Friday, March 29, 2024

ERC-948

by Hideo Nakamura
ERC-948

### What is ERC-948?
ERC-948 is an Ethereum Request for Comment (ERC) proposed by the 0x Project. It provides a standard framework for creating decentralized autonomous organizations (DAOs). With ERC-948, developers can create DAO contracts that facilitate the coordination of activities between multiple participants in a trustless manner. The goal of this proposal is to provide developers with an easy way to set up and manage decentralized organizations on Ethereum.

### How Does it Work?
The ERC-948 standard enables users to create DAOs using smart contracts on the Ethereum blockchain. These DAOs will be able to coordinate activities among its members without any centralized authority or middleman being involved. This makes them more efficient, secure, and cost effective compared to traditional organizations managed by humans or third parties.

In order for a DAO contract created under this standard to work properly, it needs four components: governance rules, voting system, token model, and reward structure. The governance rules define how decisions are made within the organization; these can include rules about who has decision making power over certain issues as well as procedures for resolving conflicts among members. The voting system allows members of the organization to cast their votes on proposals put forth by others; this could be used for things like deciding which projects should receive funding or approving changes in policy. The token model defines what kind of tokens are used within the organization and how they interact with each other; tokens can also be programmed so that they automatically execute certain actions when certain conditions are met (such as transferring funds from one account to another). Finally, the reward structure incentivizes user participation by offering rewards in exchange for completing tasks or achieving specific goals within the organization’s scope of operations – such as developing new features or providing customer support services.

By combining all these elements together into a single package through smart contracts deployed on Ethereum’s blockchain network , developers have access to powerful tools capable of enabling fully functional self-governed organizations run entirely autonomously from any human input – allowing them unprecedented levels of efficiency while remaining completely trustless at all times .

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