Community contributions tracked on-chain and consensus approved for fair slicing of equity.
DAO Cake solves the problem every multi founder team experiences: measuring and rewarding contributions. The typical (imperfect) approach for startups is to split equity equally between each member of the founding team, with the expectation each is bringing equal value. This is not a solution for DAOs as the entire founding community are the ‘founders’. Even if still at the infancy this could be ten or more people committing time and effort in varying degrees to form the DAO.
For the NEO hackathon we’ve focused on the requirements prior to the token generation event. This is often the most troublesome; in the absence of a DAO’s own token there needs to be a mechanism for trust. The NEO blockchain provides an efficient way with an on-chain ledger and easy to read smart contract. The contributions are transactions which claim an amount similar to IOUs (I Owe yoU). In our case, there is no ‘I’ so we term these DOU (Dao Owes You) or ‘Dough’. This makes the DApp easy to use and suitable for startups and communities that do not know if they are going to ultimately generate a token, they may simply have a founding event where all the contributions (DOUs) are tallied and the equity share split accordingly to each contributor. We’ll call this event ‘Baking’. Beyond the hackathon we’ll add features that will allow various forms of Token generation methods for the Bake: Airdrops, NFT Badges etc for contributors.
DAO Cake brings to NEO a powerful tool to serve the thousands of new DAOs and startups in web3 who are encountering this problem. Beyond DAO Cake, our team at amaDAO.io have been working on a suite of products to serve DAOs in facets relating to the future of work. We’ve been assessing the suitability of: high speed, low gas fee chains for our products. When we promote DAO Cake and amaDAO we’ll expose the next generation of founders and web3 talent to the benefits of NEO.
We’ve kept the model simple yet sufficiently complex and considered for this application. You could say we did not want to “over cook it” (Cake pun intended). We believe the best smart contracts are simple and easy to read so that anyone (technical or not) can understand what is happening. We also wanted to keep this DApp open for anyone to use. With more time we can assess market needs and adjust the implementation where needed (see: roadmap)
NEO serves as a fast, secure ledger. NEO offers strong user identity features which are important to DAO creation (particularly if regulatory measures are introduced in the future).
Smart Contract features
- NEO C# - Secure, type-safe and easily human readable
- Event emitting - Connect to tracing / GraphQL type tools for auditing / history
- Simple extensible model based on: Proposal -> transaction lifecycle through voting which can be easily adapted to various types of work associated with an organisation.
- Query endpoints eg: Owings to User, Owings by Org for ease of access to data
- Security inbuilt. Voting rules may be changed though voting. No voting consensus -> no action.
- External ID fields to assist integration with external databases eg: OrgId, MemberId etc
- On-chain data maintained to only the critical elements and references necessary for on chain actions.
- Blob storage reference (for IPFS or NEO.FS storage) for large data PDF for invoices, proposal docs etc
DApp front end The original idea was to develop a Smart Contract only and integrate into other tools we've already developed and make it available for 3rd party and community integration. The Smart Contract alone is a powerful product and useful for our immediate application. However, the rest of the team has become interested in the product and see potential for both a stand alone Native Mobile app and ReactJ dashboard. We're now working on the MVP dApp in React / nextJS + Supabase.
At amaDAO, we’re a team of 5 engineers covering skill-sets from blockchain, front-end dedicated Mobile Native and ReactJS. Over the course of the last 6 months we’ve evaluated and built products on 4 different blockchains in search of the right fit for our backend. Our core team has worked together in the future-of-work industry for over 6 years. We’ve all been heads down on building out the core platform. As the solution architect, I personally experimented with NEO in my spare time and quickly found it a pleasure to use. Having developed in C# for most of my career the language and VS Code tooling made it very fast to turn out a usable product.
With the limited resources (me) and time available I’ve focused purely on the smart contract. We’ve commenced the front-end in React but have not had time to integrate. We will continue to work on this over the coming weeks to bring the full benefit of the DAO Cake vision to a stand alone DApp.
- Complete front-end of DApp MVP
- Complete evaluation of neo fs vs IPFS
- Customer testing of DApp. Feedback on UX, any limitations.
- Review incentives / disincentives for application in larger DAO communities
- Internal $DOU token with tokenomics to incentivise participation in voting/proposals (NEP17 Asset Tokens)
- Implement 'Bake' TGE action for issuance (NEP 17) and transfer of DAO tokens to wallets to member slices
- Launch dApp with chosen business model (Token, SaaS, Service fee?)
- Assess other applications: eg: measuring open source GitHub contributions.
DAO Cakes’ target audience is both web3 startup and DAO founders. We’ll publish the product to Product Hunt, Indie hackers, Reddit and through founder niche campaigns. We’ll generate users through campaigns we’ve planned for amaDAO which include a web3 jobs marketplace and an on-chain CV; the target audience is the same. Revenue will mostly come through amaDAO products and add ons. We’ve had little time for gauging reaction, however potential business models for DAO Cake include the following:
- Monthly SaaS fee per seat or per organization (includes support)
- A small percent eg: 5% of $DOU on a TGE
I came to the DAO Cake idea through customer discovery interviews. I found talking to other DAO founders about their biggest pain points over the last 6 months. The one that stood out consistently was that the founding process was full of excitement and energy, everyone wanted the same things. However, if there was one thing that caused fiction it was the arguments over contributions which impacted that founding energy . DAO Cake sets out to solve that issue.