10 Most Concerned Questions on SubDAO Community
On June 17, Sang Tran — Core Member of SubDAO participated in the AMA session with the SubDAO community to reveal many special things about SubDAO, update the working progress, as well as answer questions from the community about the DAO service and our upcoming plans.
SubDAO is a DAO infrastructure based on Polkadot, where any decentralized organization is allowed to conveniently create and manage a DAO. SubDAO does not only connect DAO with DApps to realize DAO’s cross-chain management but also bridges Web 2.0 and Web 3.0.
Below is a summary of the outstanding questions and answers from the AMA session.
1. In your opinion, which features make SubDAO unique and different from other projects in the Polkadot ecosystem?
Sang: SubDAO is an enabler that aims to make DAO service easier-accessible. It is a cross-chain DAO creation and maintenance platform for DApps, powered by Substrate and Polkadot.
Despite several DAO service platforms, we are still far away from the real mass adoption of DAO and faced by many obstacles, including high technical barriers, unsatisfying user experience, simple and basic DAO functions that are unable to meet diverse user cases, most solutions are focused on Ethereum, etc.
However, SubDAO is created to tackle the problems that have been long ignored by other teams. So I would say that SubDAO has the following unique features:
- Cross-chain platform;
- Access to off-line data;
- 0 technical background needed to create a DAO;
- Easy-to-navigate user interface. In the future, SubDAO will add more DAO templates and all types of organizations will be able to find a suitable DAO template for their own use.
2. Which 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 a long time?
Sang: GOV, short for “Governance”, is the native token of the SubDAO network. The total supply of GOV is 1 billion, with an annual inflation rate of 5%. The design of the SubDAO tokenomics model boils down to three goals: 1. Slot Auction; 2. Incentive the development of DAO; 3. Governance.
Here is the specific distribution plan of GOV.
A good tokenomics design is of great importance as it can encourage community members and empower the whole project. SubDAO’s tokenomics involves a burning program where all GOV consumed during the execution of DAO creation and management will be burnt directly. Changes in the burning mechanism can be made through governance voting.
3. Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships? In the long run, why should we trust and follow you and your project? How do you raise awareness and remove their doubts?
Sang: Partners are important, each partner is like a block, and connecting the block will create the chain to success. We are lucky to have many great partners and I can list some popular names such as Hypersphere Ventures, Huobi Ventures, OKEx Blockdream Ventures, Plasm, Litentry, Clover, PolkaWarriors…etc. These partners not only help us with their investment in SubDAO but also deliver subDAO technology and vision to their communities over the world of blockchain. You can see their names with the reputation in the industry and that’s what the new users, the retail investors should follow. With our hard work and enthusiasm in Polkadot, we are 100% confident to lead the community to join this once-in-a-lifetime journey.
4. many projects are simply raising Funds with an IDO. After their tokens are listed on the Market/Exchanges, 75% of them only play PUMP & DUMP schemes and end with RugPulls. What is your statement to convince investors that SubDAO is different and won’t do the same schemes?
Sang: The purpose of IDO is not only for fundraising but also for engaging the communities in an economy that both enriches the products and services while allowing the projects to make smart business decisions regarding their assets. SubDAO will have an IDO and it aims to increase the community engagement and at the same time to enlarge the consensus One DAO serves all.
As one of the pioneers who are starting to embrace the Web 3.0 world, SubDAO has the ambition to provide a chain of tools to facilitate DAO’s creation, funding pool management, voting, and customization, to assist DAO creators and participants in the governance of their organizations. This is why SubDAO is devoted to community building, partner cooperation, investment from many whales, technology development, and team construction.
With the support of the whole DAO industry’s promising future and cooperation of all the partners, building a secure, decentralized, and unregulated communication platform and making DAO easily accessible in everyone’s life will be integrated into every step of the SubDAO story, so follow SubDAO, you can see what’s the difference between SubDAO and others.
5. Could you please tell me more about the team and their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Sang: The initial members of the SubDAO Labs team are big fans of Web3.0 technology. They come from different areas, ranging from full-stack developers, product managers, project management to cryptocurrency early adopters.
Our core members are Huang & Sang Tran — Founders of Polka. Warriors, DotMarketCap & Illusionist Group.Humphrey —SubDAO Community Contributors, Co-founder of PAKA DAO Ventures, Graduated from Peking University, Marvin Tong—Advisor, Co-founder and CEO of Phala Network.Former Senior Product Manager at Tencent & Didi, Owen—SubDAO Community Contributors,Former Co-founder of Stafi.
6. Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to the crypto industry that will bring greater abundance to the industry?
Sang: Everybody has their purposes, some wanna get rich, some wanna get fame,…some bring the purpose and pour it into the crypto projects to get wealth or the reputation. We, SubDAO have our purpose, our vision, is to integrate DAO governance into every aspect of life, by exposing everything in the sunlight and eliminating oppression.
Ultimately, the hierarchical concept will be removed, and everyone can embrace freedom, in the way that they can express their opinions openly and make their own choice freely. In a decentralized organization, anyone can join and quit the organization as they desire; people in the organization can vote democratically to achieve equality in decision-making; the matters handled are in line with the demands of the majority of people in the organization, and the motivation comes from individuals’ passion and willingness. Does it sound better than getting rich?
7. Why did you choose the Polkadot network? What are your plans for your project in the future? “One DAO severs all” is how? Why DAO?
Sang: The reasons for choosing Polkadot, let me briefly say two points:
1)First of all, SubDAO is a native project of Polkadot and our goal is to serve all Polkadot ecological projects and communities. Every Polkadot project needs a DAO tool to better self-manage and manages its community. Based on Polkadot’s strong cross-chain capabilities, we hope to serve all ecosystems in the future.
2)Secondly, compared to Aragon and DAOhaus, we want to provide a simpler DAO infrastructure which we can use only by moving our fingers”. Compared with some existing DAO tools (Aragon, DAOhaus), the upgrade and deployment of SubDAO will be very convenient and take less time due to the application of the Substrate framework and the ink contract applied.
3)Compared with Aragon’s DAO management platform based on ETH, choosing Substrate allows SubDAO to monopolize the resources of the entire chain, which will provide users with services with higher performance, smoother experience, and lower gas fees.
“One DAO severs all” means that we want to make SubDAO an integrated platform for voting, asset management, participation in DeFi, trading, etc., and DAO is the core of this platform. We believe that DAO is the ultimate form of future social organization and the ultimate form of the crypto economy. In the future, DAO will always change its form and may be completely different from the DAO you see today. It exists in a very friendly and easy-to-operate way and can be seen everywhere.
8. You have partnered with some solid Polkadot projects like StaFi, Phala Network, etc. for the Polkadot DAO Alliance. How will synergy bring solutions to DeFi users?
Sang: Together with other Polkadot projects, SubDAO officially established the Polkadot Alliance, which aims to increase the awareness of DAO across the Polkadot ecosystem and hopefully more DeFi projects will get to understand what DAO is and adopt DAO mechanisms in their governance. Hence, DeFi users will be empowered and have more decision-making power in their DeFi projects.
PDA also has three other early-stage aims, all aiming to build DAO in the Polkadot ecosystem and eventually benefit all DeFi and other Dapp users.
- DAO Infrastructure Development in Polkadot
PDA tasks itself with providing DAO governance services and promoting the development of DAO infrastructure for Polkadot and other ecosystems. The Alliance will establish a DAO Ecosystem Development Fund with several million dollars to offer financial support for early-stage projects of DAO and Web 3.0. - Explore the Realization of DAO Governance
Apart from infrastructure, there are other aspects to be explored in terms of the realization of DAO governance. For example, in the early stage of Web 3.0, we could connect Web 2.0 with Web 3.0 quickly in a way that doesn’t harm decentralization. - Promote the Compliance Progress of DAO Globally
In the global promotion of DAO, it is inevitable to face restrictions from local laws. Hence, to push the compliance progress of DAO globally and make it recognized and usable legally is one of PDA’s vital goals.
9. Many people say that, in the future, many organizations need the DAO as a tool in their governance, so why do you think that DAO is the solution to achieve equality, democracy, and justice in every area of society? Isn’t it a risk to completely trust DAO in every area?
Sang: The goal of a Decentralized Autonomous Organization is to eliminate human inputs. Any business can benefit from a model with DAO-like ambitions. DAOs are the most cost-effective and fair business model ever conceived. They shore up traditional centralized businesses' weaknesses and blockchain projects, with the former subject to central points of weakness, middlemen, and unaligned stakeholder interests. A true DAO will provide a service without consideration of salaries, intermediaries, or even profits. Such attractive features make more and more projects participate in this field and contribute to its development.
However, it does not mean that we can apply DAO in any field without any risks. The challenges for the governance of all blockchain applications include the transparency of the code base of smart contracts, how to deal with unethical behavior or misuse of code, and an entanglement of the challenges lead by the high entanglement of infrastructure and application governance in the blockchain.
Now the issues still exist, but we will find solutions by accumulating all wisdom from all industry contributors. Trust that DAOs are novel socio-technical systems that set a new way for online coordination and decision-making, it has a brighter future.
10. How does SubDAO keep its platform safe for Investors, is SubDAO’s platform protected from hackers? And how does SubDAO manage if there is an attack on your platform, including the personal data of your platform users? Is your platform ready for this?
Sang: SubDAO’s code is open source and no sensitive personal information is recorded in the smart contract.SubDAO is based on Substrate, which uses a distributed computing system to decentralize data storage and processing, and user data is not shared or exposed to third parties. You can manage your private key through a SubDAO wallet or a Polkadot wallet. Asset management for DAO must be authorized through the private key. We will be working with several of the best smart contract security auditing companies in the future to create and manage the smart contract library.
In the live questions section, Sang did answer several short questions from the SubDAO community.
1. Do you have plans to organize a public sale so that the community can participate in holding tokens?
Sang: The public sale is a way for the community to hold and participate in the process of managing our platform. However, we are currently focusing on developing products including SubDAO Chrome Extension, SubDAO SDK, etc. If you are interested in our platform, please follow our channels so that you can update it as soon as we will release it.
2. Currently, other projects are preparing for parachain auction, so are you planning to deploy parachain?
Sang: SubDAO will bid for the para-chain and aim to become a para-chain. By becoming a para-chain, SubDAO will let validators validate blocks for the SubDAO para-chain and the SubDAO team will no longer be distracted by node incentive and maintenance of the Solo chain. Instead, the team will fully concentrate on building the SubDAO ecosystem.
To this end, SubDAO plans to reserve 30% of the tokens for the slot auction for more than 5 years. In addition, out of the 5% of SubDAO’s annual inflation, 60% will be added to the para-chain auction reserves to support the long-term slot auction.
SubDAO’s para-chain auction will adopt a “Lock Drop” method: Stake KSM to get GOV token airdrop. DOT holders can participate in the Initial Parachain Offering (IPO) and receive the airdrop. If the slot is not obtained for a long time, SubDAO will run the Solo chain to carry out node incentives and maintenance to ensure network security.
3. I often see Polkadot projects receive grants from the Web3 Foundation. How about SubDAO?
Sang: SubDAO has officially completed the first milestone delivery for Web3 Foundation Grants and passed the acceptance test. This completion is very meaningful to us and also our commitment to the Polkadot ecosystem.
For more information, please visit:
About SubDAO
SubDAO is a DAO infrastructure based on Polkadot, where any decentralized organization is allowed to conveniently create and manage a DAO. SubDAO does not only connect DAO with DApps to realize DAO’s cross-chain management but also bridges Web 2.0 and Web 3.0.
The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot. All team members own rich experiences in Internet companies such as IBM, Tencent, and Alibaba. Jack Platts, former Director of External Cooperation of the Web3 Foundation and Partner of Hypersphere Ventures, serves as a strategic contributor to SubDAO. So far SubDAO has completed multi-million dollar financing including Hypersphere, Huobi Ventures, and other institutions.
Follow SubDAO
Website: https://subdao.network
Github: https://github.com/SubDAO-Network/
Medium：https://medium.com/@subdao
Twitter: https://twitter.com/subdao_network
Telegram：https://t.me/subdao
Discord: https://discord.gg/Z8jtYqWbbN
