FAQ

Mission

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 a protocol governed by BIT token holders. We welcome all individuals and communities to join us and contribute. Find out more at: introduction Read a summary at: introduction Medium article
How is BitDAO going to contribute to a decentralized tokenized economy? By providing R&D resources, liquidity, and funding. Read more at: mission
What kind of projects will BitDAO provide grants to? Why would BitDAO do this? BitDAO may look to provide grants for development of decentralized technologies including DeFI, governance, layer 1 or layer 2 , privacy, NFTs, etc. We may also provide grants for contributors to BitDAO, for example building a custom governance module, or efforts in community management, or the future BitDAO foundation.
BitDAO will look to support these projects because we benefit from these technologies together with the whole community.
All grants will be via BitDAO proposal and voting process.

Structure and Setup

Who owns BitDAO? Who controls the BitDAO treasury? BIT token holders.
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.

Participation

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 DeFi or CeFi 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.

BIT Tokens

What is BIT? BIT is an Ethereum based token that has proposal and voting power in the BitDAO governance module. BIT token contract code is: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
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.

Treasury

How will BitDAO treasury grow over time? BitDAO will look 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. BitDAO will also look to build useful products that can contribute back to BitDAO treasury. Read more at: growth
How often will contributions be made into BitDAO Treasury? Contributions by Bybit: initially monthly. Contributions by DeFi partners: determined by smart contract, most likely every block or inherently part of their token.
How will the 2.5bps contributed by Bybit be broken down? Will it be kept for BitDAO's treasury? Bybit has pledged to contribute to BitDAO treasury. The starting contributions will be a mixture of ETH, USDC, USDT. BIT token holders will propose and vote on the future mix. See Bybit Pledge.

Sales and Funding

Was there a private sale? Yes, one of the media articles can be found here: https://www.coindesk.com/bitdao-fundraising-decentralized-crypto-investment-fund
Will there be a public sale? BitDAO will not initiate a public sale.

Proposal and Voting

How do I propose and vote? Please go here: https://snapshot.org/#/bitdao.eth
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:

Roadmap

Are there any plans to build BitDAO's own blockchain with the use of BIT tokens? BitDAO affiliated R&D centers will prioritize building governance, treasury management, and DeFi products. In the future we will consider building our own layer 1 or layer 2 blockchain solutions if we require the functionality, and if the BitDAO community supports and votes for it. Our mission is to support industry growth. We want to build useful products and work with existing solutions where possible (such as Ethereum layer 1 and layer 2).
Any plans to build on blockchains in the future, or to make BIT token multi chain? BitDAO aims to support a broad ecosystem and is chain agnostic. We have chosen to build on Ethereum initially as it has the strongest network of projects, users, and battle-tested development solutions. We are open to building on other blockchains, with key considerations being: 1\ we need to be confident that the chain will have a vibrant ecosystem in future; and 2\ the usability of inter-chain bridge technologies. 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.
Last modified 1mo ago