However it was too late. On Jan 5, 2021, MakerDAO's most important vaults ETH-A and ETH-B were dried up. DeFi's most popular project was experiencing a liquidity crisis.
This was not the first time when it happened: last time a similar crisis took almost one month for an urgent executive to take into effect.
Obviously, it is inefficient and potentially risky to rely on an online core of human organizations as MakerDAO's core governance mechanism. DAism's solution is to evolve onchain DAO from Decentralized Autonomous Organization to Decentralized Autonomous Organism, i.e.:
DAO 2.0 = Token + Smart Contract + Smart Algorithm
Yes, DAism's philosophy is to adopt smart algorithms instead of onchain decisions and collaboratitons based on human organizations----just like what Bancor has achieved in pricing tokens in the Ethereum ecosystem by adopting smart algorithms instead of matchmaking, which is a sort of decentralized collaboration among human beings.
Based on this philosophy, DAism is destinated to be a platform for decentralized autonomous organisms to be born, growing and flourishing.
(If you'd like to know more about this philosophy, please read DAO 2.0: Time to update the meaning of DAO.)
DAism consists of a framework, a Google Play like DAPP module store and DAOs that run on it.
DAism's framework consists of multiple core protocols and an IADD network, innovative and stunning.
The IADD network is a combination of a decentralized exchange and a decentralized payment network. It works in conjunction with some DAism protocols and is able to issue and automatically deploy tokens for every DAO in the platform. That means in minutes you can easily and promptly create a DAO in the platform, and immediately anyone can purchase the token your DAO issued in the IADD network. The unique feature of IADD is that token issurance and deployment into markets will be immediate and totally automatical.
Another DAism's innovation is a unit token protocol. This protocol will be used to issue an anchor token named "uToken" based on Ether's value. The uToken is like the International Prototype of the Kilogram which was made in 1889, referred to ur-kilogram and used to define the magnitude of the mass of the kilogram. In the IADD network all circulating tokens will be priced in the uToken whose unit price is permanently set to one NDAO.
A noteworthy point is that on November 1, 2019, the DAism team published a paper titled "Image Storage Solution Based on Ethereum Sharding" and later on also issued several collectible NFT tokens (referred to as token of honor) by using the techniques in the paper. The techniques in the paper were summarized and officially accepted as EIP-2569 by the Ethereum development team.
You'll find more marvelous innovations if you dig deep into DAism.
In DAism anyone can permissionlessly develop DAPP modules(referred to as dModules) for decentralized autonomous organisms. The dModules will be plug and play. Users can even use them as easily as a smart phone user to use apps listed on Google Play. Eventually in DAism anyone will be able to build a DAO, initiate a DAO and grow a DAO without mastering blockchain's technical details.
DAism is a challenging project and an ambitious project. You are greatly welcome to join us, work with us and make our huge vision a reality.
(If you want to know more about DAism, please read DAism's Whitepaper)