The newly-established Digital Agency of Japan said it would establish its own decentralized autonomous organization (DAO) to better understand its applications before permitting them legal status.
The Japanese government established the Digital Agency last year to better facilitate the integration of technology into Japanese society. As part of its efforts, it created the Web3.0 Study Group to better understand how to utilize blockchain-based technology.
During its fifth meeting on Nov 2, the Web3.0 Study Group decided to establish a DAO. As blockchain networks lack any centralized authority, members will often form a DAO in order to make decisions on behalf of the protocol.
The Purpose and Goals of the Japan DAO
In its announcement, the study group laid out its purpose for creating the DAO as well as its goals. The study group’s overall purpose is to better understand the application of blockchain technology.
In this…
