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What is BitDAO? BitDAO is one of the world's largest DAOs (Decentralized Autonomous Organization). Our vision is open finance and a decentralized tokenized economy. BitDAO is an organization governed by $BIT token holders. We welcome all individuals and communities to join us and contribute. Find out more at: introduction
Who owns BitDAO? Who controls the BitDAO treasury? BIT token holders have governance control over BitDAO.
Is BitDAO a registered organization? BitDAO is not a registered company. We are a collection of token holders who agree to be governed by a set of smart contracts on the blockchain.
What is a DAO and why does BitDAO use this structure? A DAO is a decentralized autonomous organization, a structure used by many DeFi and crypto projects to govern their protocols. Decentralized — as there can be many DAO token holders with no single party having unilateral control. Autonomous — as any action successfully voted in by the DAO can be automatically executed on-chain without an intermediary.
"Decentralized" and "Autonomous" is a spectrum, with many projects including BitDAO moving towards this goal over time. There are many factors to consider such as:
- Inefficiency of DAO decision making
- The required efficiency of centralized dev teams and administrators during early stages of the project
- Balancing decentralization and rewarding contributors — what if a few core teams contribute the most? Are they entitled to majority of DAO tokens? If not, what incentivizes them to be contributors instead of free riders?
- Limitations of current governance and blockchain technologies
How secure is BitDAO? As with any crypto project there is a chance for complete loss of funds, exploits or bugs in the smart contract, or malicious actions, or mistakes made by multi-sig administrators. Our phase 1 design is relatively simple and uses battle-tested industry standard components including an instance of COMP token, Gnosis Safe, and Gnosis Snapshot.
How do I participate in BitDAO? We are inviting the community to collaborate: be a community member, contributor, partner, token holder.
Community Members: Non-token holders can participate in our forum and social media, and share ideas. Good ideas may be adopted by BIT token holders. Community leaders may be provided with delegated votes.
Contributors: Individuals or teams that can help develop BitDAO protocols, or work to arrange due diligence and token swaps with other projects, and request grants from BitDAO.
Partners: We welcome any project that can contribute to BitDAO, or are willing to look for ways for our protocols to work together.
Token Holders: $BIT token holders can propose and vote on the direction of BitDAO and the use of BitDAO treasury assets.
What is BIT? BIT is an Ethereum based token (and available on the upcoming Mantle blockchain) that has proposal and voting power in the BitDAO governance module. BIT token contract code is:
What is the total number of tokens and what is the emission? What's the circulating supply of BIT tokens? Are private sale BIT tokens going to be vested? What is the lock-up period? Please refer to Tokenomics
Which wallets can the tokens be stored? ERC-20 wallets. We recommend using Trezor or Ledger hardware wallets linked to MetaMask or MyEtherWallet, which allows adding of custom tokens. Before using an exchange address or other wallet, please check that BIT token is supported.
Will there be any free token distributions? Token holders (such as launch partner Bybit or SushiSwap) will determine what to do with their BIT tokens, likely having some community reward programs on their respective platforms. For BIT tokens held in the BitDAO treasury, any free token distributions will need to be proposed and voted on.
How will BitDAO treasury grow over time? BitDAO will also look to build useful products that can contribute back to the BitDAO treasury. BitDAO may also to token swap with existing and emerging projects, and support them to be category winners. By holding partner project tokens, BitDAO is incentivized to help our partners succeed.
I hold BIT tokens, why can't I vote? BIT tokens holders must delegate first before voting. You can delegate votes to your own address. Please refer to here:
Are there any plans to build BitDAO's own blockchain with the use of BIT tokens? As of 2023 February 20, BIP-19, we have formally initiated the development of a wholly owned and governed Modular Blockchain https://www.mantle.xyz/. What is the partnership roadmap? What is the token swap roadmap? What is the product roadmap? BitDAO affiliated R&D centers will prepare proposals and submit for voting. Stay tuned.