XDAO AMA Recap
XDAO is a multichain DAO builder for jointly managing crypto assets and DeFi projects.
On Monday 3rd of October, Zurab, CAO and Co-Founder, and Anna, CMO, from XDAO joined us to answer our AMA questions.
Zurab is Chief Administrative Officer and co-founder at XDAO. Zurab has experience investing in crypto since 2017 and a few years ago realized that the market lacked comprehensible DAO frameworks and decided to co-found XDAO.
Anna is the chief marketing officer at XDAO and a member and contributor to different DAOs. In XDAO she takes care of marketing strategy, user education, and community health.
Questions from the CryptoRank Team
Q1: Can you tell us about XDAO? What problems do you solve, both in the space and in the community?
Anna: XDAO was created with the idea to make DAOs the place for crypto mass adoption by providing the tools for groups to control mutual treasury, build communities and invest in DeFi.
In short, XDAO is a fully customizable DAO builder for treasury management, multisig wallet and the platform for investment. DAOs on XDAO can be any-sized company!
So you can create:
– Family and friends club with a mutual budget;
– DAO Investor Syndicate;
– You can also run your project and social club on XDAO
– and even a company on the blockchain.
Zurab: Our motto: Creating a DAO is easier than it looks. With XDAO, you can create your own investment club, or GameFi league or launch a charity campaign in just a few clicks.
Q2: Could you briefly describe the milestones XDAO has achieved and your upcoming plans?
- XDAO currently supports 30 blockchains with 20+ ecosystem awards and continues expanding its multi-chain presence;
- 20k+ DAOs with 80k+ monthly users are hosted at the platform;
- 120k+ community in Twitter, Telegram and Discord;
- 20 local communities with 50+ ambassadors all over the world;
- The most fast-growing DApp in July on Polygon (according to CryptoRank)
Anna: There are two upcoming events we would like to share:
XDAO will launch a huge XDAO City Quest, a learn-to-earn game that will help to understand the DAO subject and XDAO platform more easily in the form of a comic book.
We extremely recommend joining the game, especially for those who were already intending to plunge into the DAO topic.
As for motivation, we also prepared special prizes for those who would play and learn until the end of the game.
And the most brilliant news! XDAO will release its own token on the 20th of October. This token has a utility function and will become an essential component of XDAO ecosystem!
Questions from Twitter
Q1: I read that Governance tokens can’t be transferred directly from one wallet to another. So, how then can users get the GTs? Also, will users need to pay to be able to vote?
Anna: So, basically, to create a DAO you need to reach “Create a DAO” button on the left-side menu of our website.
To start your DAO, a user (or a team) needs to decide the DAO name and, of course, who will be included in the board of DAO members. And at this time we can initially distribute the amount of GT (governance tokens that the user have).
If we want to add a new member after the DAO was created, we need to VOTE and ask other DAO members if we want to see a new person in our club.
Zurab: Since the DAO is a collective decision-making organization, all of its participants must be confident that the company’s management tokens are in safe hands. That’s why it is necessary to go through a voting procedure in order to transfer tokens. In this way, the mechanics protect DAO investors from accidental people managing their money.
Q2: XDAO aims to help people create a DAO easily. As a newbie with little experience in crypto are there any guides or tutorial videos to help through the process?
What are the criteria to use the XDAO platform? Do we need to pay a fee?
Anna: I would say that our ACADEMY has all the answers to your questions.
If reading the docs is not enough for you…no problem! Our big community will answer if you ask your question in our Discord (we also have a ticket system there so you can simply leave a ticket)
Zurab: XDAO is a completely open-source platform. All you need to use it is an installed MetaMask and some coins for gas fees. We don’t charge any fees and have no access to your funds – they are completely safe.
It’s important to us that XDAO becomes the “gold standard” in the DAO world, which is why the core functionality will always remain free.
Q3: I learnt that XDAO implements a hybrid voting mechanism. How exactly does this work and what’s the strength of this approach?
Anna: XDAO offers DAO to save a significant amount of gas and time because of its hybrid nature!
We understand that sometimes it’s vital to decide fast, especially in investment clubs DAO…So we designed our DAOs in such a way, that you vote fast and free and execute transactions only once
It’s the first-ever solution on the market and it helps a lot.
Zurab: By using a hybrid voting system, you can avoid wasting coins (especially for expensive blockchains like Ethereum). You don’t have to pay for either the creation of a proposal or the participation in a vote. The only step when you pay for gas is to write your decision into the blockchain. The best solution with 100% security of the process.
Questions from Telegram
Q1: Can you tell me more details on the IDO? The schedule and contribution for each?
Zurab: Thanks for your question! Initially, our tokens will be listed on Uniswap (Ethereum): 20th of October, 1AM (UTC). More details on tokenomics you can find here.
Q2: Can you give an overview of your Tokenomics and the utility of the token?
Anna: XDAO token has a utility function and will be used within the XDAO ecosystem.
- XDAO token holders will participate in DAO decision-making process.
- XDAO token holders will be able to use XDAO premium features, such as additional modules, and will unlock special dashboards.
- You can buy a consulting service from XDAO Pro team with XDAO tokens.
- In addition, XDAO tokens will play an important role in the future protocols that we are planning to release.
Q3: Where can I get all the latest news? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there are a lot of fake telegram/twitter groups?
Zurab: You make a very good point. Please, join only our official communities: