Micro Lecture DAO Flashcards
One definition of what a DAO is
trust less organization that automates transactions, operations, and decisions without a trusted third party.
5 Characteristics of a DAO
- flat, full democratic
- voting is required by members for any changes
- outcome of voting is implemented automatically
- services offered are handled automatically
- activity is transparent and public
3 Core parts of a DAO
- Community
- Governance
- Treasury
How is communication conducted?
On Discord channels
Via which tokens can members vote?
ERC20, ERC721, ERC1155
Is voting off-chain or on chain?
Can be both
How are governance proposals executed?
Manually or automatically by smart contracts
Who executes the vote?
The treasury multi-signature holders
When is the snapshot of the token distribution taken?
On proposal creation
What is on-chain in DAO governance?
- proposals
- votes
- execution
How can the DAO treasury be filled up?
through initial token sales
What is the vesting period?
Vesting period, also called the token lockup period, refers to a period in which tokens sold in the pre-sale ICO stage and offered to partners and project team members as incentives for their contribution are prevented from being sold for a specific period.
Types of DAOs
- product and service
- on-chain product and service
- networking focused community
- investment focused