RainbowDAO Factory

Rainbow DAO Factory Multi-chain Infrastructure Service Protocol
Current-problems
Some-difficulties

Testnet Deployment Information

Network Name: Meter test Network RPC URL:https://rpctest.meter.io/ Facuet URL:http://faucet-warringstakes.meter.io/

Contract deployment address

DaoFactory: 0xe3c8135f8AEfE0de96BC4D8743c6A81BC7604D26

Authority: 0x8bBef131a546d8151297e96C68AE614E5a80037d

DaoBaseInfo: 0xb8Fda38562bd77dD8D2A0335e539D4188DF030a3

DaoManage: 0x2b981316D9680443D590914916BeaF7d7A136Bf0

DaoMembers: 0xe1240c60f37ae1CdeC036591C9814c1Fce8d986c

ERC20Factory: 0x2697c5DAC9c13D9EA97F097ee5E7702d195E28dc

RouteManage: 0xD1279a3EC682439589B3AACfC5618b74439f8168

Vault: 0xeB317D6422F25887B4Fac0b880aBf4Da6040174F

Vote: 0xf9A3f8eb156B49Ae50ebe0A9e45A46aa22766795

Inspiration

In the early age of Bitcoin, the decentralized idea had already existed. Unfortunately, due to the high management cost, DAO was quite difficult to apply in reality. The very first organization, TheDAO , proved a failure after it was established on the Ethereum community. However, as the encryption technology develops rapidly and DeFi prospered in 2021, the widespread application of all types of DAO organization has realized.

DAO is an organizational modal that comprises of smart contracts based on the blockchain concept. In contrast to the traditional commercial organizations, the initiating costs are much lower.

DAO is more than a series of smart contracts, essentially it is a societal organization and network that unite numerous individuals who share the same goal. A simple code of smart contracts can be used enormously different by varied groups of users. All the DAO participants can abide by the fixed rules or can change the rules by collectively making a decision to eventually change the the behaving modal of the organization. All these lead DAO to become more diverse, differential and various. We firmly believe that every individual that participates in the DAO management is the whole spirit and pillar of DAO.

What it does

RainbowDAO Factory System is one of the core systems in the RainbowDAO Protocol and also the organizational management system among the eight modules of the RainbowDAO protocol. More than thirty Web3 tool systems in the protocol are built based on the DAO Factory System. Anyone can create and manage their own DAO organization using RainbowDAO Factory System to create an independent DAO, alliance DAO, parent DAO, or child DAO. A management department can also be created within the DAO to achieve multi-level managing goals.

How we built it?

RainbowDAO Protocol has been designed in three versions of language: Solidity, Ink! and Near. All of them can be deployed on multi-chains through smart contracts. Thus the DAO Factory has three different versions as well, which will also be deployed on various multi-chains. Specifically, the solidity version of Protocol can be deployed on chains like Ethereum, BSC, or any EVM supportive L2 networks, while Ink! on all Wasm supportive para-chains within the Polkadot ecosystem and Near on Near network. In the future, we will develop new versions for other new public chains such as Solana, Terra, Agorand and Cosmos. As the DAO ecosystem evolves, we will surely develop DAO infrastructure products that can be based on chains through substrate. All these chain-based DAO infrastructure products would be under the development of the RainbowCity Foundation. In order to better meet the needs of the DAO industry, through the RainbowDAO Protocol, we have achieved three major innovations, which enable the DAO infrastructure to be upgraded and expanded infinitely, and truly meet the diversified needs of the DAO organization.

Challenges we ran into

On the road to building our RainbowDAO Protocol and RainbowDAO Factory System, we ran into countless challenges such as: (1) How to organize the problems faced in front of the tools-oriented DAO products ? Before constructing the whole frame of product, we put an in-depth effort in all kinds of tools-oriented DAO products within the industry and studied each feature and pivotal point of products to find our own solutions. (2) How to organize the logics behind the products of the RainbowDAO Factory System ? As our goal is to meet all the demands of DAO organizations in the whole DAO industry, the products themselves and the logics behind them must be excessively enormous and complicated. This was the great challenge we encountered during the process of development . We broke down almost 100 product demands and reorganize and reconstruct them to form the logics behind the current products. (3) How to maintain the protocol's decentralization ? The core value of the DAO organizations is decentralization. How to make the protocol decentralized was another great challenge we had. Meantime, many protocols can not be completely decentralized at the beginning, so it needs us to balance the relationship between centralization and decentralization. As to the managing authority of contracts, we set up three administration models: single wallet as administrator, multi-signature wallet as administrator and governing DAO as administrator. This perfectly balanced the centralization and decentralization. Different phases require different strategies. Ultimately we'll make the complete decentralization of DAO organization come true. (4) How to realize the protocol's unification and diversity ? In encryto world, every DAO organization's positioning and demand is unique. How to meet the demand of DAO organizations' unification and diversity through the protocol ? This was also our great challenge. We broke down different product demands to make various function modules. These modules can be used independently or can be used in different combination. The free combination makes both the unification and diversity possible.

Accomplishments that we are proud of

In the process of developing the RainbowDAO Protocol and RainbowDAO Factory System, we encountered countless problems as well as great challenges. Thanks to the rewarding process, we had overcome all the difficulties and finally came up with a complete set of product systems to fully meet the governing and fund-managing demands of all types of DAO organizations. In the meantime, our newly developed products not only have eight advantages but also the embodiment of eight principles. These are our greatest pride and achievements. ⑴ Modularity： Each function of RainbowDAO Protocol can act as an independent module which can easily trigger the upgrading of the protocol. ⑵ Plug-in： Each module of the RainbowDAO Protocol is very flexible like a plug-in. ⑶ Composability： Each module of the RainbowDAO Protocol can be combined with each other. Some simple modules can work together to form a powerful module. ⑷ Scalability： Based on the modular combination, the RainbowDAO Protocol has very strong scalability and new functions can be added by the addition of modules. ⑸ Breakdown： The modules of the RainbowDAO Protocol can be disassembled to achieve the simplification of DAO functional modules and adapt to actual needs. ⑹ Interoperability： Each module of the Rainbow DAO protocol can interact with each other. ⑺ Flexibility： The RainbowDAO Protocol can be combined, extended or disassembled. This gives the RainbowDAO Protocol strong flexibility. The protocol can be adjusted according to the actual situation of each DAO. ⑻ Growth： Based on the first seven features, the RainbowDAO Protocol will evolve into a living system that can upgrade infinitely with a decentralized idea.

What we learned

Through the systematic development of our products, we have a deeper understanding of the problems existed in the DAO industry and have come up with our own solutions. This is a huge achievement for us. We hope to build a new set of web tools infrastructure to truly solve the pivotal points of the industry and become the infrastructure of the entire industry.

Optimization

(1) Optimized the interaction order of the front-end UI, making the creation of DAO factories more reasonable and orderly;

(2) The invitation mechanism between DAO members has been improved, the concept of hierarchy has been added, and the rewards for inviting other members have been diversified;

(3) When creating a DAO, you can choose an existing token as a governance token, or you can choose another token as a reward token, and change it by initiating a proposal;

(4) Improve the review process of proposals, increase the refutation period of proposals, and DAO governance determines the opening of this function;

(5) The fund management function of the treasury has been added, and the funds in the treasury can be invested in more agreements to earn benefits through proposals;