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The case for DAOs


Perhaps the most well-known and controversial DAO to date is The DAO, a decentralized venture capital fund launched in April 2016. Members contribute ETH and receive DAO tokens in return. Members can use the token to vote on which projects the funds should be allocated to. The DAO raised a total of $150 million in ETH, but hackers stole $60 million. But what’s interesting is that while The DAO is now gone, until now, everyone can still see the record of all transactions that happened, because it’s on the public blockchain, and those records will never disappear. Unfortunately, this hack temporarily made many people doubt the term DAO. But DAOs are an extremely powerful form of organization, and it won’t be long before we see DAOs come back to life in the crypto world.

If a crypto project itself is governed in a decentralized manner, i.e. token holders can vote on the project's direction and various parameter settings, rather than just a centralized team making decisions, then the project is also Can be thought of as a DAO. For example, token holders of MakerDAO, which has built a decentralized stablecoin, can manage the system and vote on parameters such as stability fees.

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Example of MakerDAO Executing Proposal

Another example is the Curve DAO that builds an Automated Market Maker (AMM) that generates fees and provides income dividends to locked token holders. The longer the Curve Token (CRV) is locked up, the more voting rights and rewards the DAO member gets. Unlike traditional companies that share proportional revenue, Curve DAO has established a system in which voting rights and revenue shares are weighted according to the length of investment of token holders.

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Stakeholders can directly control DAO's assets through tokens. These stakeholders can be anonymous and anywhere in the world. These anonymous stakeholders can work together to distribute the DAO's assets for any matter, including personnel appointments. This is what is happening now. The DAO consists of hundreds of known, or anonymous, members, and appoints people reasonably only based on community reputation. For example, the Empty Set Dollar (ESD) DAO paid community manager Lewi $180,000, which he mentioned was the highest paying position of his career. Other blockchains such as Tezos and Decred also have such systems to reward contributors for their work.

Access to DAO related Dapps

Taking the Sputnik DAO as an example, users can use Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) to participate:

1)Open Bitget Wallet (Previously Bitget Wallet (Previously BitKeep))'s [Browser] page and search for [DAO] to see many DAO-related applications; click [Sputnik DAO];

2)Click [Confirm] to enter the Dapp homepage, you can browse and understand the relevant information of Sputnik DAO; click [Launch App], you can participate after registering an account.

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Introducing Sputnik DAO

Sputnik DAO致力于成为基于NEAR搭建的社区和治理的大本营。任何社区、团体或个人都可以轻松创建Sputnik DAO。每个DAO都是NEAR上的一个账户,可以参加任何其他活动,比如Sputnik DAO可以是另一个DAO或多签的一员。

Sputnik DAO支持以下常见操作: