Community governance can make DAO projects some of the most lucrative investment opportunities. Collective governance allows for decisions to be made in a well-organized manner and facilitates peaceful resolutions to issues.
In contrast, centralized governance often concentrates power in the hands of miners and core developers who sometimes monopolize for their own benefit. As a result, many crypto users are eager to get involved and engage with DAO projects to amplify the industry’s impact on the financial world.
DAO’s potential to revolutionize security and privacy is one of the ecosystem’s most exciting attributes. Previously, it has been extremely difficult for the tech world to develop ways to protect digital identity and authenticate users without relying on centralized databases (and hoping for no security breaches).
The PhoenixDAO team intends to upend the digital identity and authentication world through tailor-made solutions via its community-governed DAO platform.
Focusing on a Decentralized Autonomous Organization (DAO), dApps, and the Phoenix Identity protocol, PhoenixDAO is one of the DAO world’s most creative and potentially groundbreaking projects.
What sets PhoenixDAO apart? First, the Phoenix Identity protocol links virtual identities across dApps, APIs, and other applications. Users can create digital identities and share information securely, inclusive with on and off-chain identity management powered by ERC-1484.
Protocol users can also use their digital identities to comply with KYC/AML authentication standards. In addition, users can tie back data to a single ‘PHNX-ID’ without having to transfer private keys or create a new address if they wish to interact with Ethereum dApps. The simplicity in Phoenix Identity’s data management and the protocol’s vast usage scope makes it alluring in a rapidly digitized world.
The Phoenix Events Marketplace dApp allows users to search for events to buy or sell tickets. Users who transact can tie tickets to their unique PHNX-ID. As one of the first events/ticketing Eventbrite-style platforms built on ERC-721, Marketplace users can issue NFT-based tickets as they create events and collect PHNX tokens.
Phoenix’s identity management protocol also extends to other offerings on the planned dApp decentralized marketplace. Users can still seamlessly carry information as they interact with different apps and third parties.
The identity-powered dApp store will also fuel Phoenix’s decentralized autonomous organization (DAO). The custom-built DAO allows community members to suggest, vote, and decide on how the project spends finances. On a large scale, DAOs allow projects to effectively acquire funding to keep the ecosystem moving.
According to the PhoenixDAO team, the staking dApp helps community growth and loyalty as users stake PHNX tokens. Stakers can earn immediate interest up to 20% APY and take advantage of other opportunities like liquidity farming through future versions of the staking platform due to launch over the coming weeks.
Staking PHNX gives a user voting rights and the ability to create proposals within the DAO. 2% of funds incurred from sales are set to go towards future dApp development and other initiatives.
Phoenix’s DAO stands apart for several reasons. Every PHNX spent on grants will be posted on a running budget page to encourage full transparency this will extend to wider spending as the DAO evolves. The DAO plans to be self-sustaining through its revenue generating products and will eschew collecting donations to focus on offering the benefits of blockchain and crypto for a wide range of users.
So far, the PhoenixDAO dApp store and NFT marketplace are projected to launch later in 2021. As team members continue to test V1 of the DAO and the events marketplace, PhoenixDAO’s unique innovations in the security and digital identity field, coupled with its authentication protocol, means DAO enthusiasts should closely watch for when the platform launches.
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