Introduction to DAO!
What Is DAO for?
Imagine an organisation, financial or non-profit, where all of its members are decision-makers. Then add anonymity and lack of the need for outside permissions, in other words, absolute freedom to take action, make proposals without the fear of being exposed in any undesired way. This is what DAOs can provide the world with.
DAO stands for decentralised autonomous organisation, meaning that there is no central authority capable of overriding anyone’s will. Essentially this is a digital contract or smart contract governed by a blockchain and executed by a virtual machine.
From idea to first launch
DAOs began with The DAO — the first DAO that later became the generic name for the notion — in 2016. It was a venture capital fund that was launched on the Ethereum blockchain by Swiss-based company DAO.link and governed by its investors. The DAO’s token sale had raised over $150 million worth of Ether from more than 11,000 investors as the project looked so attractive and extremely promising. But before The DAO was even concluded, several onlookers expressed concern about the vulnerabilities in the code of the project’s smart contract that could potentially allow stealing the locked-up funds. Even though action was taken to patch the bug, it was not quick enough, and The DAO got hacked with more than half of the investment being stolen.
However, that failure did not put an end to the concept, on the contrary, it gave rise to many more DAO ventures, many of which have become monumental successes. The idea of collective management of financial organisations was appealing to many investors, and they would readily invest in projects that wanted to offer a new financial design to the world. This idea is something Alpen is being built upon: we strive to provide a foundation for decentralised, permissionless management where everyone’s ideas and votes are respected.
Creating a technological masterpiece
Alpen is built on Polygon now and can adapt Ethereum, and other different chains in the next iteration. Also, the NFT (ERC-721) proposals will be the new feature in the next iteration, now proposals are stored in IPFS as texts. Using Alpen, other projects can create their own DAO contracts with their native tokens. If someone wants to put forward a proposal, they will have to fill the project’s smart contract with its native token with the specification of a certain block. Simultaneously, the proposal will verify the balances of the project’s token holders in that block and convert the token holdings into voting power.
As long as the proposal remains open, the voters will have to keep their balances on-chain to retain their voting power. When the proposal is concluded, it will check the balances of the voters in that block and deliver the vote’s result based on the balances of the voters.
This system will allow proposers to make crowdfunding, trading, and diverse management proposals in the smart contracts existing on the Ethereum blockchain. But the big feature we are offering is a high-quality user experience and a front end with a plethora of handy tools to fine-tune your DAO according to the design with regard to all details you want to implement.
Future technologies today
With Alpen, we want you to make the most of your DAO experience. So, without the slightest doubt, we say that by embarking on Alpen’s path, you will get unique opportunities for decision-making.
Connect to Alpen and start:
- Building your own community
- Creating your own governance token
- Making investment decisions
- Appointing stakeholders
- Voting on personnel recruitment at all levels
- Voting on protocol changes.
And last but not least, Alpen will provide you with a friendly environment inside your DAO because all member’s rights will be fully respected, and everyone will be able to feel secure. No less importantly, you will get a secure, properly-audited system that will ensure the safety of your DAO’s funds and the correct execution of all operations involving them.
About Idavoll Network
Idavoll Network is a decentralized organization platform that provides infrastructure and services to users of the Idavoll Network and Polkadot ParaChains. Each Idavoll Network’s individual organization exists as a set of modules that define the organization’s stakeholders and their associated rights and privileges. Idavoll Network will implement Idavoll Court in the future, developed and maintained by Idavoll Network token holders. The Idavoll Court can be used by organizations to resolve subjective disputes with binary outcomes utilizing Idavoll’s unique on-chain solutions.
Follow us on our socials for more regular updates
Website: https://idavoll.network/
Twitter: https://twitter.com/IdavollN
Telegram Community: https://t.me/IdavollN
Telegram Channel: https://t.me/idavollnet
