Since the rise of liquidity mining, the industry has been constantly thinking about DAO. Decentralized autonomous organizations (DAOs) allow everyone to participate in discussions and encourage teamwork. As a business structure, control of the DAO is distributed among team members rather than centered around an authority figure. As a brand new organizational form, DAO may be the rudiment of the organization form on blockchain in the future. It is not controlled by any individual but has clear goals and can evolve and develop by itself.
DAO is fully known as a Decentralized Automatic Organization, which, as its name implies, is an open Decentralized Organization that is not subject to hierarchical central authority control, operates automatically according to the preset program rules, and gives voice to all stakeholders in the network.
In the past, economic agents tended to be dominated by a centralized organization, a power structure in which the interests of the majority were determined by the few. It dominates the whole company, and risks pile up here. Under this governance mode, individual influence is undoubtedly infinitely magnified, which is very prone to corruption and other diseases. Once any problems occur in the centralized power organization, the whole team will be in danger.
The economic entity in the blockchain world is the decentralized autonomous Organization (DAO). The decision-making power of DAO belongs to the community, and the governance of DAO is open, fair and democratic through an open and transparent on-chain vote that cannot be tampered with. More importantly, the operation of the entire system is not controlled by a few people, and the vitality of DAO is infinite.
The HOGT.COM DAO community was born out of this concept. HOGT.COM truly diluted the power by returning the governance authority to the community. Every node holding HOGT became the manager of HOGT.COM, participated in the voting of various decisions on HOGT.COM development, and promoted the continuous iterative development of HOGT.COM.
Based on many current factors, production reduction has also become a necessary element of DeFi platform ecology, in order to solve the impact of inflation. With the increase of user volume and strong community consensus, THE DAO community voted to make decisions on the development of HOGT.COM at each stage.
HOGT.COM production reduction mechanism:
According to the ecological development and dynamic balance of HOGT.COM, the DAO community voted for the first production cut after the buyback destruction mechanism went online at 19:00 on May 24, 2021, and the production cut was carried out after the approval. The next production cut shall be subject to the DAO community vote.
