DAO

“Hello World” from the New World

Wetonomy is the economic engine for creating a world of DAO-s. A mighty tool for building decentralized organizations that will incentivize its members to work with each other rather than for one another.

If you have followed its dev progress, you might know that we have tested different paths down the road for finding the most perfect set of tools so that we could create it as powerful as possible. And we are finally on the right track — not only we have found a solution for scalability (thanks to Tendermint and Cosmos SDK), but we are developing our own framework that lies underneath Wetonomy and can live its own life. 

Level 1  — Consensus

Wetonomy will be based on StrongForce which on its hand relies on Tendermint. It is a tool for replicating an application on many machines with main characteristics as being secure and consistent. Its consensus is BFT-based – meaning that it tolerates machines failing up to ⅓ of all of them. And every non-faulty machines works with the same set of transactions and computes the same state. Tendermint consists of two main components — a blockchain consensus engine (Tendermint Core) — ensures that every transaction is recorded on each participant machine and a generic application interface (Application BlockChain Interface — ABCI) — enables the transactions to be processed in any programming language. Developers can use Tendermint for BFT state machine replication of applications written in whatever programming language and development environment are right for them.

Level 2 — Scalability

Resolving the scalability problem, here comes Cosmos SDK. It is a framework for building custom PoS-based blockchains based on the Tendermint consensus. It provides already built-in plugins for authentication, verification, etc., and still enables the user to create his own modules to plug in his own app. Cosmos SDK works on the idea of designing the ‘Internet of Blockchains’ by exposing a protocol IBC (InterBlockchain Communication) that leverages the immediate finality of Tendermint consensus and allows heterogenous chains to talk with each other (transfer tokens or data).

Level 3 — StrongForce

StrongForce is Smart Contracts framework built on top of Tendermint consensus that we are developing in order to fit our needs more perfectly (of course, our intention is to be applicable in other countless scenarios, not just Wetonomy). Its aim is to be easily extensible, familiar to both dotnet and blockchains devs as it comprises of the two worlds (guess what — smart contracts build with C# — cool, a). 

StrongForce allows you to develop your own system of contracts with .Net Core, forward messages so that you can find which contract should execute an action and control that with a fine-tuned access control list. 

Level 4 — Wetonomy

And build on top of all the others— Wetonomy. A platform that lays the basis of a completely new way of running an organization. It goes beyond just the idea of balancing capital & labor and could open up a new level of organizational engagement. Through Wetonomy people can collaborate, share profit, fund ideas and reward contributions with a level of trust and automation that was impossible prior to blockchain technology.

Wetonomy exposes multiple building blocks needed to develop different sets of token flows, membership relations and permissions, recognize each unit of work, issue debt for each of the members that has contributed to the organization and reward all participants. Gathering all those pieces, you can easily create a Wetonomy instance —a DAO, an organization that will incentivize its members based on their contribution. 

Needless to say, in case you want to play with those pieces and create your own Wetonomy world, follow and participate in its progress in the GitHubrepo and join us in Discord. Any thoughts, recommendations, concerns, feedback are more than welcome.

Leave a Reply

Your email address will not be published. Required fields are marked *