BNB Chain Spotlight: XDAO

XDAO is a unique tool for creating Decentralized Autonomous Organizations (DAOs) and jointly managing crypto assets in just a few clicks.

We recently caught up with the team to learn more about what they have been working on...

1. Please describe XDAO to those unfamiliar with it. What's your vision and mission?

​XDAO is a unique tool for creating Decentralized Autonomous Organizations (DAOs) and jointly managing crypto assets in just a few clicks.

Before XDAO, there were no effective and convenient tools for companies and projects to invest in decentralized protocols as a joint entity or syndicate.

In XDAO, a group of people can easily create a Decentralized Autonomous Organization, deposit crypto assets, manage them by voting, sell DAO shares and directly interact with DeFi protocols.

Besides investment DAOs, there are far more purposes for creating a DAO. For example, a DAO for charity, for crowdfunding or even GameFi Guilds.

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DAOs are fundamental components of the Web3 space at the same time. Our goal is to make DAO the new standard for companies that work (in part or entirely) on the blockchain.

2. When was the idea behind XDAO born, and what led to it?

The idea of the project was born in the developing cryptocurrency market in early 2019. Then the CEO and founder of XDAO, Vlad, was a member of one of the investment DAOs. There were very few DAO toolings available at the time, and there was a growing interest in joint management of cryptoassets. In general, it is worth noting that the need for co-management of crypto-assets has always existed; as we know, venture capital companies have large financial resources and, due to this, can intelligently diversify risks. Under the creation of the DAO, it was assumed that everyone could become a venture capital fund and easily enter into the most lucrative deals.

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But at that time DAO tooling still required coding knowledge from managers, which significantly limited the threshold for entering the field. Then Vlad realized that DAO creation without knowledge of development, democratization of the process of investing in and managing cryptoassets is what will be popular in the near future. The name XDAO was chosen because it sounds succinct and catchy. And our DAO managing interface is also very clean and well-designed.

3. Tell us something about your team's background.

Vlad Shavlidze, CEO and founder, has a legal background and has been in the crypto industry since 2018. He was a member of one of the first decentralized funds (Investment DAO) and also a supporter of several blockchain protocols.

Zurab Shavlidze, CAO and co-founder, has a wealth of experience in government agencies and business. He has a degree in International Business and Strategy and has been involved in crypto since 2017.

Egor Gavrilov, CTO and co-founder, is a math major and a scientist. He was a senior developer at Web2 and Web3 startups. Egor is also a popularizer and educator of Web3 technologies and Solidity development. He makes blockchain development videos on YouTube.

4. What are the main advantages of XDAO for the user, compared to a similar project from a mainstream financial market?

XDAO allows people to work together, gather efforts and financial sources to enter the Web3 market properly. Being a retail investor causes many risks: uncertainty, lack of risk diversification, inability to make a proper project analysis before investing, and a normally small budget, thus making it impossible to enter larger deals. DAOs diminish these risks. DAOs have bigger financial resources to participate in seed rounds. The DAO treasury is protected by a decision-making mechanism that won’t allow unnecessarily spandings. At the same time, DAO is all about the people involved. Having a great, enthusiastic, and competent team will allow you to get the best outcome from your DAO.

XDAO aims to bring DAOs to the masses and show how easy and, at the same time, effective joint investments can be. After all, DAOs are social clubs. Web3 space needs more such clubs because the space is human-centric as opposed to the mainstream financial market.

5. What is the Security Strategy of your project?

XDAO smart contracts are secured by 2 audits: Pessimistic and Hacken. Both audits can be found in XDAO GitHub repository (https://github.com/xdao-app/xdao-contracts/tree/master/audits) and familiarize yourself with them. In short, XDAO smart-contracts are proven to be well-secured. No critical, high-severity issues were found.

People create DAO vaults because it is considered a safer method of storing funds. DAOs can be seriously protected from either intentionally bad transactions or unintentional spending by embedded decision-making mechanisms. Even if one of the member’s wallets is compromised, funds are still safe because the bad actor or hacker won’t be able to steal funds protected by votes from other members. Simply put, other DAO members will never allow funds to be stolen. This is the beauty of DAOs.

6. Let's say I want to start using XDAO. Where do I start? Where can I find some how-to guides?

XDAO allows you to launch a DAO with a few clicks. Firstly, visit XDAO website (https://xdao.app/56). Secondly, press the "Create a DAO" button on the left-side menu. To start your DAO, a user (or a team) needs to decide the DAO name and, of course, who will be included in the board of DAO members. After that, you are free to navigate, explore XDAO modules, and top up the treasury.

If you prefer to dive deeper into the documentation, go to our Academy (docs.xdao.app). We have collected not only useful written materials there but also explanatory videos. After all, we’ve launched our XDAO PRO program for those who have an idea but are not sure about the realization. XDAO PRO is a paid consulting service for your DAO.

7. Why did you decide to migrate/build on the BNB Chain?

BNB Chain is one of the most popular, user-friendly blockchains with an incredibly strong, developed ecosystem. Before going "multichain," XDAO was developed specifically for the BNB Chain. Since then, XDAO still has the most sustainable DAOs on BNB Chain, and we are absolutely happy about it.

8. What do you hope to see next from the BNB Chain community?

Those who start building a DAO usually have two options: give up at the start or continue to develop. DAO is fantastic because it can give you even more ideas for future projects on both the micro and macro levels. Those who run a DAO are absolutely brilliant people, and we really want to see more brilliant people over there. We see a direct correlation between the number of DAOs and community wealth. So we hope to see a wave of passionate DAO creators who are passionate, creative, and determined.

9. What do you see as the main challenge for the future of DeFi (DAO)?

From the legal perspective, DAOs are still in a gray zone. It means that its liability is still undetermined. Those who build DAOs need to cope with that right now because we see it as a main stumbling block for the whole crypto industry.

Fortunately, XDAO legal team can already provide your DAO with legal support in any possible jurisdiction; you just need to apply for it from our website.

10. Where do you see DeFi (DAO) and BNB Chain in five years?

Blockchain industry is the most rapidly developing one. We believe that only the most adoptive projects will continue to grow, and, undoubtedly, BNB Chain is one of them. DAO ecosystem will help to prospare BNB Chain in many ways; as being said, DAOs (communities) are an integral part of any blockchain.

11. Please share with us your testimonial on BNB Chain, which may be featured on the accelerator fund website and in marketing materials.

We are happy to build with BNB Chain and develop our DAO tooling, grow a new culture, and bring some new experiences to its users. We do perceive great potential for DAO growth on the BNB Chain because XDAO, as well as BNB Chain is, for many, the gateway into Web3. BNB Chain is fast and secure by default, which is very important for those who don’t want to fall victim to sandwich attacks and other manipulations in this vein. We appreciate BNB Chain's efforts to support projects carefully selected beforehand. It inspires confidence and, again, a sort of security that is never short.

12. Roadmaps, whitepapers and all/any relevant link to attach

XDAO App

XDAO Academy

XDAO Blog

XDAO Twitter

13. Is there any upcoming event?

There are two upcoming events we would like to share:

1. XDAO will launch a huge XDAO City Quest, a learn-to-earn game that will help to understand the DAO subject and XDAO platform more easily in the form of a comic book. We extremely recommend joining the game, especially for those who were already intending to plunge into the DAO topic. As for motivation, we also prepared special prizes for those who would play and learn until the end of the game. For more information, check XDAO website.
2. XDAO will release its own token on the 20th of October. This token has a utility function and will become an essential component of XDAO ecosystem.
   

14. Can we talk about the tokenomic model?

XDAO token has a utility function and will be used within the XDAO ecosystem.

• XDAO tokenholders will participate in DAO decision-making process.
• XDAO tokenholders will be able to use XDAO premium features, such as additional modules, and will unlock special dashboards.
• You can buy a consulting service from XDAO Pro team with XDAO tokens.
• In addition, XDAO tokens will play an important role in the future protocols that we are planning to release.

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