Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with DAO1, on June 6th at 2.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Leo G, Chief Strategist, Francesco D., Head of Operations & Adrian N. Head of Partnerships of DAO1. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce DAO1 to our community in layman’s term?
Ans — DAO1 is a community-led DAO Project (Decentralised Autonomous Organization), governed by true democracy. DAO1 fosters innovation by offering a suite of financial products.
As a decentralized socio-economic platform, DAO1’s mission is to deliver innovative financial products for its community. DAO1 blends democracy and finance in this age of modern financial revolution.
Q2. What are the advantages of DAO1 to other alternatives in the Blockchain field?
Ans — Accessibility: DAO1 is easily accessible to everyone, regardless of financial situation or knowledge of the cryptocurrency space. It is an inclusive ecosystem aimed at everyone.
Then we have innovation: DAO1 offers a wide range of attractive financial services and features in a unique composition, innovating in the cryptocurrency market thanks to its advanced suite of features. thats a key one for the future aspect i would say.
Power of choice: The DAO1 native token will have a unique role from a governance and proportional voting standpoint, where it will be used to vote in order to approve, deny or abandon voting of new features, their functionality and future development on the platform. DAO1 offers a proportionally-driven voting system and this means that users will have the ability to vote on what direction DAO1 takes.
And lastly education!: DAO1 places a great focus on introducing an innovative educational approach, coupled with a community-led ecosystem of advanced services. Our aim is to not only provide access to services on our platform but also encourage continuous learning.
Q3. What are the major milestones DAO1 achieved so far & what are in the future pipeline?
Ans — DAO1 has achieved a lot over the last few months.
There are more details on the DAO1.org website in regards to the roadmap, but in essence, in this first phase we have:
-Released the whitepaper 1.0
-Launched our website
-Deployed the main DAO1 contract and completed the official smart contract audit following the strictest standards
Major development has been put in motion from which we shall soon see the results in terms of implementation of the innovative features one by one.
Questions Asked on Twitter For DAO1 Team!
Q1. Staking and Farming are the basic backbones for decentralization, Can you tell us what are the Staking and Farming mechanics of Dao1? Is there a minimum amount need to staking? Does the APY percentage of Dao1 is fixed or may vary?
Ans — You are right that staking and farming are the backbones of DeFi.
Staking is an important activity in any crypto ecosystem, where token holders enable the blockchain network’s operation by holding or locking a certain number of tokens.
On DAO1, the platform will offer a user-friendly DAO1 wallet application with an in-built staking feature that allows automatic staking of funds available in the wallet. We will offer a fixed staking feature for those in favor of long-term staking. The long-term staking will have an approximately fixed APY of 52% per year.
There is no minimum amount needed to stake which is a very important thing both for inclusion & accesibility.
DAO1 will offer various farming pools, such as DAO1/USDT and DAO1/ETH to start with on the relevant trading platforms.
For example, the user intending to farm deposits 50% DAO1 and 50% USDT into the yield farming pool and can earn revenue from that.
The APY from farming is not fixed and depends on certain factors, such as volume and the size of the liquidity pool.
At the start, there will be a higher APY, and as the liquidity pool grows larger, the APY will go down.
Q2. Reading about the DAO1 project, I could see that they plan to advise the community. But, what will be the features or requirements taken into account to determine which projects can invest in and, therefore, recommend good investments to the community?
Ans — That depends entirely on which fund you are asking about: The Decentralized Fund (DeF) with the Hybrid Advisory feature, or the Crypto Venture & Startup Fund...
Participants in the Decentralized Fund (DeF) will gain insights by our feature of Hybrid Advisory. Hybrid Advisory, as the name implies is a mix of several elements: An AI and a human component. The AI will compare many aspects such as for example fundamental news, media exposure, technical analysis, popularity, market volatility and so on, while being guided by the human component, the top people inside the Crypto Industry that are part of DAO1 to make informed choices and suggestions for the community.
The requirement for the community member to take part in the Decentralized Fund (DeF) is merely being a holder of DAO1!
The Crypto & Startup Fund can best be described in layman terms as an easy access point for the normal retail investor into the early stages of companies, such as seed and strategic rounds. Offering the retail investor a way to be an “Angel Investor”
Those companies could be the ones winning DAO1 hackathons, or others that the DAO1 advisors have done heavy research into and reached the conclusion that these are indeed worthy. The DAO1 advisors would then reach agreements with said companies to get access to seed, strategic and pre-sale rounds for the DAO1 community.
Q3. I was able to read that DAO1's Incubator Platform will provide new emerging projects with exclusive mentoring, but could you tell us more about it? That "exclusive tutorial" will be for new projects that want to expand with DAO1, right?
Ans — The DAO1 Incubator Platform will help entrepreneurs and teams to shape their ideas into fully-fledged products, services, and businesses. Its sole purpose will be to identify projects with the highest potential, and work with them to provide exclusive mentorship, funds for development, and access to respectable partnerships until they will become fully functional business.
Well, the initial idea was to incubate mostly projects which after being launched can power & expand the whole DAO1 ecosystem but we want to open both the hackathons & incubation programs beyond this scope.
We want to find the hidden gems, the new world changers & it is also an opportunity for inclusion because the next big thing can come from anywhere? As we have already mentioned, hackathons, incubation and startup funding are some of the key areas of focus and we are always looking for the latest in tech that participants in our incubation program can use to create innovative products with real world usage.
E.g. smart contract development, auditing, security , layer 2 solution providers, enterprise blockchain solutions providers, blockchain data analysis companies like chainalysis, oracle networks etc. so that our incubated projects can explore the possibility of using those in their projects.
We have conceptualized the incubation program to encourage innovation in the blockchain sector as a whole, while giving special attention to the DAO1 ecosystem. As a part of the selection process we invite applications from entrepreneurs, developers, and enthusiasts from all over the world. Anyone can apply, irrespective of whether they have the technical/business skills or not.
The applications will be shortlisted based on the innovativeness of the proposed solution, the real-world use case for such proposed solution and of course the team behind it. The selection process will include evaluation by experts, and discussions with the shortlisted teams to understand their idea and how they would like to make it a reality.
Q4. Why would you move the rest of the public sale entirely to the Ethereum network? Are there any advantages to DAO1?
Ans — This is a very good question because when we speak about technology & DAO1 is igniting a big technology hub the initial plan has to be adjusted on the way for the benefit of the users, the community, DAO1’s community members are called DAO1 Captains.
As people experienced difficulties in the MATIC network and long fetching time, we gave the opportunity to use Ethereum Network. And I can say that it was a great success as we could see a sudden surge after this adjustment.
Overall we are delighted and look forward to using POLYGON (MATIC) through the QuickSwap Exchange. DAO1 team members are huge fans of the POLYGON approach and we look forward to enabling fee reduction on that avenue, absolutely.
Q5. The biggest lack that DAO 1 has is that is an ERC-20 token so you'll suffer the high transaction fees of this network, so can you tell us what are your solutions to avoid this intrinsic limitation?
Ans — Yes, you are right in that it is an ERC-20 token. However, one should also see that the transaction fees have gone down recently, and are only going to go lower once ETH 2.0 is live this year.
However we have come up with a solution to this limitation, and that is why DAO1 is also launched on the Layer 2 Matic Mainnet- tradeable on QuickSwap.
Moreof, the DAO1 platform and all the features are based upon the Matic Mainnet to avoid this limitation- The transactions inside the platform are done for a fraction of the cost of the ETH network.
Questions Asked by our BlockTalks Community Members during live Session to DAO1 Team!!
Q1. Can you tell a feature or feature that you like best about DAO1 so that it can compete with other competitors? What are you most confident about for your platform?
Ans — I think the Crypto Venture & Startup Fund feature, as well as the DeF with Hybrid Advisory. The competitive advantage we have is that we offer these two features to help everyone make smart financial choices. Often, access to startup investing is limited to the big guys - we will change that and that is out competitive advantage that just these two features bring!
Apart from Crypto venture and startup funds and hybrid advisory we have staking and yield farming, and hackathon for developers and incubation placeform.
Q2. Many projects are just using the popular name of DeFi but they are quite misleading and not even decentralized at all. How much decentralized is DAO1? Do DAO1 team really dedicated to stay decentralized also in the future?
Ans — You are right, both DeFi tend to be used as marketing terms. With DAO1 there is a real voting systems & and important decisions are taking after voting. The voting rights are retained by the DAO1 holders without the intervetion of a centralized authority.
Q3. What are Key Features that you are very Proud Of & feel very confident about that makes you ahead over any project out there?
Ans — We are confident in all of our features, but most interestingly for our community members, we think that our governance model structure is one of a kind - meaning our proportional voting system will drive the DAO1 ecosystem for our feature’s functionality. We are proud of all our features, but our governance from day 1 is key to everything in the DAO1 world.
Q4. Is the $DAO1 supply limited? Do you have a mechanism that ensures inflation does not occur?
Ans — Yes its capped. and u can look at our tokenomics. the supply allways stay same.
Q5. How was the idea to create this project born? It is very interesting project? What do you want to prove? What are your expectations?
Ans — The idea for this project started after a meeting in a conference, we stayed in touch for a while & thought about what is missing in the market. DAO1 aims to become a decentralized powerful hub.
Q6. What are Key Features that you are very Proud Of & feel very confident about that makes you ahead over any project out there?
Ans — Blockchain Hackathon
And a Brilliant Team
Q7. Many talk about their successes but can you tell us what difficulties they went through to get to where they are today?
Ans — The road is full of difficulties when a new project is built, but between these difficulties you are able to find the successes.
Q8. Many things can make a project strong like the community,the quality of the project,its investors. What make DAO1 strong? What will you do to make it more stronger?
Ans — Absolutely the community. AS more project gets incubated and hackaton winners get to showcase and implement the ideas...as well as when the community start to vote and opt for things in our ecosysyem we will grow as a whole.
Q9. Many talk about their successes but can you tell us what difficulties they went through to get to where they are today?
Ans — We’ve faced many ups and downs, without a doubt. But we come back stronger each time and this will be no different when we officially launch tomorrow!
One particular challenge that has presented itself is the lack of trust that certain communities have in new and emerging projects like ours. This is a recurring theme in the crypto world and not one that will cease to exist any time soon, given the high number of projects releasing on a daily basis. But this is something that we are mitigating in a creative way. DAO1 is a community-driven ecosystem and given that the community will get to vote on the platform, it will mean that lack of trust will be solved on our end, by taking an all-inclusive approach to ensuring our community knows they matter at all times.
Q10. How far has the roadmap been carried out until the end of this year and what positive results have been achieved?
Ans — The roadmap has been succesfull so far, as you will see the first hackathon happening this month, and other features to be announced in the very short term.
Q11. What are the use cases of your token, and how are we as users motivated to buy and hold long term? Will new use cases come along time?
Ans — The Dao1 token is needed to access all the features, as well as being part of the DAO. Users are also motivated by the various DeFi protocols such as Staking and Yield farming. In the future new use cases will come as well, as the community will decide on them via the DAO! Remember it is DAO from Day 1.
Q12. How is the situation of the COVID-19 epidemic where you work? How does it affect the course of the project?
Ans — The Covid created a lot of struggles but also accelerated the digital transformation of many industries and I believe that the blockchain industry was one of the industries benefiting from this unpleasant situation.
Q13. Has your project been completely decentralized, and will there be any risk of centralization in the future?
Ans — We have taken great measures in making it as completely decentralized as possible, for example making a cap on the vote power per holder regardless of token amount held, therefore preventing centralization by whales.
Q14. What is the best feature of your project?
Ans — We don’t have one best feature only. We have numerous features which are key to our ecosystem. The whitepaper explains in a lot more detail.
Q15. Whаt mаkes DAO1 the bеst sоlutiоn to rеаl life prоblеms? What is the main difference from your competitors?
Ans — That depends on what aspect you want to specifically focus on, i will however try to assume what you meant. One specific solution is to provide inclusion, by giving the retail investor access to the early stages of companies funding through the Crypto and Venture Fund, and requiring no more than 100$.
Q16. During, the build of your project. Do you take into account any of the community feedbacks or demands to further, expand the new ideas for the project?
Ans — Of course, the community is everything. DAO from Day 1.
Q17. Lately most projects on the Crytocurrency space are characterized by serious security issues. What steps have taken to ensure that security is not an issue here?
Ans — Security is very important that’s why the smart contracts are audited by third party top organizations like Blockchain Consilium, also there are ongoing security check to ensure that all potential threats are minimised & removed.
Here are some important links of DAO1👇
🌎 Website: dao1.org
📱 Twitter: twitter.com/Dao1Official
📢 Telegram: t.me/dao1globalchat
📚 Medium: medium.com/@dao1official