Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet; others turn sour. It can be fun and interesting to create one that suits your needs and satisfies your hunger for something new.
We talk to the master chefs — Noam Hof of DeepDAO, Stru Delman of Aragon, and Fabien of Snapshot — who are mixing up new and exciting recipes for participatory goodness that you can bake at home.
A DAO is an online community that collectively controls a cryptocurrency fund to achieve a particular goal — whether buying a copy of the United States constitution or running a DeFi protocol — explains Delman from Aragon, an organization that “midwifes” DAOs and has helped usher almost 4,000 DAOs into existence.
“The idea is attempting to automate as many exchanges between people as possible and making it trustless so you don’t need to trust people,” Delman explains. “This makes it easier to collaborate with people that you meet online or to create a global team.”
You’ll need a good idea and a recipe for how to achieve success. Is it going to have the substance to make a fulfilling meal, or will it collapse like a badly done souffle?
You’ll also need a set of tools — and unique ingredients — and some collaborators to help you bring this banquet to the table for more people to enjoy.
You can bake your own DAO at home using this simple recipe.
Just five ingredients:Establish a common goal, mission or objective.Build a community of like-minded people using Discord or Telegram.Create a shared fund to finance your goal.Construct a governance framework.Communicate to the group how the project is developing and disburse rewards as appropriate to contributors.
Let’s take a look at the different flavors of DAOs:
Protocol DAOs
These are DAOs that facilitate the running of protocols.
ENS DAO governs the Web3 protocol that allows users of the Ethereum Name Service (ENS) to create Ethereum names that are both human- and machine-readable. It’s the Web3 equivalent of a DNS…
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