On Monday, MetisDAO Foundation announced the launch of KORIS, an end-to-end operational infrastructure for Decentralized Autonomous Companies (DACs). A first-of-its-kind, the platform is tailored to serve the needs of Web3 businesses.
Despite the downturn in the general crypto market, the concept of decentralized autonomous organizations (DAOs) has continued to wax stronger. Asides from the impressive growth in the number of new DAOs, there appears to be some progress on the regulatory front. For instance, the Marshall Islands recently passed a bill that officially recognizes DAOs as limited liability companies.
KORIS was incubated by MetisDAO Foundation and touts itself as “the first and only platform” that is tailored to meet the unique needs of businesses by using smart contracts for company operations. Metis asserts that despite the growth in decentralized organizations, “there has yet to be an efficient way for decentralized companies to manage the day-to-day operations of the workforce.” KORIS is designed to solve this problem.
Unlike traditional organizations, web3 startups are increasingly leveraging technologies like smart contracts for organizational operation. But while the treasuries of the global decentralized workforce surged to $16 billion, there has yet been a way for these companies to efficiently manage the business’ day-to-day needs.
The platform offers a plethora of features, such as Discord notifications, task and treasury management, voting, contracting, on-chain resume, BLS Wallet Integration for gasless transactions, and payroll management. “KORIS provides critical technology that opens the door for the future of business and organizations to innovate using the benefits of smart contracts,” said Pavel Sinelnikov, KORIS Co-Founder and CEO.
KORIS is currently in closed beta. However, there are plans to open it up to everyone in the future.
Meanwhile, Metis is an Ethereum Layer 2 optimistic rollup that supports smart contract development, DApps, and more scalable transaction processing. The protocol bundles Ethereum transactions and processes them off-chain before returning them to Ethereum for recording.