In my last article about CWD (Crowdwiz World) I gave you a little background into the world of the DAOs (Decentralised Autonomous Organisations) to better understand what CWD is, an investment DAO that allows CWD cryptocurrency holders to determine an independent direction of community development for the future and to create new products.
In this article we will be going a little deeper and talk about some of the functions of CWD, without further ado, lets go.
For any orgainisation to strive and succed whether it be in the physical or virtual economy it needs a set of rules to guide it and it’s members so as to make the community stronger and protect its integrity, the same applies to the CWD DAO community which has a set of immutable principles that guide and protect it:
• DECENTRALISATION AND EQUITY: this is based on the core tenet of blockchain itself. All the users in the platform are equal and this is ensured by smart contracts, and because it is decentralised all users can communicate and interact with one another without having to go through a central body.
• TRANSPARENCY AND ANONYMITY: another gem of the blockchain is evident here, since the blockchain is the guarantor of the transaction parties involved need not make themselves known during the duration of the transaction, giving the transactions both transparency because the intermediary, the blockchain, is trustworthy and anonymity.
• DURABILITY AND STABILITY: because of the nature of the blockchain, and the technology of smart contracts that remove the human touch and hence human error factor, business started on the chain should be able to last indefinitely.
• BENEFICIAL: to make the platform beneficial to the users, the Wisdom of the Crowd phenomenon for decision-making and self-government has been implemented onto its blockchain.
- SCALABILITY AND FLEXIBILITY: protocol upgrades in the future must meet current trends the Crypto world, and these upgrades must be easily understandable to users and easy to access.
With the above guidelines and principles CWD has paved a path for sustainability and future growth, but with the freedom that decentralisation gives the users in terms of anonymity, CWD has also listed the dangers that Users should be wary of:
• Because it is decentralised the private keys or a combination of them required to retrieve a wallet can not be retrieved if misplaced, and if that happens all the CWD tokens of that user are lost forever. So users should back their private keys up sensibly.
• If a third party gets access to the private keys, hence access to the CWD tokens in it, the funds can be misappropriated, and since it is decentralised there is no one to complain to.
All in all the message being passed across is for users to keep their private keys carefully, while also all the benefits CWD has to offer them.