In this blog post, we explore the Optimistic Respect-based Executive Contract (OREC), a groundbreaking smart contract designed to facilitate decentralized decision-making within organizations and communities that utilize non-transferrable reputation tokens, known as Respect.
OREC aims to address common challenges faced by decentralized autonomous organizations (DAOs), such as voter apathy and the need for effective governance without relying on traditional voting methods. The article delves into the mechanics of OREC, its motivations, specifications, and how it fits into the broader vision of ORDAO, the state-of-the-art decentralized governance protocol that combines sophisticated smart contracts with an innovative consent-based voting system to enable truly democratic community coordination. Readers will gain insight into how OREC can empower communities to make collective decisions efficiently while maintaining a high level of decentralization and trust.
Please note that this article is in an early stage of development and will be updated soon. You can ask questions about ORDAO and OREC Optimism Fractal discord, join the ORDAO Office Hours, and watch the ORDAO video playlist to learn more.
Table of Contents
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The description of OREC, motivation, and specifications in this section are written by Tadas, the creator of ORDAO and OREC. They were originally published on the Github Page about the concept of OREC and are pasted below for your convenience.
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Optimistic Respect-based Executive Contract (OREC) is a smart contract that executes transactions on behalf of a DAO, that has a non-transferrable reputation token (which we call “Respect” here). The main use case is performing code updates of a DAO (if OREC is set as an owner of a proxy contract) but it can be used for other transactions as well.