SpiderDAO (SPDR) is among the latest innovations leveraging blockchain technology to further decentralization. The established platform centres its services on internet privacy, innovative governance, and bandwidth monetization. Its existence in the decentralized community comes at a time when institutionalized crackdowns are necessitating the need for Virtual Private Networks (VPNs).
VPN’s are essential during the current times where internet users can be blocked from receiving some content. The service unlocks content from other geographical regions, for example streaming content, while also avoiding unwanted data collection by internet companies. There exist various VPN options; however, these are centralized, cost more than they should, and are still a threat to their users’ privacy.
Existing Tech Giants Privacy is Not Sufficient
A recent terms of service update on WhatsApp by Facebook highlights the privacy drawbacks of centralized systems. The update makes it impossible for users to enjoy messaging services without sharing their data with the social media giant. Data privacy is slowly being eradicated as internet companies try to improve their revenue through advertisements.
Solutions such as VPNs are not as effective as many think they are. Despite masking the IP address of a user, the data trail they leave may still be enough to identify them.
Existing privacy solutions on blockchain are underwhelming. Most platforms use a version of the Delegated Proof of Stake (DPoS) mechanism, which is easily exploited with the right tools. The loopholes created by these systems allow those with sizeable assets within the community to influence the outcome of any agenda. In most cases, DAO’s are taken over by plutocracies composed of whales in these communities.
from tech giants, governments also pose a great threat to privacy and freedom. Recent events in the United States of America, and countries such as Uganda and Tanzania, suggest that VPNs may soon be an essential service for anyone who values their privacy and freedom. Governments can easily decide to restrict content flowing into its borders, and even within its borders. User internet activities may also be monitored for the wrong reasons by governments or other third parties.
The attack on privacy, freedom, and the drawbacks existing within the current blockchain setup prompted the innovation of SpiderDAO.
What is SpiderDAO?
The platform is a hardware-enabled decentralized autonomous organization (DAO) that leverages multilayered hardware, software, and blockchain technology to assure data privacy. It is the first of its kind to combine and apply these technologies creating a privacy-centred platform. SpiderDAO, in simple terms, is a VPN/blockchain hybrid.
SpiderDAO is built on top of Polkadot. The protocol is somewhat an improved version of the Ethereum protocol, allowing better interchain transactions, a key aspect of some of the SpiderDAO features.
The success of the ecosystem is dependent on all the products that make up SpiderDAO. They include the following:
- SpiderConnect router
- SpiderToken (SPDR)
The products interconnect within the ecosystem forming a robust network that delivers a stellar dual-governance model and numerous ways of earning for users of the platform. The interlinking service that makes SpiderDAO tick is the SpiderVPN, which ensures that the community is safe and secure with its military-grade encryptions.
We discuss some of the other products in detail in this article.
Because of the threat posed by whales in most DAO’s, a more robust system was required. SpiderDAO’s dual-governance system adds a layer of hardware to software, creating a foolproof governance system.
The model involves three aspects of the community that make it eligible for a user to vote. The first aspect is the hardware. SpiderDAO has its unique router that is essential for delivering its privacy services. The SpiderConnect router allows potential users of the platform to register their unique MAC addresses. Each user is therefore tied to a specific MAC address creating the first hurdle for any potential exploiter of the DPoS service.
User ID’s are the second aspect of the dual-governance model. Each user will have their unique ID tied to the MAC address upon registration. Users may opt to have multiple IDs; however, each user ID must be linked to a unique SpiderConnect router. The model creates the second hurdle that whales must overcome to influence voting in the platform.
The third aspect of the dual-governance model is the SPDR token. Only users with SPDR tokens are allowed to take part in the voting exercise.
In summary, for one to be eligible to vote, they will need the following:
- A SpiderConnect router
- User ID
- SPDR token.
By making the three items compulsory for voting, whales and other exploiters of the system will find it difficult to manipulate voting in their favour. The move will restrict some huge players, such as governments or corporates, which may attempt to influence the integrity of the platform.
The product is already in the market and has been for quite some time. The team behind SpiderVPN is therefore experienced in this market segment. Users have two options when they opt into SpiderVPN. Users can either be active participants in the ecosystem of “service only” participants, where they only pay for the VPN services.
The options are suited for both decentralized enthusiasts and internet users who just want their data safe and secure while they browse the internet.
Being an active participant in the ecosystem has its rewards. For example, cryptocurrency holders can stake $500 worth of tokens and receive a continuous subscription to the VPN service. The service is under the Liquidity as utility (LAU) program. LAU allows users with different tokens to stake them and receive VPN subscription. Polkadot will prove essential for this service as I require interchain communication.
Users of the platform will also have a chance to monetize their bandwidth and earn passively through the SpiderDAO ecosystem.
Potential Use Cases
Users of SpiderDAO will have the following advantages:
- Bypassing government censorship. For example, the Chinese government controls the type of media its citizens can consume. With SpiderDAO, people within the country will gain access to any content or service they want.
- Avoid Internet Service Provider (ISP) throttling. ISP’s will find it hard monitoring your internet usage thus they will not be motivated to restrict your internet speeds.
- Generating passive income. Users of the platform can share their bandwidth and provide liquidity to generate passive income. Once set up, users can comfortably earn in SpiderDAO by simply sharing their unused bandwidth with other users within the platform. Users who provide liquidity can earn from their stake when the platform makes a profit from its loaning services within its ecosystem.
- Increased P2P safety. By using SpiderDAO, P2P file-sharing will become secure and safe, away from the prying eyes of the government and other unwanted parties. Users can then participate in services such as torrenting without any fear.
Why SpiderDAO is Superior to Other DAOs
The platform has seen the rise and fall of DAOs that were able to raise colossal amounts. Failure of these platforms was attributed to various drawbacks that the innovators failed to perceive. SpiderDAO addresses these challenges, making it the most reliable DAO existing in the decentralized industry. These changes include:
- Guarding against potential hacking of their system. Through the use of the dual governance model, SpiderDAO ensures the integrity of every vote. Voters are only made eligible once they purchase a SpiderVPN router.
- The SpiderVPN router is also set up to ensure that all voters have access to only one vote per router.
- By using Polkadot, SpiderDAO eliminates the voting powers that whales have in other DAOs. Users with a large stake that may want their vote to have more influence can only do so by locking their tokens for a prolonged period of time. The timing of the enactment of the outcome of the vote also plays a part in determining the strength of one’s vote.
These factors make SpiderDAO stand out in a crowded sea of DAOs that offer more or less the same experience.
SpiderDAO Events to Look Forward to
SpiderDAO is working on several exciting events slated for this year. Here is a glimpse of some of the upcoming key events:
- Testnet DAO launch on Polkadot. Its success is necessary for the interchain operations that make LAU possible.
- Spider ecosystem alpha.
- Major exchange listing.
- Testnet of Spider dVPN.
- Spider IOS application.
- Bridge for ERC-20 to the Polkadot network.
- Spider dashboard release.
SpiderDAO may very well redefine the privacy space with their planned services. They have exemplary services that are appropriate for our data-sensitive times.
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.