These days, people would have lived a better life than they did hundreds of years ago in a highly industrialized and automatic society. However, intrinsic problems are not solved. Unemployment, hunger, homelessness…why are people still suffering a lot from these? Why the gap between the wealthy and the poor is still widening? It seems the time to rethink the current financial system.
Currently, the daily necessity is not what we are struggling for anymore. People are offered more choices while hunting for jobs and are able to create more. The blockchain is one of them. It has alleviated the problem of trust in the transaction between strangers and built the foundation of a new financial system. DAO, the advanced organization based on blockchain has greatly improved the efficiency of single-tread cooperation. We have all the prerequisites for a change now, don’t we? It’s time to blend the wisdom of the public and the insight of elites and to create new investing and financing rules.
veDAO is a fair and transparent place where we find and invest in the projects with the biggest potential through a voting mechanism, aiming to build a community of financiers, investors, and DAO members. Besides, veDAO enables every veDAO member to make their choice spontaneously without a specific leader and encourages most people to be involved via smart contract incentives. Under such circumstances, veDAO will generate wisdom by collecting the thought of every participant, which is superior to any traditional decision mechanism.
DAOs will replace legacy organizations
Just like the fact that companies gradually served as a common form of cooperation and management after the Second Industrial Revolution, today’s DAO will replace the traditional organization with the advent of Web 3 as a brand-new form of organization in history.
As for the structure, the network, as the main form of organization, will replace the pyramid structure that processes information linearly and makes a decision from the top. The new challenger is processing information simultaneously, with every part contributing its power. As for the scale, DAO will expand cooperation, alleviate the transaction cost of the market through smart contracts and incentives, and enable bigger groups and organizations to operate in a market with more trust.
DAO gives us insights into a brand-new future
That’s why veDAO is determined to build an automated investing and financing platform, governed by the community, without the need for entrusting. Meanwhile, the entry threshold of investing and financing will be lowered. In that sense, users will invest in the most valuable projects, project managers will gain the fiance, and DAO members will do their part in governing the community and therefore gain benefits.
Operation Mechanism of veDAO
Three Parts of Operation Mechanism of veDAO
- Applying for financing
There are two approaches to financing. Project reps could apply for financing through veDAO, and submit the required file, then launch the token sale. On the other hand, referees as veDAO members could also submit investment proposals, and they are responsible for hunting for quality projects at the early stage and submitting the introduction of projects, recommendation reasons, and investment proposals.
Project reps (for referees, according to the rules of the community) will be required to pledge a certain amount of tokens according to the scale of financing. All the pledged tokens will be returned after the fundraising. If the financing application is rejected, 20% of the pledged tokens will be burned, and the rest will be returned (In the coming days, the ratio will be decided through the voting of the DAO community). The rule of destroy & return is to ensure the positive cycle of the investment proposal and decreases the number of low-quality proposals.
- Governance through voting
Pledging DAO (LP token) through veDAO comes with veDAO. Users with veDAO will be verified voters, enjoying the right to vote and to govern. They can vote on all proposals in the veDAO. Each voter only has one chance to vote on the same proposal.
A mechanism concerning rewards and disciplinary sanctions will ensure effective governance through voting, helping elites stand out to get more governance benefits. Voters’ right to vote is decided by the number of veDAO they have and the weight of the vote, which is non-transferable and associated with the wallet address of voters. Voters share the same weight of vote initially, with voters with the right choice enjoying a heavier weight of vote and vice versa.
With the number of elites increasing in numbers, veDAO will allow voters to entrust their right to vote to agents, aka Damoclesers, who exercise the right to vote on behalf of voters. Only Damoclesers have the right to be entrusted. The Governance Committee, which has limited seats and issues the Damocleser-exclusive NFT, is formed by Damoclesers, who are a core part of the platform and share the responsibilities and rights of the platform.
- Fundraising
Funds will be raised among passed projects. Fund-raising applications are submitted by project managers and scheduled to launch and sell tokens/NFT through the negotiation between project managers and the platform. For investment proposals submitted by referees, the fundraising is launched by the platform, with users paying a deposit. The platform will contact the project manager to decide whether accept the community investment and if not, the deposit will be returned.
veDAO Members
In veDAO, you can choose to be a financier, investor, or pledging user if you simply want benefits through pledged tokens. Besides, you could be a voter, referee, and business manager. Such an identity system is helping veDAO do everything possible to apply DAO. veDAO will unite all kinds of talents, with members making their decision to generate a pearl of collective wisdom, thus redefining the production model and avoiding the Matthew effect when it comes to benefit distribution. That’s why veDAO can utilize the wisdom of the masses.
veDAO is committed to providing a transparent and easy-to-access platform for all financiers, investors, and community attendants through democratic voting. With veDAO, all the participants will share the benefits of the project and benefit from the top-level project in the future. In the near future, veDAO will be the most influential platform for evaluating projects and the source of top-level projects.
The power of the people is much stronger than the people in power. veDAO did create veDAO, but veDAO doesn’t belong to veDAO. The future belongs to every participant, who is working hard to expand the decentralization of veDAO.
Get out of the dilemma caused by the traditional financial system. With new investing and financing measures brought in by veDAO, you are sincerely invited to be part of veDAO, to choose the identity you want, and gain considerable benefits with other veDAO members.
Follow us:
Website: http://www.vedao.com/
Twitter: https://twitter.com/vedao_official
Facebook: https://www.facebook.com/veDAO-101254062600896/
Telegram：https://t.me/veDAO_EN
Discord：https://discord.gg/NEmEyrWfjV
