders on Blockchain adoption. He is a member of Asha Silicon Valley, a non-profit association committed to the education of children in emerging countries. Author of the book “The Dark Secret of the Silicon Valley”, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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SOURCE Hashcash Summary