- What are DAOs, and what is Nation?
- What’s a DAO?
- How can I start using Nation?
- How do I participate in a DAO?
- How do I create my own DAO?
- I have an idea for a certain type of DAO, but I’m not sure how to create it. Can you help?
- What about adding new members?
- How does money move in and out of a DAO?
What are DAOs, and what is Nation?
A DAO is a decentralized autonomous organization designed to allow people to form communities and pool capital. Within this community, members can pursue a variety of missions, all while ensuring each member has a voice.
Nation is the platform for DAOs on Solana. You can explore different organizations, participate in movements, and create new movements, all in one interface.
There are already incredible groups operating on Nation:
- MangoDAO is a cross-collateralized cryptocurrency exchange with $640,000,000 in treasury.
- Metaplex is supporting the proliferation of NFTs on Solana.
- Aid for Ukraine raised over $1,000,000 in a day to support the Ukrainian cause.
In the future, we hope to see more movements materialize. The possibilities are vast and exciting.
You could start a DAO to:
- Buy an artwork
- Fund a PAC
- Operate an exchange
- Support NFT communities
And you can use Nation to do it.
You might want to participate in a DAO, or be the leader of one. Regardless, there are some things you’ll need to know.
What’s a DAO?
A DAO (decentralized autonomous organization) is a community of people with a shared wallet to make change, build a company, or achieve any other mission as a group.
The funds are owned and managed by the members of the DAO. Unlike traditional organizations, where ideas are proposed by the people in the highest positions of authority, any acting member of a DAO is able to float proposals with the group, and each idea posited carries equal weight.
Under the hood, the blockchain powers the DAOs on Nation. Since blockchains are decentralized — i.e., not controlled by a single government, bank, or organization — they are resistant to censorship or coercion from traditional power structures. Power, both in the form of governance and computings divided among a variety of networks, nodes, computers, and individual people.
How can I start using Nation?
Unlike traditional websites, Nation runs on the blockchain, which requires you to create a wallet to use the platform.
A crypto wallet stores a collection of keys and is used for sending, receiving, or tracking ownership of cryptocurrencies. Wallets can be physical (a hardware wallet) or digital (accessible on smartphones or computer applications). It’s highly secure, decentralized, and easy to use.
We recommend you use Phantom. It’s a digital wallet built on Solana, and works as a browser extension and on your smartphone. Phantom makes it easy to get started with Nation.
How do I participate in a DAO?
Being a member of a DAO allows you to vote for the organization’s proposals. You will also have access to conversations with other members of the DAO, often through Discord or Telegram.
How do I create my own DAO?
Nation makes it easy to start a DAO. Log in with Phantom or Sollet, and follow the flow to create an organization.
There are many types of DAOs, which you can read about in other documentation. For simple purposes, you’ll probably want to start with a Multisig DAO. It allows team members to jointly own and manage shared assets, and provides basic governance functions for voting on proposals as a group.
To get started, log into Nation with Phantom and click Start a Movement at the top right of your screen. Follow the flow to create your DAO.
I have an idea for a certain type of DAO, but I’m not sure how to create it. Can you help?
Contact us for partnerships to create a new type of DAO. We encourage all types of innovation while creating movements, and there are endless ways to create a long-lasting, impactful organization.
What about adding new members?
Adding members to a given DAO often requires a vote from a majority of members in the party. Start by specifing the new member’s wallet address, setting the voter weight, and then wait until the other members of the DAO vote on the proposal. If the vote meets the approval majority, membership tokens will be minted to the inductee.
How does money move in and out of a DAO?
The treasury account of a DAO is free to deposit into, but a vote must be held to withdraw or use that money for some purpose.. Many governance settings are available to members, and can be amended given unique constraints (i.e. the minimum number of community tokens to create a proposal or the maximum voting time).