Because of how decentralized cryptocurrencies were, In 2016 using this inspiration, a group of developers came up with the idea of the Decentralized Autonomous Organization (DAO). Automation and decentralization were the main ideas behind the design of the DAO. The latter might even have been higher if there was a scale of preference. This is because, among the many features of digital currencies, decentralization is an important one. Decentralization in cryptocurrencies meant they could not be controlled by any institution and these digital currencies achieved levels of privacy and security that are not available to traditional currencies and transactions.
The pioneers of the DAO wanted that for governance too. And even though it made use of the Ethereum blockchain, the DAO was not affiliated with any particular central body, organization or country. And this didn't stop it from carrying out venture capital duties without a form of a Managerial system and with everything based on open source code. Developers believed that the best way to eliminate human error and manipulation in transactions was to take away decision-making from the hands of humans and place that power in the hands of an automated system or a process of crowdsourcing. Backed and fueled by the Ethereum network, the first DAOs were built to receive money anonymously from investors from anywhere in the world. The DAO then gives these investors voting rights on current and future projects by providing them with tokens. Holding these tokens made them eligible to have a say in the affairs of the organization.
The first-ever DAO launched in April 2016 after a month-long token sale that raised around $150 million in funding. This was the largest fundraising campaign that hinged on the crowdfunding model at the time. By the next month, May, a huge percentage of all Ethereum tokens issued up to that point was offered by the DAO. According to The Economist, this was up to 14%. Because this was a new system of governance and there were bound to be some loopholes that could be exploited, roughly around the same time as the percentage offering, a paper that addressed many potential security vulnerabilities was published. This publication advised investors against voting on investment projects for the future, well at least until those issues had been resolved.
And just like clockwork, in June of the same 2016, the DAO was attacked by hackers who used the already highlighted vulnerabilities. The hackers made away with about 3.6 million ETH, which was about $50 million at the time. This hack brought a huge uproar among DAO investors and there was a divide between those who were suggesting ways in which the hack could be addressed and those who were having none of that and outrightly wanting the DAO to be scrapped. This incident was one of the most prominent issues that led to the hard forking of Ethereum which took place around that period.
The DAO in Decentralized Finance (DeFi) has come a long way since then and today, there are many DAOs out there running fine and doing well on the decentralization and autonomous foundations they have been built on. One such organization today is the Morphie Network.
Morphie Network is a decentralized, community-owned and community-driven oracle in the Avalanche ecosystem. The organization curates and provides real-world data resources to smart contracts applications or dApps on the Avalanche platform by getting it from the community. This data is made up of thousands of on-chain data sets as well as those of local data sets.
There are a couple of reasons why Morphie Network is one a lot of should be looking at for data collation and they are:
The Morphie community feeds the real-world data to be able to mine the Morphie ($MRFI) tokens. And community members can create their own Morphie to create data fees. The Decentralized applications then stake these tokens and get access to the data to feed on the blockchain in exchange. They can also pay in Morphie tokens and get the data they need on the blockchain.
Public Sale Token Price: $0.00022
Fix Cap Per Person: $325.92
Initial Marketcap: $103,400
Team — 0% at TGE, then a 60 days cliff, then monthly vesting for 11 months.
Public Sale — 12% at TGE, then 45 days cliff, then 25% vesting every 45 days
Airdrop Tokens — 2% at TGE, then 60 days cliff, then quarterly vesting for 4 quarters.
Marketing/Legal — 5% at TGE, then as per need.
Advisors — 0% at TGE, then 60 days cliff, then monthly vesting for 8 months.
Website — https://t.co/an6kyivESB?amp=1
Telegram — https://t.me/MorphieNetwork
Twitter — https://twitter.com/morphie_network
Medium — https://morphienetwork.medium.com/