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One of the major features of digital currencies is that they are decentralized. This means they are not controlled by a single institution like a government or central bank, but instead are divided among a variety of computers, networks, and nodes. In many cases, virtual currencies make use of this decentralized status to attain levels of privacy and security that are typically unavailable to standard currencies and their transactions.
Inspired by the decentralization of cryptocurrencies, a group of developers came up with the idea for a decentralized autonomous organization, or DAO, in 2016.
You should care a LOT about DAOs! Why?
DAOs are quite intriguing and promising. They might change some of the most persistent world’s problems and can be quite useful in many different fields.
DAOs are not that different than corporations, in a certain sense. Corporations need a state in order to exist, while DAOs don’t. They’re completely autonomous and independent from any government.
This is extremely useful for people that come from nonstable countries, where they can’t get funding because investors are scared of losing money. This problem gets resolved on the chain, and as long as your business or project is worth considering it doesn’t matter where in the world you’re from. All the rules and regulations are contained within the chain. This is a massively enabling resource!
Governments can not regulate or tax DAOs, and in the future, they might replace offshore companies. These are just some of the few possibilities that this technology can enable in the future.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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