SubDAO AMA RECAP — APRIL 2022
On April 7, 2022, the SubDAO team had an AMA session with community members to explain the newly created DAO templates of SubDAO — The Ventures DAO and the Community DAO. Sang TranHong, a Core contributor of SubDAO, answered questions on behalf of the team, simplifying the techniques for all users to understand.
SubDAO is a multi-chain DAO protocol that allows any decentralized organization to create and manage DAOs swiftly. We are committed to facilitating a seamless Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.
Below are some of the questions and answers from the AMA session
Question 1: Can you list 1–3 killer features of this project that makes it ahead of its competitors? What are the competitive advantages of your project that make you feel most confident?
Sang TranHong: Yes, definitely. SubDAO is a one-stop DAO creation and management platform without third-party technology development and maintenance.
We divided DAO into two categories, VenturesDAO and CommunityDAO. One focuses more on the management of funds, and the other focuses more on the participation of DAO members. Some Ventures DAO, like Flamingo, Cult, etc., are the DAOs developed independently by some teams after forking the other DAO protocols, which requires sizable technical development and maintenance costs and blocks some small and medium-sized NFT DAO funds. Many organizations often complain that they cannot find suitable DAO tools, including DAO funds, game guilds, etc. The only thing that can prove they are DAOs is that they use Gnosis, a multi-signature wallet, to manage their funds. The CommunityDAO must be developed and maintained independently due to its complex mechanism.
SubDAO is a one-stop DAO management platform. Users can quickly create and manage DAOs without third-party technology development and maintenance. In a word, anyone can quickly create an NFT fund like Flamingo or an investment fund like Cult with SubDAO tools. The most suitable DAO competitor to SubDAO should be Aragon from this perspective.
The differences between Aragon and us are mainly the following three points:
- SubDAO is committed to building a complete decentralized decision-making system
In addition to simple voting, a true DAO needs to decentralize decision execution. There are only two choices(agree or disagree) in the vote, but there may be 1,000 types of decisions. How these decisions can be executed in a decentralized way is the key to the growing prosperity of DAO. Take VC DAO as an example. When deciding to invest in a project, the DAO needs to issue a vote. If passed, the DAO funds will be transferred to the invested project. But the entire investment behavior is far from over. DAO needs to collect investment tokens, sell tokens, and distribute dividends in the future. The current DAO tool can hardly meet the needs of DAO Ventures with higher requirements for decision-making mechanisms and benefit distribution. SubDAO is committed to building a complete DAO management system. For example, SubDAO has a DAO investment dividend mechanism and supports some decision-related contracts, including transfers, DEX transactions, etc. In DEX trading, we will support popular trading platforms in different networks, including Uniswap, Pancakeswap, dYdX, etc., and NFT trading platforms Opensea.
2. SubDAO is a multi-chain DAO protocol that will support asset management of multiple chains
At present, the development of multi-chain is still a trend. No one chain can monopolize this industry, and the assets of each chain are constantly prospering. SubDAO will be deployed on multi-chains, including Moonriver/Moonbeam, BSC, Ethereum, etc. In the future, users can create the DAO on different networks and manage their assets.
3. Make full use of DAO funds
Most DAO funds are currently sitting idle, whether the DAO on Aragon or the multi-signature wallet on Gnosis. According to our roadmap, SubDAO will build a Smart Pool to allow DAO funds to participate in the DeFi protocol and gain benefits directly. SubDAO has already started the technical preparations for accessing the DeFi protocol, which is expected to be tested in Q2.
Question 2: I have tested and created my Ventures DAO and felt really awesome and very interested, but what projects are VenturesDAO looking forward to partnering with. And would there be anything implemented in the future?
Sang TranHong: Thank you for your feedback. Talking about this, SubDAO is one of the members of the MVB IV plan and has also reached cooperation with Moonriver, bringing DAO infrastructure tools to BNB Chain and Moonriver and serving various ecosystems.
Ventures DAO Template will be deployed on BSC, Moonriver, Ethereum, and other EVM public chains. It can cooperate with any project on the public chain that wants to create an ecological cooperation fund. At the same time, the SubDAO team is also actively communicating with traditional Crypto VCs to build cooperation.
We look forward to win-win cooperation with all excellent partners. The SubDAO team is committed to depicting and creating a barrier-free entrance for the Web3.0 world.
Question 3: What is the maximum number of DAOs I can create?
Sang TranHong: Based on the principle of decentralization, no quantity requirements for creating the Ventures DAO on the SubDAO Ventures DAO Template for a single institution or individual. Users can initiate Ventures DAOs of different scales according to their financing needs.
Question 4: What are some of the main achievements the VenturesDAO template achieved and the pre-planned milestones for the next six months, one year, and five years?
Sang TranHong: Future plans and roadmap of VenturesDAO Template will be as follow:
The evolution of cryptocurrencies is breaking the situation where a few elites dominate existing investment institutions. More and more Ventures DAO will emerge in the cryptocurrency field, and they will gradually become more widespread. Anyone can initiate Ventures DAO, and the Ventures DAO will be approved based on its performance in the area. Ventures DAO Template, one of the core Templates of SubDAO, aims to provide a general and widely applicable DAO tool for this revolution in the Venture Capital field. The user of the Ventures DAO Template can be an investment group composed of several people or a giant NFT incubator and public welfare fund. The fundraising function and diversified voting management functions, etc., on SubDAO, have been designed with the needs of different types of DAOs in mind.
The 1.0 version of Ventures DAO Template is expected to complete the code audit in early May and be officially deployed on Ethereum, Moonriver/Moonbean, and BSC. After the official release, we will continue to update and iterate the functions and expect a significant version update every 3 to 6 months. For example, we will increase the function of Smart Pool and support DAO funds to safely invest in DeFi protocols such as Curve so that DAO funds can earn income instead of being idle.
Question 5: Why did you choose the BSC network as the chain for project development and not other chains?
Sang TranHong: The test is only performed on one network, which can reduce the workload. Testing on multiple networks simultaneously will cause some redundant and unnecessary debug work. After the test and the code audit are completed, SubDAO will be deployed on various networks such as Moonriver, Ethereum, and BSC at the same time.
Last month, SubDAO was selected for the BNB IV incubation program and got much support and guidance from the program. Besides, compared with versions on other networks, the version on the BSC testnet is relatively more perfect, so we executed the testing on the BNB Chain network first.
On the fifth day of the test activity, more than 40,000 addresses have applied to participate in the test activity, and users have created nearly 3,000 DAOs on the BSC testnet. Due to the performance of the EVM, problems with the App once occurred. At the same time, users have also feedbacked some issues for us, and the technical team is working hard to fix them. The test may last about two weeks. We hope that you will actively participate and give us more feedback.
Question 6: Which target users do VenturesDAO template aim to serve? Will its technology be accessible for participants but still ensure an open, transparent, and equal way?
Sang TranHong: As mentioned earlier, the goal of the Ventures DAO Template is to provide a general, widely applicable DAO tool for this revolution in the Venture Capital space.
The Ventures DAO Template aims at a wide range of users, helping venture capital and financial institutions participate in the Web 3.0 world at low technical cost and allowing individual users with funding needs to build decentralized venture capital as quickly as possible. Through Ventures DAO Template, key financial and investment decisions such as fundraising, asset management, and equity settlement can be made on-chain, eliminating the problems and time costs associated with offline decision making and financial processing, thus making financing easier more convenient.
Ventures DAO Template integrates primary and secondary market trading functions. For example, DAO can not only help projects participate in the financing but also is integrated with a simple transfer function: users can swap tokens on DEX, buy and sell NFT assets, etc. Different networks will support other platforms. For example, Uniswap and dYdX will be supported on the Ethereum network, and platforms such as PancakeSwap will be supported on the BSC. This will realize one-stop fundraising, asset management, and trading service, ensuring users can have a better experience in the Web3.0 world through the Ventures DAO Template.
When users create their Ventures DAO through the Ventures DAO Template, they only need to select the Ventures DAO Template with one click. They only fill in the corresponding parameters according to their own fundraising needs without any technical operation. So for users, even though they are the green hand of the technology, this tool is easy-used for them. The SubDAO team has also prepared detailed operating instructions for users, now available through testing activities. Check out the details at: https://wiki.subdao.network/ventures-dao-template
To ensure the security and confidentiality of the code, the contract code for the test version can be queried on Github. After the contract audit is passed, the technical team will update all contract codes to Github. During the running process of the Ventures DAO, all the Venture DAOs created will have parameters filled in by the users and have their funds deployed by code-based rules. All operations such as asset management and decision-making must be initiated through code rules and are voted on by
Question 7: The VenturesDAO Template has good growth potential, but the crypto space is not in one of its best moments. Can you explain to community members why they should invest in the project & participate in its long-term development？
Sang TranHong: Despite its nascent nature, the Web 3.0 world is developing much faster than the traditional world. In the past few years, different ways of raising funds from conventional financing have emerged in the crypto world, but it turns out that in the world of Web 3.0, better ways of raising funds still need to be explored and developed. DAO has always played an indispensable role in the process.
In traditional VC, the primary source of funds is usually a large pool of funds. The sponsors of these funds are generally investment institutions or individuals with many funds. Venture capital institutions have always relied on closed interpersonal and institutional networks. This makes ordinary entrepreneurs discouraged from traditional VCs, but the form of Ventures DAO provides some entrepreneurs with a better way to raise funds. For entrepreneurs, this approach makes venture capital more global. This is important in cases where venture capital plays a role in a specific geographic or niche topic. Anyone should be able to build a DAO-based entity to attract the decision-makers behind it and get funding. In this way, the VenturesDAO will attract more diverse and experienced members.
Voting on-chain will make the decision-making process more open and transparent. Capital allocation will be faster, more timely, and more flexible. Through the Ventures DAO Template developed by the SubDAO team, it only takes a few simple steps to initiate the Ventures DAO to join the Web3.0 world quickly. With the expansion of investment worldwide, this simple and efficient way of launching Ventures DAO will be accepted by more and more people. The number of users of the VenturesDAO Template will also increase significantly.
Question 8: Due to the security vulnerabilities and hacking events that we have heard about frequently recently, people can no longer trust most projects. #VenturesDao template attaches great importance to decentralization, but how does it secure its own system? Should investors be comfortable with this?
Sang TranHong: SubDAO has appointed several top audit institutions to conduct code audits after the test is completed. At the same time, we will maintain long-term close cooperation with audit institutions to ensure the safety of user assets.
Due to the time limit for the AMA session, it wasn’t possible to answer all questions; community members were interested in knowing the plans for the GOV token, particularly in benefits for holders. They inquired if there would be a staking program and other long-term investment strategies to maintain value for the token and encourage holders not to sell tokens. They also enquired if there is a token burn/buyback program to boost token value.
Other people asked about SubDAO plans on partnerships, as well as attracting investors in and out of the crypto space,
Some of the other questions asked are answered below
- According to the roadmap, what are your most important next priorities? Does your team have enough funds and a strong community to achieve those milestones?
- How old is Your project? What are the major plans ahead? Could you show us an image of your roadmap?
- Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day when you have started this project?
- Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not, can you tell us, What makes your project different from other projects?
ANSWER: According to our Roadmap, we are well on track with our 2022 plans, having released the Ventures DAO template before the close of Q1 2022. Plans are in place to release the Community DAO upon the successful testing of Ventures DAO; hence, we are pleased with our journey, and we are absolutely sure that we will continue to progress. So, you don’t have to worry about this project fading away. We have been working towards this for the past two years, and with our strong team & advisers, we are capable of fulfilling all plans we have in place.
You can view upcoming plans in our roadmap here.
- Are you planning to promote your project in countries/regions where English is not good? Do you have a local community for them to better understand your project?
- How did you get the community involved in developing the project? And how do you build a strong community to grow globally?
- Truly, you’ve done AMA in many telegram groups, so what next? What other way will you make your project more popular?
- I want to support your project; tell us more about the Ambassador Program and in what ways can we participate?
- Do you allow suggestions and feedback from the community? Are we allowed in decision-making? Do you put the community into consideration?
ANSWER: Our vision at SubDAO is for DAOs of any size to have the ability to boast of a rich and complete DAO governance toolchain with easy-to-use, friendly, peripheral tools, enabling decentralized Governance for every industry sector; hence, we are for everybody. For now, we only have English communities, but in the coming months, we will create channels for other languages.
We will keep expanding across communities, breaking grounds, and creating ambassadorial programs to expand our userbase. However, for now, the priority is to familiarize the existing community with the platform. Lastly, we want to facilitate a leveled-playing ground for all, and the community’s voice matters. In fact, the plan for SubDAO is to eventually become governed by an independent DAO group. We promote the expression of opinions, and you can rest assured that your opinion counts.
Token Utility & Tokenomics
- Can you give an overview of your Tokenomics and the Utility of Token?
- Can you explain how your Tokenomics Distribution is? How many tokens will be minted? And how many tokens Will be locked by the team?
- How can I buy your tokens right now, and which wallet supports your token?
ANSWER: GOV token is the Governance token of the SubDAO protocol with a total supply of 1 billion tokens. Users can create advanced DAOs by paying with or staking GOV tokens. It will also be used to reward developers, core contributors, and early community supporters. You can see full details of Token Distribution here.
- Do you have tutorial videos so we can get to know your project more clearly, or do you have a YouTube channel or something? Can you share it with us?
- How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
- Can you tell us more about your team and background? Is your team fully public, and what experience do you have before?
ANSWER: Of course, the details of our team of core contributors are publicly available on our website, you can view them here, see a summary of their details, and you can rest assured that this project is in safe hands.
To understand the project clearly, Here is a detailed step-by-step explanation of how to participate in the Ventures DAO BSC Testnet. You can also read about the workflow and terminologies of the Ventures DAO template on our wiki page.
Get early access to Ventures DAO by participating in our BSC testing event, and stand a chance to share 100,000 $GOV in rewards. See details here.
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SubDAO is a multi-chain DAO protocol. It allows any decentralized organization to swiftly create and manage DAOs. We are committed to serving as a Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.
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. SubDAO has completed multi-million dollars financing from dozens of institutions including Hypersphere, Huobi Ventures, OKEx Blockdream Fund, as well as investment by Messari founder Ryan Selkis.