Article Summery: Our Perspective

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PROGRESSIVE DE-CENTRALIZATION

BLOCKS considers how vital processes can be successfully run in a decentralized manner — that is, as a protocol owned and operated by a community of users.

BLOCKS Tokenized community will be the launching point for its DAO, segmenting the token holders into tiered groups based on their BLOCKS holdings. Various value offerings will be allotted at each tier.

BLOCKS will be implementing voting and polls weighted by tier inside this structure as a precursor to “on-chain” voting and proposal submission.

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FULLY DE-CENTRALIZED GOVERNANCE

BLOCKS is the world’s first DAO LLC that runs on a peer-to-peer software backbone, thereby empowering groups of vetted participants to make non-hierarchical decisions about shared resources (e.g. fund allocation).

BLOCKS has the potential to change the world by making collaboration radically more accessible, direct, and scalable.

BLOCKS applies a fully de-centralized governance model in terms of the following:

Fully De-centralized Governance with BLOCKS
Network/ hardware resources Resources are owned and shared by network members, but they are difficult to maintain due to the fact that nobody owns them.
Solution Components: Each member has the exact same copy of the distributed ledger.
Data New data is only added through group consensus.
Single Point of Failure None
Fault tolerance: Extremely high
Security Increases as the number of network members increases

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Multi-signature Wallets

BLOCKS will also develop a multi-sig treasury.

Multi-signature (a.k.a. “multisig”) wallets are cryptocurrency wallets that require two or more private keys to validate and send a transaction.

Multisig can mitigate the hazards of dealing with digital bearer assets, where transactions are irreversible.

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Advantages to Multisig Wallets:

  1. A multi-signature wallet helps ameliorate the security concerns endemic to a single private key mechanism.
  2. Multisig reduces the dependency on one person, thereby attenuating the possibility that missteps are made.
  3. Multisig makes cyberattacks highly unlikely, as it increases the number of potential failure points that hackers would encounter.
  4. Multisig wallets reduce the dependency on one device, thereby augmenting security. For example, crypto users can save one private key in their mobile phone and another on their desktop or laptop device.
For Teams

Fully customize how you manage your company crypto assets, with the option to require a pre-defined number of signatures to confirm each transaction.

Require multiple team members to confirm each transaction in order to execute it. This helps prevent unauthorized access to company crypto.

For Individuals

Fully customize how you manage your personal crypto assets. Users are afforded the option to require multiple devices to confirm transactions (hardware wallets, EOA-based wallets, paper wallets, or any combination thereof).

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Multi-signature proponents argue that multisig is the most secure and fail-proof way to store cryptocurrencies.  Even if an intruder is (theoretically) able to identify one of your wallets, he still won’t be able to access your account without the keys to the other wallets in the setup.

Multi-signature wallets enjoy much more credibility in the digital ecosystem.  They are thus a highly secure alternative for managing crypto funds and conducting crypto investment activities easily, quickly, and safely.  If used properly, multisig wallets provide numerous useful applications that make cryptocurrencies more appealing, useful, and secure.

DAOs are one of the most innovative developments in the cryptocurrency space. Investors should follow them and their related governance tokens closely.

  • BLOCKS is building an open-source software stack for DAOs that includes a library of governance protocols and friendly interfaces for creating and managing DAOs.
  • BLOCKS aims to support the entire process of building DAOs, and so the stack currently includes everything from basic peer-to-peer decision-making modules to a fully functional user interface that requires no technical knowledge.
  • BLOCKS build organizations for any kind of collective work, and it also contains tools to link these organizations together.  Consequently, as the network grows, all its member organizations are strengthened.
  • BLOCKS DAO LLC aims to migrate traditional industries onto the blockchain.
  • Through a blend of blockchain and non-blockchain partnerships, BLOCKS intends to grow the utility of its digital assets to become an established unit of measure for the world’s blockchain technology.

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Read the full article on CryptoDaily

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Sources:

  1. https://gnosis-safe.io/
  2. https://www.makeuseof.com/what-are-multi-signature-wallets/
  3. https://newsletter.banklesshq.com/p/how-to-create-a-bankless-dao
  4. https://money.usnews.com/investing/articles/what-is-a-dao
  5. https://daostack.io/
  6. https://app.gitbook.com/@daostack-1/s/v1/introduction/architecture-overview

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