WEBVTT 00:00:06.000 --> 00:00:08.800 Welcome to the Bitcoin Street Journal, your daily 00:00:08.800 --> 00:00:11.640 source for live market updates, technical analysis, 00:00:12.179 --> 00:00:14.699 and breaking news regarding Bitcoin. Stay up 00:00:14.699 --> 00:00:16.980 to date with the latest Bitcoin trends, market 00:00:16.980 --> 00:00:19.899 capitalization and supply, as well as financial 00:00:19.899 --> 00:00:22.600 and economic news by subscribing to our podcast. 00:00:23.640 --> 00:00:25.899 Join us on the journey through the world of Bitcoin 00:00:25.899 --> 00:00:29.480 and its impact on our daily lives. In today's 00:00:29.480 --> 00:00:31.879 episode, we'll cover how to launch a DAO using 00:00:31.879 --> 00:00:34.579 smart contracts and governance tokens, steps 00:00:34.579 --> 00:00:36.759 to form a DAO, popular sites for launching a 00:00:36.759 --> 00:00:39.320 DAO, necessary tools, types of DAOs, and the 00:00:39.320 --> 00:00:48.560 future of DAOs becoming mainstream. Have you 00:00:48.560 --> 00:00:51.140 ever heard of a decentralized autonomous organization, 00:00:51.500 --> 00:00:54.700 or DAO for short? It's a type of organizational 00:00:54.700 --> 00:00:57.240 structure that decentralizes control and uses 00:00:57.240 --> 00:01:00.119 smart contracts on a blockchain. DAOs have gained 00:01:00.119 --> 00:01:02.520 a lot of popularity recently, and as of June 00:01:02.520 --> 00:01:06.060 2022, the DAO ecosystem has a combined treasury 00:01:06.060 --> 00:01:10.319 value of $8 .7 billion. Starting a DAO may sound 00:01:10.319 --> 00:01:12.400 daunting, but it's actually not that difficult. 00:01:12.680 --> 00:01:15.019 The tricky part is attracting people to join 00:01:15.019 --> 00:01:18.159 and keeping them engaged. DAOs are a community 00:01:18.159 --> 00:01:20.840 organizing model that can quickly raise and distribute 00:01:20.840 --> 00:01:23.599 funds for social causes or protocols on a blockchain. 00:01:24.219 --> 00:01:27.640 So, how do you launch a DAO? Well, it all starts 00:01:27.640 --> 00:01:30.040 with using shared treasury, smart contracts, 00:01:30.439 --> 00:01:33.060 and tokens for voting. While it's technically 00:01:33.060 --> 00:01:35.299 possible to establish a DAO on any blockchain 00:01:35.299 --> 00:01:37.939 that supports smart contracts, most DAOs run 00:01:37.939 --> 00:01:40.620 on Ethereum. An interview with Jordan Garbus? 00:01:40.959 --> 00:01:43.920 co -founder of Beats Dow, and Kent Barton, who 00:01:43.920 --> 00:01:47.480 does tokenomics at ShapeShift Dow at Camp Ethereal 00:01:47.480 --> 00:01:50.659 2022 in Wyoming. They discussed how to start 00:01:50.659 --> 00:01:53.359 a Dow, the hurdles with growing them, how to 00:01:53.359 --> 00:01:56.079 handle tokenomics and reward structure, and how 00:01:56.079 --> 00:01:58.879 to approach bad behavior by Dow members. They 00:01:58.879 --> 00:02:01.620 even took questions from the audience. Remember, 00:02:01.799 --> 00:02:04.040 this is just a beginner's guide and it's not 00:02:04.040 --> 00:02:07.019 financial or legal advice. So if you're interested 00:02:07.019 --> 00:02:09.340 in starting a DAO, do your own research and seek 00:02:09.340 --> 00:02:11.740 professional advice if needed. But don't let 00:02:11.740 --> 00:02:13.979 the idea overwhelm you. With the right tools 00:02:13.979 --> 00:02:16.280 and strategies, you might just be able to launch 00:02:16.280 --> 00:02:25.719 a successful DAO. Hey there, let's talk about 00:02:25.719 --> 00:02:28.439 how to form a DAO. There are several steps to 00:02:28.439 --> 00:02:30.219 starting a DAO and we'll walk you through each 00:02:30.219 --> 00:02:32.400 one. First of all, it's important to give your 00:02:32.400 --> 00:02:35.310 DAO a name that encapsulates its mission. For 00:02:35.310 --> 00:02:37.889 instance, there are DAOs named Constitution DAO, 00:02:38.069 --> 00:02:41.650 Free Ross DAO, USA DAO, and Assange DAO. Let's 00:02:41.650 --> 00:02:44.090 say we want to start an explorers club, DIO. 00:02:44.389 --> 00:02:46.770 We'll call it Exploration DAO and classify it 00:02:46.770 --> 00:02:49.729 as an Education Club DAO. The next step is to 00:02:49.729 --> 00:02:51.550 create a mission statement that outlines what 00:02:51.550 --> 00:02:55.889 your DAO aims to accomplish. Exploration. DAO's 00:02:55.889 --> 00:02:58.729 mission is to finance and facilitate the exploration 00:02:58.729 --> 00:03:01.830 of unknown places while also preserving historical 00:03:01.830 --> 00:03:05.150 items, works, and sites. The Dow will donate 00:03:05.150 --> 00:03:07.770 all funds raised outside of operating costs to 00:03:07.770 --> 00:03:11.729 charities, schools, museums, and global organizations. 00:03:12.449 --> 00:03:14.750 Now that we have our vision established, it's 00:03:14.750 --> 00:03:17.009 time to create a virtual space for our members 00:03:17.009 --> 00:03:19.770 to engage and communicate. There are several 00:03:19.770 --> 00:03:22.530 platforms you can use, but the most popular ones 00:03:22.530 --> 00:03:26.370 are Twitter, Discord, and Telegram. Twitter is 00:03:26.370 --> 00:03:28.629 a great platform for making public announcements 00:03:28.629 --> 00:03:31.210 and spreading the word about your Dow's plans 00:03:31.210 --> 00:03:34.759 and initiatives. Here's the link to ExplorationDao's 00:03:34.759 --> 00:03:39.860 Twitter, https://twitter .com slash ExplorationDao. 00:03:40.159 --> 00:03:42.780 Discord is the preferred choice for many DAOs 00:03:42.780 --> 00:03:45.400 due to its ability to organize thousands of people 00:03:45.400 --> 00:03:47.759 into different roles and working groups. You 00:03:47.759 --> 00:03:49.740 can use it to build a vibrant community and get 00:03:49.740 --> 00:03:52.659 people involved. Here's the link to ExplorationDiao's 00:03:52.659 --> 00:03:56.460 Discord. HTTPS semicolon slash slash discord 00:03:56.460 --> 00:04:02.419 dot gg slash u3f89v2kzn Telegram is also an option, 00:04:02.419 --> 00:04:05.020 but it's not as widely used as Twitter and Discord, 00:04:05.360 --> 00:04:08.580 so we won't cover it in detail. Once you've set 00:04:08.580 --> 00:04:11.439 up your virtual spaces, It's time to invite people 00:04:11.439 --> 00:04:14.259 to join. You can do this by sharing the links 00:04:14.259 --> 00:04:16.720 to your social media pages and Discord server 00:04:16.720 --> 00:04:18.879 with your friends and followers. From there, 00:04:18.939 --> 00:04:20.759 you can start building a community, launching 00:04:20.759 --> 00:04:23.620 a governance token, and creating a funding mechanism. 00:04:24.379 --> 00:04:26.899 Finally, you'll want to set up Snapshot or other 00:04:26.899 --> 00:04:29.459 tools for voting and logging member contributions. 00:04:30.040 --> 00:04:32.680 By doing so, your DAO can make democratic decisions 00:04:32.680 --> 00:04:40.500 about how to allocate funds and resources. When 00:04:40.500 --> 00:04:42.459 it comes to launching a DAO, there are a variety 00:04:42.459 --> 00:04:45.019 of tools available to help you get started. Let's 00:04:45.019 --> 00:04:46.879 take a closer look at some of the most popular 00:04:46.879 --> 00:04:49.839 ones. First up, we have DAO House, a popular 00:04:49.839 --> 00:04:52.319 protocol for joining existing DAOs or creating 00:04:52.319 --> 00:04:55.379 new ones. With DAO House, you can launch a DAO 00:04:55.379 --> 00:04:57.439 by setting a few parameters like the type of 00:04:57.439 --> 00:04:59.800 DAO being launched, the addresses of the members, 00:05:00.279 --> 00:05:03.259 and filling in the DAO's metadata. Next, we have 00:05:03.259 --> 00:05:06.060 Collab .Land. While not specifically a tool for 00:05:06.060 --> 00:05:08.600 launching a DAO, it's a popular tool used by 00:05:08.600 --> 00:05:11.459 many DAOs to moderate membership. Collab .Land 00:05:11.459 --> 00:05:13.839 verifies that each member currently holds the 00:05:13.839 --> 00:05:17.019 DAOs token, allowing access to the DAOs various 00:05:17.019 --> 00:05:19.579 Discord channels and kicks out members who no 00:05:19.579 --> 00:05:22.660 longer hold the token. Then there's Aragon, an 00:05:22.660 --> 00:05:25.000 open source platform for launching and maintaining 00:05:25.000 --> 00:05:28.360 a DOO on the Ethereum blockchain. Aragon offers 00:05:28.360 --> 00:05:31.550 two main products, Aragon Client, a toolkit for 00:05:31.550 --> 00:05:33.910 developers to create online organizations that 00:05:33.910 --> 00:05:36.449 aim for more transparency and customizability, 00:05:37.069 --> 00:05:40.110 and Aragon Govern, a framework for DAO governance 00:05:40.110 --> 00:05:42.889 with on -chain execution and plug -in dispute 00:05:42.889 --> 00:05:45.930 resolution. When it comes to treasury management 00:05:45.930 --> 00:05:48.509 tools, there are a variety of options depending 00:05:48.509 --> 00:05:51.949 on the group's needs and treasury size. One option 00:05:51.949 --> 00:05:54.870 is Gnosis Safe, an Ethereum wallet that requires 00:05:54.870 --> 00:05:57.410 a minimum number of people to approve a transaction 00:05:57.410 --> 00:06:01.029 before it can occur. With Gnosis Safe, Users 00:06:01.029 --> 00:06:03.149 can define a list of signer accounts and the 00:06:03.149 --> 00:06:05.649 required number of signers, so no single DAO 00:06:05.649 --> 00:06:08.509 member can move funds independently. To start 00:06:08.509 --> 00:06:11.490 a Web3 investment club, there's Syndicate Web3 00:06:11.490 --> 00:06:14.910 investment clubs. With Syndicate, founders can 00:06:14.910 --> 00:06:17.470 connect a wallet like MetaMask and collect deposits 00:06:17.470 --> 00:06:20.029 in that wallet. After choosing a name for the 00:06:20.029 --> 00:06:22.490 investment club, Syndicate will assign a club 00:06:22.490 --> 00:06:25.050 token symbol, and investment clubs can become 00:06:25.050 --> 00:06:28.100 the treasury of a DIO built around it. To vote 00:06:28.100 --> 00:06:30.339 on proposals, a DAO will need a way for members 00:06:30.339 --> 00:06:33.399 to vote, and Snapshot is by far the most popular 00:06:33.399 --> 00:06:36.560 tool. Snapshot is a decentralized voting system 00:06:36.560 --> 00:06:38.939 that allows users to create proposals and vote 00:06:38.939 --> 00:06:42.319 off -chain, meaning votes are cast using ERC20 00:06:42.319 --> 00:06:46.120 tokens or even NFTs to show voting power. Finally, 00:06:46.279 --> 00:06:48.879 we have Juicebox, a Web3 version of Kickstarter. 00:06:49.819 --> 00:06:52.000 Projects use Juicebox to raise funding from their 00:06:52.000 --> 00:06:54.379 communities via smart contracts on Ethereum. 00:06:54.750 --> 00:06:57.449 Projects can design a fundraising page and funding 00:06:57.449 --> 00:06:59.870 structure and define how funds and rewards will 00:06:59.870 --> 00:07:09.990 be distributed. Hey there! Speaking of crypto 00:07:09.990 --> 00:07:12.740 and blockchain, have you heard of Mirror? It's 00:07:12.740 --> 00:07:15.019 a well -known blogging platform built on blockchain 00:07:15.019 --> 00:07:17.639 technology, and it's become increasingly popular 00:07:17.639 --> 00:07:20.339 for its ability to help DIOs crowdfund projects 00:07:20.339 --> 00:07:22.920 using Ethereum smart contracts and even turn 00:07:22.920 --> 00:07:26.600 posts into NFTs. Now let's back up a bit. Before 00:07:26.600 --> 00:07:29.060 we dive into DIOs using Mirror, do you know what 00:07:29.060 --> 00:07:32.720 a DIO is? DIO stands for Decentralized Autonomous 00:07:32.720 --> 00:07:35.199 Organization, and they come in various forms. 00:07:35.680 --> 00:07:38.060 We've got fashion DIOs such as Digital Axe and 00:07:38.060 --> 00:07:40.889 even DIOs created to buy sports franchises. But 00:07:40.889 --> 00:07:43.089 the biggest question on many people's minds is, 00:07:43.290 --> 00:07:46.709 what's next for DAOs? Hash Decrypt Live recently 00:07:46.709 --> 00:07:49.769 held a panel on DAO reporting and decrypt EIC. 00:07:50.310 --> 00:07:52.550 Dan Roberts had a chat with reporter Jason Nelson 00:07:52.550 --> 00:07:54.970 about the rise of DAOs and how they operate. 00:07:55.610 --> 00:07:57.550 As with any growing industry, the number of tools 00:07:57.550 --> 00:08:00.110 available to launch a DAO will undoubtedly increase. 00:08:00.589 --> 00:08:03.069 And with platforms like SuperDAO and DAO House, 00:08:03.689 --> 00:08:05.629 spinning up a new DAO can be done with just a 00:08:05.629 --> 00:08:08.259 few clicks. However, the most crucial aspect 00:08:08.259 --> 00:08:10.819 of any DAO is being able to motivate and organize 00:08:10.819 --> 00:08:12.860 its members to work together towards a common 00:08:12.860 --> 00:08:15.920 goal. As DAOs continue to become more mainstream, 00:08:16.379 --> 00:08:18.519 we'll see more tools and strategies being developed 00:08:18.519 --> 00:08:21.079 to help DAOs achieve their mission. Exciting 00:08:21.079 --> 00:08:32.899 times ahead! Today, we explained how to launch 00:08:32.899 --> 00:08:35.820 a decentralized autonomous organization, set 00:08:35.820 --> 00:08:38.360 up member engagement platforms, shared popular 00:08:38.360 --> 00:08:41.120 sites for launching a DAO, talked about the mirror 00:08:41.120 --> 00:08:44.019 platform and types of DAOs, and discussed how 00:08:44.019 --> 00:08:46.980 the future of DAOs is becoming mainstream. Thanks 00:08:46.980 --> 00:08:48.899 for listening to today's episode. I'll see you 00:08:48.899 --> 00:08:51.080 guys at the next one, and don't forget to subscribe.