Migrating to WEB3 (２): Everything U need to know about DAO AMA Recap
On 10th May, we are so honored to invite 4 great persons from popular DAO projects: Allan, Head of Operation from MoleDa0; RebeccaWONG, SeeDAO Web3 University Co-Founder; Wynton, Community Lead of WebXDAO; Yanelis, YanelisDAO Sponsor. Thank you for all sharing, and here is the AMA recap.
Nancy: Welcome everyone to our latest AMA session. I’m Nancy.
DAO is a true paradigm shift. As emerging innovations touch upon the fundamental building blocks of human organization, it develops from hierarchical command and control structures, to heterogeneous and self-organizing networks.
DAO is laying the social foundation of Web3. This is first and foremost made up of people with their own preconceived tendencies and biases, and unlike smart contracts, people don’t automatically execute based on specific conditions. DAOs and their culture cannot be codified, but are carefully cultivated over time. A DAO is a natural expression of human coordination, enforcing structure through cryptography. It allows people to come together behind a common goal and work together in a formal way to achieve their goal.
So, what changes will DAO bring to our lives? What role does it play now and how will it evolve in the future? Let us welcome 4 guests from MoleDAO, SeeDAO, WebXDAO, and YanliesDAO to share their wonderful views with us!
- Please give a brief introduction to yourself and your project.
GM, I’m Allan, Head of Operation from moledao.io
Moledao (https://twitter.com/moledao_io) is a social platform for all blockchain enthusiasts to learn about the latest in blockchain, grow and contribute to build more innovative ideas with the help from experienced blockchain pioneers and innovators.
We aim to bring blockchain to everyone and grow the ecosystem through education and community events such as global hackathons.
Hey guys, I’m Rebecca from SeeDAO (https://twitter.com/see_dao). And I’m a member of the SeeDAO Insight and Research guild, Governance guild and Translation guild. I’m also a core builder of SeeDAO DeSchool project and SeeDAO Web3 University.
SeeDAO is an incubator of DAOs. We believe in the creator economy and are trying to support creators by community power. SeeDAO consists of ten guilds for now, and there are four projects that have been successfully incubated. And SeeDAO Hackathon 2022 is also planned. Welcome to join us.
Hello everyone! I’m Wynton from WebX team. WebX is a DID-enabled social network with innovative NFT economy. With the mission to connect Web2 & Web3 in a seamless manner, WebX provides a portal to acheive interoperability, extending the social media to a self-owned and decentralized layer, and mapping crypto assets back. NFTs can be shared for fun and exchanged for monetization just like other regular content under your own control.
Hi, I’m Yanelis, the founder of a female DAO and the chief Investment Officer of Coinmix Golbal. Yanelis DAO was an interesting experiment initiated by me at the end of last year. I released my OWN NFT project using my personal IP, which had some influence at that time and gained a group of fans who loved me. In my community, I usually accompany my fans to watch movies and share NFT projects, while I am a Web3 investor.
this is my twitter https://twitter.com/Yanelis_yang
2. 2022 is the year of the DAO. Could you share with us what’s your definition on DAO? Why do we need DAOs?
Personally, I think DAO is a new type of relations of production in which stakeholders are involved in a more just, fair, and open manner. It’s human nature to want to be free. But without restraint, free may cause uncontrollable disasters like excessive consumption, and global warming. DAOs may play a more key role to balance freedom and autonomy.
For me, this is a bit of a complex issue. In Web3, everything from a human society to an urban settlement to a business organization to even a university club all can be a DAO.
And why do we need DAOs? Because we need a better way to organize, to be able to free more people from organizational domestication and to develop themselves better. We also need a more flexible and agile way of collaboration to keep releasing more powerful energy.
3. The market is swamped with various DAOs, so how should we recognize and divide them into its categories?
Depending on the structure and technology, DAOs can be categorized into various types.
1/ Protocol DAOs, such as MakerDao, Uniswap
Their tokens serve as a voting metric for implementing changes in the protocol, and other governance-level decisions.
2/ Service DAOs, such as RaidGuild, DXDao, PartyDao
These projects usually provide a provision services and acquisition model to individuals or agencies, like hunting talent.
3/ Social DAOs, such as Seedclub
They build fair & democratic platforms, where everyone’s opinions are heard, and people can share their common interests.
In simple terms, it’s like a decentralized agency.
There are also Investment DAOs, Media DAOs, Collector DAOs, etc. And I do believe there will be more types of DAOs showing up in the near future.
Personally, We can’t simply classify the species of DAO based on its current setup. It will eventually grow cross-functions and iterate if the DAO plans to succeed and grow in the long run.
4. Yanlies DAO, as one of the representatives of female DAOs, can you share with us the experience of creating a personal IP DAO?
There are a lot of mature DAO tools out there that are getting easier and easier to use, but when I published NFT, I uploaded it directly to the secondary market of OpenSea, airdropped it to fans one by one, and then authenticated it on DIscord. There are now many DAO platforms, and even startups that focus on female NFT publishing platforms, providing better Bridges between Internet celebrities and fans.
5. What is the organizational structure and member level setting of DAO?
There is no specific standard setting of the DAO.
The beautiful part of the DAO is the setting is decided and adjusted by DAO members’ voting dynamically. My opinion is to leverage technology and make it simple since it’s still human centric organization.
Here is a quote from Vitalik’s 2014 explanation of DAOs: DAOs == automation at the center, humans at the edges. It’s clearly stated that all members are linked to a ‘center’, and this ‘center’ is automation. DAOs decentralize the organization by transferring the role of the central connective net rather than the pyramid structure of a traditional organization. This is exactly the most interesting and creative thing about DAO.
Different DAOs have their own special rules, and classification. Generally, roles will be divided into four levels: user, community member, contributor, and team.
1/ User: Anyone who uses the product or service.
2/ Community members: Those who influence the creation and distribution of products. They are the explorers of the community.
3/ Contributors: The main builders and the core active people of the community, the initiators and voters of the main issues.
4/ Finally, team: Execution level of the DAO. The team is the engine of the community.
As a DAO grows, the boundaries will be broken, and more talents will work together to make the organization thrive.
6. How is the token economic system of the DAO set up, and how to fully mobilize the enthusiasm of the DAO members?
First of all, SeeDAO is a POW DAO. All members in SeeDAO, their workload will be effectively recorded. At the same time, we have invented a way of governing mining that we call Contribution Mining. Contributions in each area, in each capacity and role, are incorporated into the system with different levels of benefits and equity returns.
Also, we have a governance system with SGN (Seedao Genesis NFT). SeeDAO members can get SGN in all guilds and some mature projects through POW, and also get the corresponding governance rights. Corresponding rules are designed by each guild and project independently.
In short, 1. A reasonable return on revenue and equity; 2. An inclusive, good community vibe.
First of all, POW is what we insist on. If we want to make a big wave in the secondary market in a short time, we can just find some giant whales to manipulate the token price together, we don’t need to “plant” our values in every stone and “grow” vibe. But we want to challenge it to make the whole economy more resilient and able to grow on its own.
Second, we don’t want to attract the attention of the entire metaverse at once; we prefer to attract friends who share SeeDAO’s values and vibe. We expect that they can complete the identity transition from bystanders to builders, one after another. Because we believe that this kind of identification from the inside out, especially “this is my community, I want to maintain the vibe here and stick to the values.” is so strong that nothing could break it.
YanelisDAO motivates fans primarily through identity groups in Discord, as well as a whitelist of collaborative projects. Due to my limited energy, I did not hire someone like seeDAO to do the detailed division of labor, which is the limitation of personal IP DAO.
7. What problems does DAO face in the process of rapid development?
There are many different issues that arise at many different levels, and in different stages. But in general, the biggest problem lies in the synergy problem of economic development.
Those who are familiar with DAO should be able to understand that one of the most important features that distinguishes DAO from traditional strong constraint type of organization is flexibility. But also because of this, in the process of high speed development, DAO is more likely to face the challenge of non-synergistic development speed and pace of development within the economy, which is a problem less likely to occur in traditional business companies, especially start-up or small and medium-sized business companies.
In addition to this, DAOs, especially those with truly distributed growth, often need to consider another important risk, which is the risk of organizational decoupling. This risk also comes from the flexible nature of DAOs, but not all DAOs will die on this issue, especially in some communities with strong consensus where forking is no longer synonymous with fragmentation, but can be more of a signal of ecological prosperity.
Yes, how to achieve consensus is a big problem for DAO. Unlike in the company system, there is a contract and authority between employees and bosses to enable employees to perform tasks effectively. However, in the DAO organization, there is no legal contract for everyone’s contribution and expectation, so how can it operate effectively? At present, it is the consensus of many communities to participate in community governance by issuing equity NFT as DAO’s equity certificate. Meanwhile, some web2 methods are also adopted as a complement, such as recruiting some full-time employees and paying corresponding salaries.
8. What are your expectations for the future of DAO?
Without a doubt, DAO, as a new form of organization based on blockchain technology, will evolutionally change the interaction and relations between the individual or group in more transparent and decentralized ways. It will define the relations of production in another dimension and dramatically push forward human civilization in terms of governance, innovation, knowledge management, religion, culture and so on.
Moledao, as a Non-Profit-driven community, is exploring a just, fair, and open way to build a community-led organization. DAO will be a more possible solution to achieve such a goal. Of course, there are still a lot of fundamental prerequisites to be in place to support the DAO’s adoption, like legal framework,security, economic scale, and standardization, etc.
Just as after the industrial revolution, the corporation gradually became the common form of cooperation and management organization. Today, with the arrival of Web3 technology, DAO will also replace some of traditional organizations as a new form.
Like I said in the last question, the structure of DAO is not pyramid structure anymore. The new structure processes information in parallel, where each node can contribute.
I think one of the possibilities for DAO is to build ‘collective intelligence’ on a large scale. Smart contracts are incentivized in such a way that individuals can coordinate without a designated leader, and each participant can make decisions based on their own interests. If guided by the right incentives, the self-determination of each member can be aggregated into a collective intelligence that far exceeds the capabilities of any traditional decision-making mechanism.
If the access and information in the organization is open rather than closed, then the entire economic paradigm shifts from competition to cooperation. Since the mechanism of smart contracts need to be checked by others to be trusted, the only way forward is to keep going, to innovate. In an open environment, where each innovation can be fed back to the entire market, the quality and speed of decision making will be greatly improved. As a result, in the future, most active DAOs may use the similar smart contracts which have been through tests, so the refinement of smart contracts will also drive the DAOs to a further place.
9. Recently I saw the article, SeeDAO: A DAO Incubator, so please share what SeeDAO do to help Web2 workers become Web3 creators in different aspects?
At SeeDAO, we are building a complete process for every Web2 immigrant .
First, if you are a Web2 immigrant with a lot of experience, you can first go to SeeDAO Web3 University to learn some entry-level knowledge and skills to enter this world.
Then, you can join some guilds that you are interested and capable of excelling in, and participate in the projects and daily governance in the guild. This step is critical, and total immersion is a great opportunity to help reinvent yourself.
Once you are fully comfortable with the atmosphere and writing style of DAO, you can try to join some projects that are incubating and accelerating, or you can just consider launching your own project.
SeeDAO was founded by a small group of people who believe very much in the creator economy. We believe in the creative power of each individual and we are willing to organize to provide support and mutual assistance to everyone.
10. As a new force in the SocialFi field, how does WebXDAO combine with DAO?
WebX DAO is divided into two parts, one is the DAO of WebX project itself, as I said before, WebXDAO can be seen as a Protocol DAO. The other part is the special features of WebX, which can be seen as a create & social DAO.
Through WebX，projects or celebrities can create their own “DAO Tokens”, which community users can exchange through WebX tokens. It enables celebrities to monetize their social influence and manages their DAO organizations. WebX determines the price of DAO Tokens by designing a calculation formula called ‘SocialFi Curve’. Community users can experience immersive NFT service, token holders have the governance right and share multi-source income from rewards, dividends, or capital gains. The $DAO Token is creating a sustainable growth loop.
If you are interested in WebX, welcome to DM me or discuss on Discord:
Nancy: Ok. It’s time to put an end to today’s AMA. I would also like to thank everyone for joining us here today and stay tuned for more exciting AMA and events to come! Good Bye!