The cryptocurrency ecosystem was driven by the idea of decentralization and the concept was further explored with the DeFi revolution that followed.
The concept of the DAO or Decentralized Autonomous Organization emerged in 2016 as open source code with no management structure and functioned as a form of venture capital fund. Put simply, a DAO is a smart contract where all the rules are written in source code and all shareholders make decisions in a democratic manner through voting.
xDAO takes this idea further and enables its users to manage their crypto assets with just a few clicks using DAO. Users can define rules and combine and manage mutual funds from several partners according to these defined rules.
What is xDAO?
xDAO was launched in April 2021 and is the first and only DAO builder on BSC. It offers its users an innovative DeFi platform fully integrated with the top DeFi protocols on BSC. It was also the winner of the Binance Smart Chain Hackathon.
Users also get the opportunity to link their projects to their organization and transparently distribute profits among team members. To empower digital companies and asset markets, xDAO built an infrastructure on Binance Smart Chain.
xDAO aims to make the DAO protocol simple and accessible to the masses because, although the DAO model has been used by numerous financial protocols, it has not yet seen mass adoption.
Easy account setup and security verification
Users can become part of the xDAO platform in 4 easy steps – they need to install the Metamask extension in their web browser and then create a wallet or import their wallet with a seed phrase.
Then users can add a BSC network to their MetaMask. Once that’s done, users can connect their wallets and create their own decentralized autonomous organization and use all the features of the xDAO platform.
xDAO passed a Security audit from the pessimists who helped them overcome the challenges in the current blockchain environment.
Types of DAOs on the platform
With the xDAO platform, users have the option of building an intelligent contract organization using templates. These smart contracts are then provided by a special factory that also allows an organization to be created with a single click.
These organizations can further interact with other smart contracts existing in the BSC ecosystem and can also be used as a tool for asset and token distribution from other smart contracts.
xDAO has 2 types of organizations:
- Decentralized Autonomous Enterprise (DAC) – The DAC provides a solution for teams that need to efficiently manage shared crypto assets. Token holders can access the company’s balance sheet but cannot participate in governance.
- Decentralized Autonomous Fund (DAF) – The DAF is a type of crypto asset management model that is further decentralized. A joint board of token holders makes all the decisions and the quorum percentage is determined on a case-by-case basis.
Each organization has its own Governance Tokens (GTs) that help users determine their share of a company’s assets. In a DAF environment, the GTs give users voting rights that allow them to participate in financial decisions. The GT tokens can be made flammable, giving users the option to leave an organization and withdraw their contribution.
Target groups and roadmap
The xDAO platform has a large audience and its use cases can be used by venture capitalists, startups, freelance groups, and public funds and foundations alike.
The platform is preparing to announce its $ XDAO token along with its V2, which is developing a multi-chain network (on Ethereum, BSC, Polygon and Solana) and a new off-chain model of voting.
xDAO also wants to create other in-house tools for companies, including data and analytics services, to provide insight into the company’s transactions and interactions with other smart contracts.
The DAO model has proven its effectiveness as a collective management system for all crypto assets, but its use cases can be further explored. xDAO offers such a possibility with its platform. xDAO is the first automated platform for crypto asset management and is constantly working on improving their platform to bring users a smoother and more efficient experience.
As mentioned earlier, xDAO is already integrated with the Binance Smart Chain, and with their V2 they are planning to become multi-chain (by integrating Ethereum, BSC, Polygon and Solana) and launch their open source Web 3.0 extension to to interact with all DeFi protocols.
xDAO has many use cases that cater to a wide range of users, and with DeFi’s growing popularity, it provides a reliable platform for users to really work remotely.
For more information, see their website and their social environment:
Twitter| telegram| medium| Youtube| discord
Disclaimer: This is a paid post and should not be treated as news / advice.