A New Beginning for SubDAO — Development Updates, Twitter Middleware V2 and New Roadmap
We have added new functions to the SubDAO dApp for DAO initiation, fundraising, and asset redemption. Also, a multi-signature wallet function has been added, which creates an alternative option to the existing fundraising model.
SubDAO will release a new version of the SubDAO Twitter Middleware, enabling DAO creation, governance, and management on a simpler-to-use Web 2.0 platform (Twitter), enabling better DAO adoption by allowing users to perform the core functions of dApps through the SubDAO Twitter Middleware. And we made some adjustments to the existing roadmap.
Besides, SubDAO will participate in the coming BNBChain MVB VI. Below are details of the latest updates.
1. Added DAO Initiation Function
2. Multi-Signature Wallet
The DAO creator will be able to create a multi-signature wallet directly without initial fundraising. This multi-sig wallet can execute all the functions of the current management period but will not have equity tokens. Also, the multi-sig wallet will be void of the regular DAO life cycle divisions present in the fundraising model (such as the subscription period, management period, and redemption period).
3. More Options For DAO Fundraising
The multi-sig model doesn’t cancel the existence of the fundraising model; however, some new options are available for fundraising; they include:
a) Ability to Issue ERC-20 Token as DAO token
- Token circulation can be defined
- The number of tokens issued can be defined
- The price of a Token can be defined as a fixed or a Bonding Curve price
- Token release methods can be defined: One-time, Linear, and Staged
b) Ability to Issue NFT (ERC-1155) as a DAO token
- NFT’s price can be defined
- NFT’s image can be defined
- The number of issued NFTs can be defined
- NFT’s Metadata can be defined
- NFT’s circulation mode can be defined
4. Adjustment of DAO Subscription Rules
- The DAO creator can modify the subscription deadline
- If the subscription target is reached before the end of the subscription period, the management period can be opened early, thereby ending the subscription.
- According to new DAO initiation rules, the price of a DAO token during subscription can either be Fixed or set in a Bonding Curve.
- According to the new DAO launch rules, when members subscribe to a DAO, the DAO token can either be released in a One-time release, Linear release, or Staged release.
- According to the DAO initiation rules, DAO tokens during subscription are either circulated as Negotiable and redeemable assets OR Non-negotiable tokens used in asset redemption.
5. Asset Redemption via DAO Token
Only a token category that corresponds with the token used in DAO creation can be used in asset redemption. Hence;
- If an ERC-20 Token is used in DAO creation, only an ERC-20 Token can be used for redemption.
- If an NFT (ERC-1155) is used in DAO creation, only an NFT (ERC-1155) can be used for redemption.
6. Adjustment to Multi-signature Rules
There is no need to set a “voting end” period when a DAO proposal is created. After the proposal has passed, it will automatically enter the execution stage without waiting for the end of the voting period. If the proposal fails, it will go directly to the “Voting History.”
Twitter Middleware V2
SubDAO will release a new version of the Twitter Middleware, which will iterate the latest features of the dApp based on the solidity language. The new version will primarily be responsible for launching and managing dApp organizations on Twitter, allowing users to perform the core functions of dApps through the SubDAO Twitter Middleware.
How To Perform DApp Functions Via Twitter Middleware
- DAO initiator creates a DAO on Twitter and sets up a DAO co-manager.
- DAO initiator sets up administrator’s rights on Twitter.
- DAO initiator issues DAO tokens (ERC-20 and ERC-1155) to raise funds and define DAO tokens’ release rules.
- Members directly participate in DAO fundraising on Twitter and get DAO tokens in return.
- Members directly vote on proposals via Twitter.
- DAO administrator(s) performs DAO management-related functions on Twitter.
- Members use DAO tokens for asset redemption via Twitter.
SubDAO Twitter Middleware is designed for users to directly join DAOs and conveniently participate in governance tasks, including proposals, voting, and other interactive behaviors with many people on the Web2 portal (Twitter).
N.B.: Some DAO management functions cannot be executed on the Twitter Middleware; hence, the administrators must log in to the Web dApp separately to complete management tasks.
The SubDAO roadmap has undergone some adjustments with additions to make the product much better to use. Currently, we are in Phase 3 and are beginning preparations for Phase 4, where we will introduce the highly anticipated SubDAO Metaverse — A Gamified DAO Governance that helps us to redefine our process of Governance Mining. We are already in contact with partners and will soon announce the partnership.
- Lite paper release.
- Three grants from Web3 Foundation (All submitted).
- BNB Chain MVB project participation.
- Deploying SubDAO EVM version.
- Integrating multiple web3 protocols.
- PolkaSign release (Ink version).
- Middleware release (Ink version).
Phase 3 (Where We Are)
- Integrating more web3 protocols.
- Enabling DAO to participate in DeFi, Swap, NFT, etc.
- Middleware V2 (Solidity version) release.
- Deploying SubDAO (Ink version).
Phase 4 (Next Phase)
- Launching the SubDAO Metaverse — A Gamified DAO Governance.
- Releasing the next version of dApp and middleware.
- PolkaSign release.
- SDK release.
- Creating Para-chain slots.
- Enabling DAO cross-chain ability.
- Cooperation with regulatory authorities
- Collaboration with global ambassadors.
- Integrating more Web3 protocols.
What is the SubDAO protocol?
A protocol is a collective term for a bunch of individual technologies that work collectively to achieve a singular purpose. Defining the collective purpose of these individual technologies may be a bit difficult to grasp for people who are unfamiliar with the product; hence, we’re explaining the individual purpose of the three major technologies that come together to form SubDAO, with the hope that it gives you a better idea of what the SubDAO protocol does.
In the past (Phase One), we got three Web3 Foundation Grants, all of which were submitted for completion; these three grants correspond to the three product lines of the SubDAO protocol, which include the SubDAO DApp, SubDAO Twitter Middleware, and PolkaSign.
- The SubDAO DApp is the protocol’s main application layer tool and DAO infrastructure based, which gradually iterates various DAO functions; it is the main way to realize the vision of the SubDAO protocol.
- The PolkaSign is a SubDAO protocol tool that helps to facilitate contracts for organizations via electronic agreements. The goal is to provide electronic agreements in line with Web 3.0 practices to replace existing Web 2.0 systems. In the second phase of our Roadmap, an Ink version of the PolkaSign was released.
- The Twitter Middleware is also a service based on the SubDAO protocol that serves as a bridge to Web 2.0 users, allowing them to familiarize themselves quickly with Web 3.0 concepts. The best way to onboard Web 2.0 users to Web 3.0 is to integrate them via dApp interfaces similar to the existing web 2.0 apps they are already used to. Since Web 3.0 development began, the participation of many web 2.0 individuals has been restricted because they find it difficult to understand the high threshold of technicalities involved.
Indeed, it is difficult to achieve a completely unperceived difference between Web 2.0 apps and Web dApps; however, the differences can be reduced to a minimum. Hence, SubDAO’s Twitter Middleware focuses on enabling users to use Web3 DAO tools on Web2 social networks without observing technical differences.
Both Twitter Middleware and the PolkaSign service use the SubDAO DApp. However, Twitter Middleware is more beneficial to the project’s development at this stage; hence, new updates to the PolkaSign product line are on hold until the 4th phase of the development plan.
What Have We Been Doing?
Initially, SubDAO was recommended by the BNB Chain’s team and consequently participated in the BNBChain MVB V project; however, at the time, the SubDAO product was not launched yet.
Hence, we will participate in the coming BNBChain MVB VI project and launch corresponding BNBChain activities. We hope the community can actively participate and make suggestions for the project’s success.
Besides all these, SubDAO is constantly adjusting its strategy. On the one hand, we are modifying our development plan according to the real-time situation. Conversely, we are adapting the product’s development to satisfy contemporary industry needs. For example, we moved to EVM after encountering a bottleneck in the Substrate development. We implemented the features we envisioned through Solidity contracts and then deployed the SubDAO Protocol on several major EVM networks. We still retain the development protocol’s ink version, which we will redeploy on the Polkadot network. It has not been easy, but we have achieved a huge part of our vision and are continually progressing.
We believe that DAO governance is one of the most important tools for Web3. Although we cannot perfectly predict how DAOs will evolve, SubDAO pledges to continually contribute value in this industry as long as the foundation remains unchanged.
SubDAO is a DAO infrastructure that helps manage digital assets through middleware, multi-sig, and other decentralized features. SubDAO has completed multi-million dollar financing from dozens of institutions, including Messari founder Ryan Selkis, Hypersphere Ventures, OKX Ventures, Huobi Ventures, CMS Holdings, Divergence Ventures, FBG, Signum Capital, NGC Ventures, Kenetic Capital, Gate.io Labs, etc.
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