“GM Radio” Next time, “Hats Protocol” will participate to streamline the operation of DAO

25th GM Radio held

On the 24th GM Radio broadcast by CoinPost Global on the 10th, we invited Max Power from the Special Projects division at LayerZero Labs as guests, and Brendon Sedo and Denali Marsh, early contributors to CoreDAO. We conducted an interview on the theme of “Use of Bitcoin (BTC) and Ethereum (ETH)”.

This time, the 19th delivery by the same guest ended midway due to technical problems, so it was re-delivered. You can listen to the archive via the link in the tweet below.

https://t.co/gCQnDxDDG8

— CoinPost Global (We’re hiring!) (@CoinPost_Global) May 9, 2023

Guest introduction

The 25th GM Radio will be streamed on Wednesday, May 24th at 10:00 on the CP_Global Twitter space. This time we have three guests, the co-founders of Hats Protocol: David Ehrlichman, Spencer Graham and nintynick.

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Hats Protocol is a project to develop a protocol for efficient operation of decentralized autonomous organizations (DAOs). DAO refers to an organization that does not have a central administrator like a manager, unlike general companies, and is operated and managed by participating members and algorithms.

The project team will release a statement on the Hats Protocol in October 2022. “We believe the DAO can change the world,” he said.

The Hats Protocol project envisions building a more equitable future by promoting DAOs. It’s a world where infrastructure is shared so that others can’t be attacked and data and money can’t be forcibly stolen.

He argues that DAO can be operated with high scalability without relying on the conventional hierarchical organization. The Hats Protocol was developed to achieve this goal.

How the Hats Protocol works

Hats Protocol has introduced a mechanism to assign an NFT named “Hat” to each role in order to streamline the operation of the DAO. This NFT is not “Non-Fungible Token”, but strictly speaking “Non-Transferable Token”. Note that only administrators can send hats and assign roles to other personnel.

Hat is issued in the Ethereum token standard “ERC-1155”. ERC-1155, also known as the “multi-token standard,” combines the features of regular tokens (ERC-20) and non-fungible tokens (ERC-721).

The Hats Protocol team pointed out that DAO is a great mechanism, but that governance is difficult. It is said that it is difficult to achieve both decentralization and efficiency.

To solve this problem, we developed the Hats Protocol. DAOs using the Hats Protocol will be able to efficiently use NFTs to:

• Delegate authority to members while maintaining full control of the DAO
• To reduce the burden and costs associated with managing contributors and delegating authority
• Hold contributors accountable
• To have a clear picture of what is actually happening in the DAO

The title of GM Radio’s distribution this time is “On-Chain Role Management”. We plan to ask guests about Hats Protocol’s features and future plans.