🤝Decentralized Autonomous Organization (DAO)
Platform organization management
A decentralized autonomous organization (DAO) is an effective mechanism to eliminate intermediaries and interventions in blockchain-related technologies and applications. It even allows for restricting the interventions of the development group and founders of a blockchain project. Therefore, DAO-managed projects have high credibility among users and may substantially grow in a short time.
DAO attributes of ICB for all domestic products
DAOs provide superb advantages to users. However, a DAT not only is useful for users but also helps blockchain project developers and establishers enjoy remarkable advantages. It enables developers to manage their decentralized platforms without encountering many of challenges and offers an excellent experience to users. A number of DAO advantages are described below.
DAO security
As mentioned, DAOs are built in blockchain networks. Today, certain standards are used to build a DAO. Security in ICB is consistent with these standards and follows an acceptable structure. DAOs are smart contracts that are implemented by programming languages. As all the codes in smart contracts are open-source codes, all project users and stakeholders can evaluate the codes in detail before investing to ensure the security of the project. This provides DAOs with superb security and reliability.
Elimination of the hierarchical structure
DAOs are built using blockchain technology. They have enabled decentralized applications to conveniently eliminate the hierarchical structure for the first time. In a DAO, all users can vote and equally contribute to the changes in platforms. In other systems, some specific users and the development team can dictate their desired changes without the consensus of users.
A DAO enables all users to ensure that no member would enjoy particular advantages in the management of platforms. This, in turn, improves the confidence of users.
Cutting management costs
DAOs are the only organizations that can be managed at minimum expenses. ICB crypto services of decentralized platforms have dramatically decreased management expenses by implementing DAOs. A DAO provides all the users and stakeholders with the authority to manage platforms and applications. Therefore, DAO builders would not need to assign capital to project management, and the project would be automatically managed by users.
Collective wisdom
DAOs provide a better future for platforms in many cases. They enjoy collective wisdom. Therefore, many experts believe that the inclusion of numerous users in voting leads to better decision-making in different circumstances.
DAO ICBX structure
Founded and proposed by: Mike Verdish
Corechain
It is comprised of two layers: the base layer (theorists and advisors) and the technical and security layer (programmers and the project team).
The base layer is comprised of theorists and advisors and develops the general framework of the organization and project evaluation, whereas the technical and security layer has programmers and project teams that develop codes and fulfill technical and security tasks. The two layers cooperate to ensure project success and sustainability.
Layer 1: Base layer – theorization and advisory
Theorists
Analysis of technical theories: the theorists in the technical committee are responsible for analyzing the technical theories of the project. They evaluate the ideas and concepts that are provided in the project and make sure that these theories have technical relevance.
The theorists are required to evaluate the organization and propose solutions to the project execution team for system improvement. This helps enhance the technical principles and credibility of the project.
Advisors
Communication with the execution team: advisors act as a bridge to the execution team. They are responsible for providing technical advice concerning technology and project execution.
Handling technical challenges: Technical advisors handle technical challenges and share their experience in project improvement.
Interaction with other departments: This group of the technical committee is coordinated with other departments, such as marketing, legal, and financial. This is necessary to ensure unity and consistency between different components of the project.
Layer 2: Technical and security layer – programmers and project executors
Programmers
Development and implementation of codes: Programmers are responsible for developing and implementing project codes. They specialize in the required programming languages and technologies and try to generate a readable, sustainable, and secure code.
Testing and bug handling: Programmers should perform various tests and find and handle possible bugs or errors. This is necessary to ensure the quality and probity of projects.
Project execution
Resource and time management: the security layer is responsible for the management of resources and time for project development and execution. These executives coordinate the programming team and the optimal use of project resources.
Project security: This group is responsible for implementing security measures to protect the key data of the project. This includes data encryption and security standards.
Fichain
The first loop divides the earth into six parts in terms of population and circulating wealth to prevent a 51% attack and develop the system in a pervasive table based on the token economy. These six parts are co-founder companies, which are also known as creditors to masternodes based on the investment size and risk-taking.
Selection of creditors to build blocks: Creditors are selected to build a new block. They are often selected based on criteria such as the number of tokens staked in the network and using authentication technology.
Building a candidate block: Once creditors have been selected, the masternode selected to build a block collects validated transactions to generate a candidate block. This candidate block involves all transactions that have been set to the network at a certain time.
Incorporation of the transactions into the block: The creditor-generated candidate block (Fichain) involves transactions that have been received and successfully validated. These transactions are placed in a compressed format within the block. This is the characteristic of the first layer.
Super representatives
Super representatives (SRs) register information and serve as the Fullnode. Scaling and slashing are major responsibilities of SRs for the development of the second layer.
What is slashing?
The economic cycle of active blockchains in the proof-of-stake (PoS) system has two pathways. These blockchains mostly have an incentive mechanism for honest activity and a penalization mechanism for malicious activities.
As mentioned, the masternodes stake a certain amount of assets within the network. This resembles a bail-in. This staked amount is frozen in the network for a specific period. The penalty imposed on inactivity, dishonest validation, or other malicious behavior in PoS blockchains is known as the slashing penalty. It can be triggered in various ways, such as the loss of a constant portion of staked cryptocurrencies, a certain portion of the encrypted cryptocurrencies, closing the masternode’s account, and a temporary or permanent ban.
What is the goal of slashing?
Slashing is the penalization of a masternode’s misbehavior. This, in turn, enhances security, availability of validators, and honest participation in the network. The slashing penalty is imposed for two reasons:
To make possible attacks on the network economically unreasonable
To motivate validators to show responsible and proper behavior
The two major cases where validators are slashed include:
Downtime validators (offline/unavailable to sign transactions)
Double signing (validation of two or more blocks for the same chain)
What is downtime?
Downtime refers to the unavailability of masternodes to sign transactions. This often takes place in two cases:
When a validator loses connection to the chain for infrastructural reasons (such as internet issues)
When a validator cannot synchronize their validation with the network for technical reasons.
It should be noted that blockchains with slashing penalties do not impose the downtime slashing penalty immediately after a validator stops working. There is often a threshold to slash validators.
What is double signing?
Double signing occurs when a validator submits two signed messages for the same block. It mostly happens when a validator uses another masternode as a backup to avoid downtime. Double signing typically is a result of infrastructural issues and interference.
Many participants of this process utilize backup nodes to avoid such issues so that they can perform effective validation round-the-clock and avoid getting slashed. Double singing is a threat to the security of a network, and slashing is used to cope with this threat.
Masternodes
Masternodes use their systems to monitor the verification of transactions and reporting to SRs. They are practically the future SRs of the second layer. The second layer is generated for acceleration or scaling.
Supervisors
Supervisors are responsible for calculating profits and controlling nominators. They report vote verifications to the masternodes and perform the final verification.
Block distribution: Blocks are distributed to the other nodes upon the approval and signing of validators. These blocks contain new transactions and block generation information, and this is performed by supervisors.
Block verification: The other nodes of the network receive and validate the block. When the generated block is verified and validated by most of the nodes, it is added to the blockchain, and transactions become allowed within the block.
Block reward distribution: Validator nodes are rewarded ICB tokens for their major role in validating the block, and transaction costs are distributed by the users as rewards. These rewards are an incentive for validators to participate in the generation and validation of blocks and ensure the security and optimal functioning of the network.
Who are nominators?
The ICBX blockchain community is all nominators. Nominators can vote and their duty is to expand the system. In other words, they do referral marketing and ambassador marketing.
Nominators participate in decision-making in the organization. Nominators make the final decision from the second layer to the fork.
Voting in the ICBX Blockchain
To modify protocols and make pertinent choices, all voting criteria and requirements must be met in the ICBX blockchain. These measures are put in place to ensure that the decision-making process is fair, democratic, and open to all. The following are examples of ICBX blockchain voting criteria and conditions:
Voting Criteria: An essential prerequisite for voting on the ICBX blockchain is the establishment of voting criteria. Precisely calculating the proportion of votes in support of a protocol amendment requires the consideration of a criteria. Obtaining 66% of the vote in favor might be one criterion for making a decision.
Voting Conditions: Accurate determination of the prerequisites for voting is essential. These requirements could be conditional on the network members' levels of involvement or the quantity of tokens held by token holders. For instance, in order to vote, token holders could need 100 tokens or more. In addition, the circumstances surrounding each voting procedure are unique.
Voting System: The ICBX blockchain uses a unique voting mechanism in which the majority of tokens cast determine the outcome. Each token is like a vote in this system. That is to say, the number of tokens that participate in the vote determines the outcome, and each token has one vote.
Voting Duration: The length of time for voting is clearly defined. This time frame may be anything from a week to a month or more. During this time, everyone in the network has an equal opportunity to cast a vote and have their say on major decisions.
Decision-Making Based on Polls: Polls provide the basis of the decision-making process. In this scenario, the tokens' majority vote determines the outcome. Changing the procedure will be the final decision if 66% of the votes are collected, to be correct.
Last updated