Why Project Hive Chose to Implement a DAO mechanism
The initial idea for creating a decentralised autonomous organisation (DAO) was to establish a fully functioning organisation without the frills of the executive order that usually exists in a typical organisation. A DAO can help keep a network safe and optimal without manual intermediaries by its members.
A DAO is an entity with no central leadership. Instead, decisions get made from the bottom-up, governed by a community organised around a specific set of rules enforced on a blockchain.
DAOs differ from traditional organisations where a single leader council plans, committees, and executives make all the decisions. In contrast, a DAO uses a set of rules written in digital code and enforced by a network of computers running shared software. In addition, a DAO is an organisation managed by computer algorithms, so humans don’t have direct control over it.
DAOs operate using smart contracts, chunks of code that automatically execute whenever a criterion is met. Smart contracts are deployed on numerous blockchains nowadays, though Ethereum was the first to use them.
A DAO also ensures user voting rights. By investing in DAO, users will get voting rights that users can use to validate or reject all financing for projects that the organisation will finance in the future.
Hive Governance Token
We at Project Hive believe that Governance plays a crucial role in the project’s successful development. And, as a result, Hive Governance Token (HGT) is implemented to empower the community as much as possible.
We wanted to create pure decentralisation in Project Hive, governed by our community. Such an organisation has no hierarchical structure. We can accomplish tasks and grow while being controlled by stakeholders via the HGT token. The lack of a hierarchy means any stakeholder can put forward an innovative idea for the platform’s growth.
One can earn this token to compete with other players in territory wars and the MMR ladder by playing the game.
The person holding the HGT token will get voting rights, which will be changed based on the percentage of the total number of tickets you own, and the tokens allow you to participate in particular events.
We initially start with a minimal number of events for which players could vote within the DAO ecosystem. The scope of the DAO will expand to other areas constantly based on the game development and stabilisation of the in-game economy.
Foreseeing the Future
We believe the future of any organisation will adopt the DAO mechanism to make the organisation genuinely autonomous and solve the principal-agent dilemma through community governance.
DAOs have gained traction over the last few years and are fully incorporated into many blockchain projects. It has become a clear concept that has been gaining traction. Project Hive is looking to achieve complete decentralisation through the DAO model.
Hive puts together all the pieces it culminates in an autonomous, decentralised, data-driven, and transparent organisation to create a pure game ecosystem. For the benefit of our community.