281
edits
Difference between revisions of "DAO"
Jump to navigation
Jump to search
m
added link to sources
Jimcrypted (talk | contribs) m (added link to sources) |
|||
| (3 intermediate revisions by 2 users not shown) | |||
| Line 2: | Line 2: | ||
A well-known example, intended for venture capital funding, was [[The DAO]], which amassed $150 million in crowdfunding in May 2016, and was hacked and drained of US$50 million in cryptocurrency weeks later. The hack was reversed in the following weeks, and the money restored, via a hard fork of the [[Ethereum]] blockchain. Most [[Ethereum]] miners and clients switched to the new fork while the original chain became [[Ethereum Classic]].<ref>https://en.wikipedia.org/wiki/Decentralized_autonomous_organization</ref> | A well-known example, intended for venture capital funding, was [[The DAO]], which amassed $150 million in crowdfunding in May 2016, and was hacked and drained of US$50 million in cryptocurrency weeks later. The hack was reversed in the following weeks, and the money restored, via a hard fork of the [[Ethereum]] blockchain. Most [[Ethereum]] miners and clients switched to the new fork while the original chain became [[Ethereum Classic]].<ref>https://en.wikipedia.org/wiki/Decentralized_autonomous_organization</ref> | ||
== Tooling == | |||
DAO-tooling is a rising need. With functions similar to traditional firms, all DAOs have to balance efficiency and decentralization while running a community, marketing arm, treasury and oftentimes a product. As a result, a slew of DAO tooling services have entered the space<ref>https://identityreview.com/the-ultimate-guide-to-dao-tooling/</ref> | |||
=== Governance & Voting === | |||
Thru voting DAOs maintain transparency and visibility of how their decisions are taken. Once approved, those votes automatically translate to on-chain action (recorded on the blockchain) such as transferring funds from the treasury to an external entity. | |||
On-chain governance tools include [[Tally]], [[Sybil]] and [[Boardroom]]. However, rising gas prices for on-chain execution has led many DAOs to opt-in on basic polling, using off-chain services boards such as Discord, Discourse and Telegram polls. Token-based signal voting tools such as [[Snapshot voting|Snapshot]] are also favored to capture community sentiment. | |||
=== Treasury Management === | |||
Treasury management is key for the existence of the DAO. | |||
At the moment, the [[multisig]] of choice for DAOs is [[Gnosis Safe]], a multi-signature smart contract wallet that allows users to define and limit a list of signers required to confirm a transaction. | |||
The [[Juicebox]] protocol also acts as a payment terminal and programmable treasury for projects, allowing DAOs to manage treasury actions such as crowdfunding, employee salaries and automated payouts when a project closes. | |||
=== Contribution & Compensation === | |||
Many individuals contribute to the DAO via moderation, code or “Bounties”. On-chain tasks can be verified by tools such as [[Rabbit Hole]], or off-chain tasks using tools such as [[Gitcoin]] and [[Coinvise]]. Once the task is completed, many DAOs turn to tools such as [[POAP]] or [[MintGate]] to provide token-gated assets as a reward or badge to represent credibility. | |||
== References == | |||
<references /> | |||
[[Category:Glossary]] | |||
[[Category:DAO]] | |||