Creating A DAO

Easy and fast steps to take

In a previous article, I explained why you should consider launching your start-up, firm, or company as a Decentralized Autonomous Organization.

In this article, I’ll go down what it takes to do this.

DAOs are nonhierarchical, open, and decentralized. Here are some must-haves to create a successful one.

Your project: This is the main purpose of your DAO.

Your DAO will need a means for members to place votes for decisions. This can be created on your own or via a third-party provider. This is called Voting Mechanism.

In your DAO, you’ll need to verify members who have voting rights. This can be achieved by owning a token that serves as a use case in this specific DAO ( A Utility Token). This means a DAO needs a Governance Token.

A DAO is almost nothing without members or a community. This will make it grow and see power spread to more and more people with interest and concern in the success of the DAO.

Your DAO could be crowdfunded. Your treasures and assets need to be managed properly and kept safe. This is commonly done by safekeeping them in multi-signature wallets which need permission from different parties to perform transactions.

So let’s assume you have all these, how do you create your DAO?

You need a voting mechanism technically, there is open-source software like Aragon and Snapshots, which help you deploy your DAO to supported Blockchains.

For example, if you decide to use Aragon.

You have to own an Ethereum Name Service Domain.

There’s a DAO creation fee required, including gas fees, you need to have this already.

Through the Aragon Dapp, create an organization linked to your ENS domain. There are already preset samples you can use.

Put together your settings e.g vote duration and percentage support needed.

Launch your DAO

Check Aragon for further knowledge.

When it comes to DAOs, successfully running one will greatly depend on the community/members and the project/business.

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