Having decentralized power to contribute equally to a project increased inclusivity while taking financial power away from a select few. As a result, with so many crypto projects being developed, it's unavoidable that there won't be other like-minded individuals looking to invest in the project.
However, with social media platforms serving as the main hub of the cryptocurrency communities, it was simple to spread the word about my idea to many people interested in supporting and investing in projects that aim to preserve history and explore historical sites and artifacts. In addition, I communicated my ideas on different cryptocurrency forums in an effort to connect with other visionaries around the world. And because different areas had special historical moments to preserve, many people agreed with the idea.
Establishing The DAO's Purpose
So, with decentralization as the core essence of blockchain, it was possible to organize all interested participants through DAOs (decentralized autonomous organizations), where there is no hierarchy, and every participant contributes equally to the group's purpose. Besides, because many of the participants have basic knowledge of blockchain technology, creating an investment DAO for the intended purpose was not debatable since the idea of the group is to invest in projects preserving historical events.
Knowing this, we knew we would require a platform where the DAO would be accessible for member engagement, community development, raising funds, and other announcements and updates. The platform's objective would be to allow members to discuss potential investment projects and delegate investment decisions to each member depending on their token holdings.
Creating A Community Around The DAO
Undoubtedly, Telegram was chosen as our communication tool because it has established itself as a hub for communities in the blockchain space and because it helps us protect our DAO obligations by granting the server administrator the ability to control who can join, potentially removing the possibility that others could learn about our DAO's operations. But, on the other hand, to launch our DAO and function effectively, we had to code our smart contract from scratch or use an all-in-one DAO creator tool.
Challenges Of Launching A DAO From Scratch
Unfortunately, there were some requirements to satisfy if we were writing our DAO code from scratch. For instance,
- Owning a DNS (domain name service) and selecting the blockchain network. In our situation, we considered Ethereum, which demanded a DAO creation fee of up to 0.5 ETH, including a gas fee.
- Setting up and organizing treasury management to hold money and oversee investment funds.
- Setting up a snapshot or other appropriate tool for voting and recording the group's contribution.
All of this was a lot to do, given the size of our group and the type of DAO we intend to run - an investment DAO. So, we needed a no-code alternative to building our DAO. We considered some DAO creation platforms that function as all-in-one DAO creator tools and do not require manual configuration. While some creator tools are free, others require a subscription fee.
Challenges Of DAO Creator Tools
However, one major drawback of using these platforms is that they control the backend of the smart contract on which the DAO is built, and if there is any complexity in the DAO's code, the bug would be extremely difficult to fix. Furthermore, even if it is fixed, the DAO's code may have to be rewritten, and existing DAO on the framework may lose their data. This became a major concern among group members, especially when there appeared to be some project to invest in. However, the group made several suggestions, including how to raise funds to invest in projects.
Cwallet: The One Solution For All Crypto Needs
Unexpectedly, a member recommended a platform that has gained recognition in the crypto space as the "one solution for all crypto needs," as well as meeting individual and enterprise complex crypto needs through various unique features. As a result, the recommended platform was Cwallet, and we decided to learn more about it and how to create a DAO group using the Cwallet platform.
How To Establish A DAO With Cwallet
Interestingly, we were able to set up our DAO group on Telegram with Cwallet and have all of the necessary requirements in place for members to join.
Unlike the DAO creator tools, however, Cwallet did not build our group on an existing code framework; instead, an exclusive Cwallet bot was used to manage all activities. Therefore, we could set up the DAO's group entry verification and determine how many tokens a member needs to join the DAO group.
Furthermore, we could choose the chain network for the DAO and specify the minimum holdings required for a member to join the DAO group.
Finally, it was simple for members to join the DAO group because Cwallet provided an invitation link for the DAO in various formats, such as buttons, images, links, and so on.
As a result, members who meet the group's requirements can bind their addresses and connect their crypto wallet for verification. That's all! The procedure was simple and convenient.
Cwallet solved the problem of starting a DAO group from scratch and dealing with the technicalities of writing smart contract codes by providing an easy way to set up our DAO on Telegram without incurring any costs while still reaping all of the benefits of a DAO written with smart contract codes.
There was no better way to set up our DAO group and invest funds in capital projects than with Cwallet. Indeed, Cwallet is the one solution for all crypto needs. Now, we could seamlessly fund any project without worrying about a group member meeting the requirements.
You can establish a DAO group on Telegram with Cwallet and fund any project, just like we did, by following this step-by-step procedure to establish a DAO group. Similarly, you can create your DAO's invitation link by following this step. The best part? Cwallet will provide a QR code, link, or button that your members can quickly scan to join.
Cwallet: The Only Multi-functional Crypto Wallet You Need!
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