DAOs and Dapps are now improvised by Polkadot and Dotsama

    Simar Marwaha
    Simar Marwaha
    Published on November 24, 2022 6:51 AM

    Updated on January 25, 2023 9:21 PM

    DAOs and Dapps are making the world a new place to envision the future aspect of technology. The technology is advanced and could make a huge change in the web3 sector.
    DAOs and Dapps are now improvised by Polkadot and Dotsama
    Source: Unsplash

    Decentralized autonomous groups are comparable to traditional organizations in many aspects. They may be considered a group or community of individuals who share interests and work together to achieve a common objective.

    The importance of Dapps is remarkable. Since it's beginning to be deployed on the  Ethereum blockchain, the demand has risen. Polkadot is one of the prominent leaders in developing Dapps and reinforcing DAOs. Let's examine how DAOs and Dapps have been improvised by Polkadot and Dotsama protocols. 

    The DAO ecosystem on Polkadot 

    In the crypto business, there are hundreds of DAOs, with some of the most prominent houses on the Polkadot blockchain, which is a strong proponent of decentralization. According to data, Polkadot projects account for five of the top ten DAOs in terms of governance token holders. Polkadot is the leader, with over 1.1 million DOT token holders with voting rights, followed by Moonbeam with 385,000.

    Polkadot is the leader, with almost 1.1 million DOT token holders with voting rights, followed by Moonbeam with 385,000. The prominent DeFi protocol Uniswap and metaverse platform Decentraland are also included, as with other Polkadot projects such as Kusama (263,000 token holders), Moonriver (237,000), and Acala (169,000).

    Polkadot's DAO is notable for being one of the most innovative in the industry. Earlier this year, the project proposed a new DAO model intended to provide members greater leeway in making governance ideas while forming a new committee to help with protocol governance. At the time, Polkadot creator Gavin Wood stated that the improvements were all about refining the DAO concept and making it more decentralized.

    Wood's support for decentralization is familiar; in a keynote lecture at the 2021 Shanghai International Blockchain Week, he stated that decentralization and security are optional if you want to build a genuinely scalable blockchain ecosystem.

    The everlasting Polkadot's Dapp space

    Jumping into the "MEWverse"

    MEW has announced launching of a new Web3 decentralized app (DApp) named MyDotWallet, following its first success as a gateway to the Ethereum network. Users of MyDotWallet will enjoy better staking and transfer capability, among other things, in the Polkadot/DotSama ecosystem.

    MEW has been in the Ethereum ecosystem since the beginning, striving to make engaging with Ethereum a more comfortable and natural experience. MEW has subsequently enabled users to manage any Ethereum token from MEW, interact with any Ethereum smart contract, and purchase Ethereum with a credit card through the platform's suppliers.

    The open-source platform has prioritized continuing to assist its users during this shift as the world transitions to a multichain reality.

    MEW already offers a multichain wallet extension called Enkrypt that enables users to access their most frequently used DApps on the Ethereum and Polkadot chains, purchase cryptocurrency, trade tokens, and manage their NFTs on both networks.