As the traditional art world and crypto space continue to merge in the effect of NFTs, communication between the two disparate sectors can often leave things lost in translation.
Given that the entire NFT ecosystem is still very much in its infancy, if you became interested or involved in it, the chances are that your journey into the sector was not inaugural to the space itself. You were either first exposed to the ecosystem through your interests in the art world or your interests in the crypto space.
The two sides can sometimes appear so different, especially in terms of the language, terminology, and the so-called “jargon” used by each side. Suppose you are well versed in art history. In that case, a term like chiaroscuro (a well-known technique used by the likes of da Vinci and Caravaggio where contrasts of light and dark are used to achieve a sense of volume in rendering three-dimensional objects) will be very familiar to you. Similarly, suppose you are native to the crypto space. In that case, the difference between proof-of-work vs proof of stake (one validating its transactions through computer mining, the other validating its transactions with deposits) will be a no brainer for you.
Even those brief definitions will probably need additional clarification and expansion for those who have never previously encountered the concepts. That is the case for many of us coming from either side looking into the other.
For Particle, we see ourselves as the middle-man. As we merge these two sectors, we also want to establish our offering as a bridge between them— working to bridge the divide in terms of what we do and the avenues of knowledge that we provide.
As we prepare to launch our revolutionary ParticleDAO we thought it would be helpful to break down the concept of a DAO for those of you who may be unfamiliar with it.
What is a DAO:
The acronym DAO stands for decentralized autonomous organization. In layman’s terms, this is a system or organization run by and for its members with limited or no central ruling authority. How is this achieved, you may be wondering? The answer is; through the power of blockchain technology. The rules and governing principles of the organization are directly encoded on the blockchain, where they are transparent and controlled by the community members and un-influenced by any central ruling body. Because these records, rules, and transactions are distributed across a vast network, maintained and recorded on the blockchain and not by one organization, this allows them complete transparency and the inability for interference by a dominant power. Any amendments to these rules or any requests for action need to pass through a system of checks and balances that are again controlled by the DAO’s community members. Of course, every DAO will have its own unique set of rules and regulations as well as systems of checks and balances.
DAOs have a history dating back to the origins of crypto itself. By way of example Bitcoin is probably the most well-known and earliest example of a successfully and democratically functioning DAO. It does not have a chief executive, a managing party or board members overseeing its daily operations. It is instead managed by consensus through its proof of work mechanism. Its maintenance is done by its miners which in effect vote on changes to how the network works by delegating amongst themselves whether they want to alter the way they do things or not, typically with an update to their software
DAOs, more recently, have been rapidly growing in popularity and mainstream awareness. Most recently, in November 2021, ConstitutionDAO demonstrated to the world the power of a community of like-minded individuals rallying around a common cause to bid on the U.S. constitution at auction. While the DAO was ultimately outbid, it left an indelible mark on the crypto world and captured mainstream attention and imagination. It has shown the world what is possible with DAOs and through the ParticleDAO, we will be taking the next step towards the future of crypto, governance and art.
How can a DAO be integrated into the art world?
Now let's take the art world; think about what it may look like for an art world organization to limit the power of a central ruling authority in an ecosystem that has for so long been governed by an elite ruling class. An elite ruling class that has over the course of time used their influence to dominantly shape not only art historical discourse but also the art market, popular tastes, and visibility to the masses.
Now, blockchain has created an opportunity for a revolutionary paradigm shift through alternative avenues of art ownership and mechanisms that will reward and give voice to those people outside those privileged circles.
By way of example, ParticleDAO will allow its community to decide the physical collection's future collectively. We will give our community the ultimate power of voicing proposals and making the decisions they see fit.
Through transparency, sharing of resources and equal access to information, we believe we can radically change how the art world thinks and functions. In this way, we see the position of a DAO in the art world as having the potential to replace outdated models and power structures, reinvigorating the arts for everyone. This solidarity and a new model of governance will be revolutionary.
The ParticleDAO will give participants unprecedented governance in the world’s greatest masterpieces. Participants will be able to participate in the inner workings of an art foundation that has been previously closed off and inaccessible to many individuals. Particle’s mission has always been to let people own, collect and experience art in a revolutionary new way. Now, we are putting that power directly into your hands. What will you do next?
In due course, we will be releasing more information on the detailed structure of ParticleDAO. For more information on our roadmap and plans ahead, click here.