The Blockchain Innovation Hub at the Royal Melbourne Institute of Technology (RMIT) has produced a paper suggesting the construction of a pilot Decentralized Autonomous Organization (DAO) to aid certain precincts in Melbourne’s CBD in recovering from the pandemic’s effects.
The report, which is part of a five-part series funded by the Victorian Government in Australia, explains how blockchain technology, specifically decentralized autonomous organizations (DAOs), can be used to help cities like Melbourne recover from a lack of economic activity during the pandemic and survive in the future with the likely persistence of hybrid working arrangements.
The paper, which was written in collaboration with the City of Melbourne, the state government, and local businesses, lays out a thorough and practical strategy for a Decentralized Autonomous Organization pilot program named the “Docklands DAO” that would be implemented in the Melbourne CBD’s Docklands precinct.
Dr. Max Parasol, a researcher at the Blockchain Innovation Hub and a contributor to Cointelegraph Magazine, is the report’s author.
DAOs, he told Cointelegraph, provide cities with a novel approach to use anonymously pooled data to optimize resource allocation, boost overall efficiency, and generate chances for strategic placemaking (collectively reimagining and reinventing public spaces.)
A DAO is a decentralized autonomous organization (DAO) administered by token holders and built around a set of rules enforced on a blockchain.
“DAOs incentivize participation, so those who work for the DAO will get more governance capability and so on…”
“ultimately the community gets to decide the governance mechanisms,”
So, Parasol said.
DAOs have seen a rapid global uptake as the technology is rapidly used by a wider range of organizations interested in exploring the possibilities presented by blockchain-based digital voting processes.
More than 1.6 million people were active in a DAO at some level by the end of 2021, a massive increase from the 13,000 total DAO participants at the start of the year.
The Docklands DAO, according to Parasol, was created to address the “double shock” problem, in which localities require support in recovering from the economic effects of COVID lockdowns while simultaneously adapting to the new reality of a hybrid work-from-home paradigm.
DAOs, according to Parasol, are an important step toward perfecting the “smart city,” which is a notion for a city that collects data using various forms of technology such as speech detection and movement sensors.
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