BLOCKS DAO (Decentralized Autonomous Organization) LLC, the first DAO-based limited liability company, is working with crypto-friendly Wyoming legislatures to build its first legally registered DAO in the state. According to a post from the team, BLOCKS aims to revolutionize the traditional setup and operations of companies via blockchain technology in a futuristic move to decentralize governance.
As a pioneer, BLOCKS believes the future of business operations will be based on the blockchain hence the push towards “decentralization, transparency, and accountability in corporate governance and operations”. The platform incorporates simplified techniques to minimize the troubles traditional firms face while switching to blockchain-based structures, namely the trilemma problem – decentralization, security, and scalability.
Over the years, blockchain technology has proven its value to solve pertinent issues, especially in the financial space. However, companies and organizations are yet to fully implement the technology due to some issues hindering them to leverage blockchains as a solution. The cost of implementation, manpower needed, skills, and the complex nature of the technology are some of the issues blocking the adoption of blockchain.
BLOCKS will pave the way for both traditional firms and DAOs to become fully decentralized while maintaining compliance and accountability. With blockchain technology gaining popularity across all industries, BLOCKS “is committed to migrating companies onto the blockchain”, the statement further read.
BLOCKS LLC runs on a peer-to-peer software backbone and at full scale will include a multi-sig wallet to allow multiple private key custodians to validate and send transactions. Additionally, BLOCKS also builds organizations on the blockchain to participate in collective work and provides a toolbox needed for teams in the organizations to work together. The platform is also looking at other blockchain and non-blockchain partners to expand the utility of its digital assets to become an established unit of measure for the world’s blockchain technology.
Moreover, BLOCKS has a tokenized community to provide incentives and power the system to maintain decentralization in governance. The Blocks Tokenized Community is a digital oasis where all members can participate in different discussions for mutual benefit. As the first step towards decentralization, the BLOCKS Tokenized Community allows users on Discord to discuss issues and progress of their organization in a friendly, engaging and rewarding manner. It’s a pay-to-play system, where members must hold a certain amount of BLOCKS tokens (based on the newly improved ERC 777 standard) in their MetaMask to join the conversation.
In October, BLOCKS announced a strategic partnership with HUMBL, a project that aims to connect both consumers and merchants to the digital economy. The partnership aims to experiment with the capabilities and limitations of blockchain technology in an organization. The HUBML partnership is well under way with several updates through the tokenized community and appeareneces in Twitter Spaces about the implementation of the asset verification model and NFT’s being “verified by BLOCKS”.
