Forming a DAO can be an exciting thing. Our team at Solcial have been a part of various community DAOs in a personal capacity, and have seen firsthand some of the triumphs and some of the challenges that a new DAO might experience. When we talk about DAOs we don’t just mean DAOs for large projects or protocols. DAOs can be used for niche communities, groups of like-minded individuals, or really anything that requires some community governance and structure.
Whether you’re organizing a DAO, a member of one, or simply interested in how Solcial might shape this future, we hope you keep reading and learn, how Solcial helps DAOs through the power of Web3.
DAO – What to Expect:
While our What to Expect series has been venturing into how NFT projects might use Solcial, how creators will benefit from web3 monetization, to even how journalists and trading groups can use Solcial – we felt the need to look at DAOs (Decentralized Autonomous Organizations) and how Solcial provides new abilities for these growing organizations.
Before we begin we should clarify that we are not talking about the Solcial DAO – this will be the organization that is made up of SLCL token holders and give power for monetization, platform policies, and other governance powers. Details on the Solcial DAO will be made later.
In this blog, we look at DAOs in general.
Problems DAOs Face:
The current formula for a community DAO is essentially as follows:
1. Formulate a group of individuals
2. Create a community discussion group via Telegram or Discord for those members
3. Propose ideas
4. Assign tasks and responsibilities
5. Try and gain community buy-in through voting
While this way of governance is doable, it is not at all optimal. Many DAOs run into the following issues:
1. The need to mint a unique DAO token (this could be for governance, or rewarding those who contribute)
2. A platform for those who hold that token to interact
3. An ability to give voting power to community members in an equal way
4. Have a clear vision towards which goals to achieve, as well as how to achieve them
This is where Solcial tries to provide solutions and a pathway for DAOs to grow.
Getting a DAO started on Solcial:
Solcial aims to provide solutions for DAOs to help them get off the ground and grow their community. First, we allow every user to have their own token. This also means a DAO can mint their own token when they create an account. This will help a DAO monetize and grow while also providing the community with something to invest in and obtain ownership of. Unlike other platforms, when you mint your token on Solcial it is entirely yours! Your token is in your wallet and you have the ability to do what you wish with it. In the case of a DAO, it can be airdropped to early community members, burned if voted by the community, or used for promotion.
Now you might be wondering how the community might decide on different activities for DAOs. This can be done on Solcial through the tiered feed options. By allowing those who hold the DAO token to access exclusive tiers, those who hold your DAO token to discuss proposals, interact with each other, and know that only those who hold the token are able to join in on the conversations. When it comes to voting, this can be done through the ability to upvote or downvote a post, or by posting a comment that can then be upvoted or downvoted. Alternatively, communities can use other traditional DAO voting platforms, but give links and allow for discussion through their tiered feeds.
For example, if one member of the DAO believes that the token should be burned, then they can propose it on the Tier 2 feed of the DAO and this, in turn, can be voted on by other individuals who hold the token by voting yes or no (via upvote or downvote).
Furthermore, there is no need to worry about bots tipping the scales because a profile only gains access to this feed by holding the pre-set amount of tokens, which they would either need to be airdropped or bought on the open market.
Building made easy:
While each DAO might have their own way of conducting governance and community management, we know that a crypto-based social network is the best way for DAOs to succeed going forward. If all DAOs build through Web2 methods then they will always be limited and relying on centralized platforms to operate. Solcial lets users have the power to start a DAO and grow it organically.
Solcial is a permissionless social network that gives users the power of web3 by allowing people to interact with each other without fearing censorship, and allowing content creators to be rewarded fairly at market value.
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