AMA #3 DAO1 Meets the YFDAI Community

In the latest of a series of AMAs, the DAO1 team interacted with the YFDAI community on their Telegram Channel. With YFDAI’s COO Simon Bogdanowicz leading the session, Leo Georgievic (Crypto Chronic), Adrian Niculescu, and Francesco Dell’Agata fielded a variety of questions regarding the project from the community members.

For those who missed out this exciting session, here’s what transpired in the AMA, step-by-step.

INTRO SEGMENT

Leo, Adrian, and Francesco, why don’t you introduce yourselves please

Adrian Niculescu,

Hello everyone! My name is Adrian Niculescu, I have been in the crypto & digital currency space since 2016, my background is in sales, marketing & business development. I help DAO1 with the incubation programs, hackathons, and strategic partnerships, pleased and excited to join the AMA with YFDAI community today.

Francesco Dell’Agata,

Thanks Simon. First of all, it is a pleasure to be with you all for this AMA! Hi everybody, my name is Francesco Dell’Agata, and I am the Head of Operations at DAO1. I have 4 years’ experience in the blockchain/crypto space as an investor and writer, as well as consulting for multiple global clients. My experience is in digital project delivery, transformation strategy, and AI.

Simon,

Excellent, thanks Adrian and Francesco

Francesco Dell’Agata,

It’s awesome to see such a vibrant and active community!

Crypto Chronic,

Hi everybody! Glad to be here…had some technical difficulties but now we ON!

So, my name is Leo Georgievic, I’m the Lead Strategist @ DAO1 where I seek to implement the correct moves for moving in the right direction!

My background is from project development, marketing, and involvement in a DeFi project. Thanks for having us, I see great potential in launching with YFDAI and look forward to participating in this AMA with you guys.

Simon,

1. Tell us about how each of you entered the crypto space and how your background will contribute to the success of DAO1.

Francesco Dell’Agata,

This is a great question. I began getting involved in the crypto space when I co-founded a receipt management platform based on Blockchain technology at university in mid-2017. Soon after, I learned about Bitcoin and I wrote an article for a magazine. My career has focused on management consulting and I believe that my project experience in digital & innovation strategy and IT delivery will be vital to the success of DAO1’s most innovative services. I can speak on behalf of everyone when I say I believe our team is special!

Adrian Niculescu,

It is a long story … I am posting here the short version :). I entered the fintech, digital & cryptocurrency space right after finishing my MBA when a marketing client offered to pay for consulting services using their project’s native crypto. I was puzzled initially; it was something new for me and I started to dig deep & study. A conversation on the freelancing platform Upwork has led to me becoming deeply involved in growing this market during 2016. I have +10 years of marketing agency experience, mentored +40 tech startups until now, speak constantly in dedicated events & conferences so I believe these can help a lot with the hackathons, incubation programs plus setting up strategic partnerships which are my work avenues with DAO1. I am not the kind to quit easily in the face of obstacles. I became a marathon runner a few years ago. I believe in the concept of real decentralization & bringing back the power to the community members who can now become not just users but also players.

Crypto Chronic,

Ok so my journey…I got involved in the crypto atmosphere in a quite” negative” way after trying to assist my dear uncle after he got ripped by BITCONNECT. Thereafter I “inherited” his remaining crypto funds that I tried to trade. That went well and I’ve been trading on Binance ever since. Last year I got onboard TOSDIS.finance, a very interesting DeFi project which i gradually reduced my involvement in as I teamed up with the fantastic DAO1 guys, so this is basically my journey :)

I do think that my background from project development and marketing has a positive impact on my actions in DAO1 as there are so many things to keep track of and keep the ball rolling never neglecting the community and marketing side.

Simon,

Nice to see how you all came together behind the DAO1 vision. BITCONNECT, I haven’t heard that project name in quite a while

2. Briefly describe DAO1 in 5–8 sentences and how you are unique to other DAOs and DEFI projects in the quickly growing space.

Crypto Chronic,

Ok so we are not just a DeFi project, DAO1 is a decentralised protocol, with a socio-economic objective. So, we are basically a truly decentralised autonomous organization with DeFi features and socioeconomic characteristics.

We are different in terms of our initial setup and governance as well as the unique range and assortment of features the community members can enjoy.

Well, some of the obvious is the governance that we practice and exist by. Another is the hyper involvement level of the community in everything we do.

Power of choice is what makes DAO1 a true DAO.

Granting community members, the power of democratic choice is our true goal. This will serve useful when proposing decisions to the platform, both technical proposals and non-technical, changes to the features, rates, etc.

All of this, whilst ensuring the highest security standards to ensure the decision-making process does not land in the hands of a few entities who hold tokens. (Sounds familiar?)

We are bringing real world solutions for everyone like Crypto Startup Fund, Hybrid Advisory, Hackathon, Incubation and Charitable NFTs.

Simon,

That’s really interesting, especially being a DAO from Day 1 is unique to the market in general for sure

3. Can you tell us about the major milestones on your roadmap over the next 6 months?

Francesco Dell’Agata,

The plan is to take a phased, month by month approach with the release of our features. The rationale behind this approach is that we want to do things the right way!

Within the first 30 days, we aim to conduct the International Hackathon, release the Staking/Farming feature, and successfully list the DAO1 token on 3 exchanges.

The next 30 days after that, we will aim to release the Crypto Venture & Startup Fund feature, then complete the DAO1 token listing on 2 more exchanges.

Worth mentioning is also the fact that we successfully achieved all the goals we set so far, and we have so much more in store for you all as per our roadmap!

The DAO1 Captains have almost done the groundwork for delivering what is committed in the whitepaper, and in the not-so-distant future, we will begin with the International Hackathon registrations, alongside the Incubation master classes.

Delivery will be sooner than committed. Always under promise and overdeliver!

Simon,

Nice, always good to over-deliver as long as the ‘under promise’ is received well

4. Tell us more about the tokenomics behind the project.

Adrian Niculescu,

The Tokenomics of the project is designed in such a way to keep control of the circulation supply at the time of listing. Furthermore, most of the tokens will be unlocked in a phase-wise manner under various categories, for example in VC round and strategic round, the tokens will start unlocking after 1 month from TGE.

The Tokenomics of the project is designed in such a way to keep control of the circulation supply at the time of listing. Furthermore, most of the tokens will be unlocked in a phase-wise manner under various categories, for example in VC round and strategic round, the tokens will start unlocking after 1 month from TGE.

Further, the liquidity from the raised funds and the native DAO1 tokens will be used in three DeX like Uniswap, Quickswap and Safeswap.

All the team tokens, advisors’ tokens development & marketing tokens will be locked in smart contract and will be unlocked in phase wise manner.

The entire tokenomics has been designed to protect the best interest of the community. You can view them here: https://drive.google.com/file/d/1raaAFBSyJXRC2jj08oj-0anY7Sd0bu2T/view?usp=sharing

Simon

Great, thanks for sharing the full tokenomics here

5. What are the major obstacles you feel the DAO1 is facing now? How will you overcome those challenges?

Francesco Dell’Agata,

One particular challenge that has presented itself is the lack of trust that certain communities have in new and emerging projects like ours. This is a recurring theme in the crypto world and one that will not cease to exist any time soon, given the high number of projects launching on a daily basis.

But this is something that we are mitigating in a creative way. DAO1 is a community-driven ecosystem and given that the community will get to vote on the platform, it will mean that lack of trust will be solved on our end, by taking an all-inclusive approach to ensuring our community knows they matter at all times.

There is one major obstacle for small investors to invest in venture funds and specialist funds, we have the solution for those. DAO1 is applying for the license for the Crypto venture Fund and making the venture fund access to most of the community members.

Crypto Chronic,

COVID 19 as well I think is an obstacle to some practices unfortunately! ;(

Simon, [In reply to Crypto Chronic]

An obstacle and a massive opportunity for the crypto world at large as well

Francesco Dell’Agata,

I think we’ve handled the remote working situation quite well during COVID-19 — Our team is split across a number of countries!

Crypto Chronic, [In reply to Simon]

Amen to that one!

Simon,

Thanks @fdellagata, appreciate the honesty in identifying challenges

6. To raise awareness and excitement for DAO1, what marketing plans do you have in place for the launch at the end of this month and 30–60 days thereafter?

Crypto Chronic,

We do have a powerful marketing strategy and plan to attract more users in the coming weeks and months. Because I think this time is crucial as within the first 30 days, we aim to conduct the International Hackathon, release the first couple features and list on exchanges.

We have official DAO1 interviews lined up, influencers on standby, PR agencies we work with, professional content creators, weekly AMA rounds, and a plan to constantly release useful and engaging content to satisfy current users and the influx of new users we will see in the near future as we further build out the DAO1 platform with all of its features. BUYAKA!

We will be announcing a community support campaign, wherein the community will support in spreading word about DAO1 and will be rewarded back with DAO1 tokens.

Mission is to stay alive and grow organically through a series of carefully planned and scheduled PR and marketing activities like keeping updates on all channels, partnerships with groups, communities, and Exchanges…Medium articles and a lot more to come….

a final comment :)

A DAO is nothing without its community — and therefore you can rest assured, that we are going to do our best to grow a strong, diverse community from members all around the world, and integrate them into the DAO1 family!

Simon,

You’re leaving us with baited breathe a bit in anticipation

Yes, amen to this as well

Crypto Chronic,

That’s a good cocktail :)

Simon,

I’m particularly interested in seeing a DAO from Day 1 in practice. So are many others surely, great

Last question before the Community portion of the AMA

7. What is the one thing you are each most excited about with regards to DAO1’s expansive ecosystem of services?

Francesco Dell’Agata,

Alright, I’ll go first! So, I am most excited about launching and expanding two features, DeF Fund and Crypto Startup Fund. The reason is that these two services will allow DAO1 community members to unlock access to incredible possibilities in the crypto space for identifying great investment opportunities for startups as well as customising their own funds.

Simon,

I also have to chime in as you guys respond and say that your Telegram community is quite active and big as well relative to especially the fact that your token hasn’t launched just yet!

Official DAO1 Telegram Channel: https://t.me/dao1globalchat

Adrian Niculescu,

I am very excited about the fact that through the hackathons and incubation programs we can help bring on the market and in the spotlight ideas, teams, and projects from all over the world. These will be helped with high level mentoring, funding, exposure, and market connection. It is important because it will assure inclusion also for projects coming from underprivileged territories. Many of these projects will be integrated in the DAO1 Ecosystem. Really, the next big thing can come from anywhere and DAO1 will be a catalyst for progress.

Crypto Chronic,

True indeed…I look very much forward to see where the Hackathon competitions will lead DAO1.

I think it’s amazing that teams from all over the globe can make a sound approach to interact this way. I look forward to the other features as well don’t get me wrong, but I think this is the most “mystery box” appeal one ha-ha…

Simon,

A nice summary image that we have in our Medium post taken from your website about DAO1:

Alright, now let’s get into the Community AMA

Please start typing your questions out

TELEGRAM LIVE QUESTIONS

Q 1. Hugh R,

“These will be helped with high level mentoring, funding, exposure and market connection. It is important because it will assure inclusion also for projects coming from underprivileged territories. Many of these projects will be integrated in the DAO1 Ecosystem.” How are you guys going work with the language and cultural barriers?

Answer:

Adrian Niculescu, [In reply to Hugh R]

While DAO1 is adopted worldwide there will be formed local communities. There are common languages like the programming ones which are universal. In 2021 language barriers can easily be broken, think about how accurate Google translate has become recently. Thank you for the question!

Simon, [In reply to Adrian Niculescu]

I assume that you will have various non-English Telegram groups and communities for DAO1 as well as you expand internationally to new areas?

Francesco Dell’Agata, [In reply to Simon]

This is an option that we will explore and undoubtedly, it may well be the case that we create new communities in relation to the territory! We want to include as many communities as possible

Francesco Dell’Agata, [In reply to Hugh R]

Hugh, this is a great question. We will most definitely work hard to translate our content, such as the Whitepaper and possibly the website, into more languages when we believe the time is right to expand — more will be announced soon enough, but we want to be inclusive and not leave anyone out. We do have a list of jurisdictions that we cannot be involved with, but this should not hold us back!

Q 2. Reza,

How is the security of users within your project guaranteed and not compromised? And how secure is your project from any kind of attacks?

Answer:

Crypto Chronic, [In reply to Reza]

We are aware of the risks that all crypto projects face and have ensured that we use all of the tried and tested secure platforms and practices. Apart from this in order to ensure that our platforms have the best security, we invite multiple rounds of audit on the project from both in-house security experts and blockchain security firms. The auditing process is conducted utilising Dynamic Analysis, Comprehensive Examination, Static Analysis, Penetration testing and Manual review techniques.

Our in-house security experts also deploy real-time defence deployment and emergency response in case a security threat is detected. We also plan to offer regular vulnerability rewards via our hackathons to ensure our platform is fortified from all ends.

We pay special attention to the following considerations:

Testing the smart contracts against both common and uncommon attack vectors

Assessing the codebase to ensure compliance with current best practices and industry standards

Ensuring contract logic meets the specifications and intentions of the client

Cross-referencing contract structure and implementation against similar smart contracts produced by industry leaders

Thorough line-by-line manual review of the entire codebase (Multiple rounds)

Periodic automated security scans on smart contracts

Q 3. Reza,

What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market?

Answer:

Adrian Niculescu, [In reply to Reza]

The most ambitious goal is to become a truly Decentralised Autonomous Organization, a living thing expanding itself with the help of the community which will drive DAO1’s future.

Q4. Simon,

I have another question actually — What are the first products that you have coming online in the first 14 weeks post TGE and can you tell us any detail on them (e.g., staking APY %, etc.)?

Answer:

Crypto Chronic, [In reply to Simon]

52% Per year.

Simon,[In reply to Crypto Chronic]

Nice! fixed APY or variable? and if fixed, for how long?

Crypto Chronic, [In reply to Simon]

We will be launching various module of staking, some will be flexible yes

Q5. Dolores Feil,

Presently as at today, can I possibly use your token in real life for payment?

Answer:

Adrian Niculescu, [In reply to Dolores Feil]

Adoption is real life is very important. The token is not live yet at the moment of this AMA. Thank you for the question.

Q 6. Austin (Wont DM First),

also will the governance be based on Polygon?

Answer:

Crypto Chronic, [In reply to Austin (Wont DM First)]

Yes, DAO1 be available for trade on ETH and Matic Networks

Q7. Crypto Swo,

Will DAO1 be available for trade on ETH and Matic Networks

Answer:

Francesco Dell’Agata, [In reply to Crypto Swo]

Yes, it will be available

Q 8. Crypto Swo,

Also, I see that you had listed that you will have an incubation program for new projects. What will be the requirements to have access to that?

Answer:

Adrian Niculescu, [In reply to Crypto Swo]

Thank you for the question. I am responding to that as being in charge with the hackathons & incubation programs. We will look for startups, teams & ideas which could be implemented into DAO1 ecosystem first, also the winners of the hackathons will be incubated. Not all projects could be integrated, but they will be eligible for incubation if they can become “next big things” so if you have something, please follow the socials, and get in touch when the registration for consideration in the first incubation program is opened. We are looking for real inclusion, even from underprivileged territories. We are looking for value, smart & hardworking founders.

Q 9. Nikkash,

What is the presale price? Public sale price? Listing price? And what will the hard caps be if someone can tag me if already mentioned

Answer:

Simon, [In reply to Nikkash]

This is all in the tokenomics, you can also see it in our Medium article here:

https://yfdaifinance.medium.com/yfdai-welcomes-dao1-as-its-next-launchpad-project79bb27790940

Deepjain, [In reply to Nikkash]

Its already in tokenomics sheet, pls refer this

Q 9. Bradley,

YFDAI’s security is one aspect that attracted me to the project. How will DAO1 vet incubation projects to protect investors from rugpulls and scams?

Answer:

Adrian Niculescu, [In reply to Bradley]

Thank you for the question. We will look at the teams, the projects themselves, the track record of founders, potential market adoption & security issues. My advice is always to perform personal due diligence before committing any funds into any project.

Bradley, [In reply to Adrian Niculescu]

Thank you! Looking forward to watching this project grow!

Q 10. Austin (Wont DM First),

How will liquidity be split between ETH Mainnet DEXs and Polygon DEXs? 50:50?

Answer:

Simon, [In reply to Austin (Wont DM First)]

70% used in Safeswap & QuickSwap (35% each) and 30% token will be used in Uniswap at TGE. Also — 2% of token supply in reserve for exchange listing liquidity.

Q11. Bradley,

Perhaps it was stated already, but I couldn’t find it. What is the allocation breakout between the strategic and private presale rounds? I see the price is mentioned, but not the amount of token supply for each round

Answer:

Simon, [In reply to Bradley]

Total Token Supply: 3.6 million tokens

Total Pre-sale Allocation: 828,000 tokens (23% of token supply)

Pre-sale Strategic Round Token Price: $1.20 per token

Pre-sale Private Round Token Price: $1.90 per token

Pre-sale Tokens @ TGE:

Strategic Round: 0% of tokens unlocked at TGE

Private Round: 20% of tokens unlocked at TGE

Distribution Schedule:

Strategic Round: 20% on month 2 + 0.444% Daily starting on Day 2 of Month 2

Private Round: 20% at TGE + 0.4444% Daily starting on Day 2

Total Pre-sale Raise: $1,722,600 (including Seed VC Round of $275,400)

Public Sale: 108,000 tokens (3% of token supply)

Public Sale Price: $2.50 per token

Public Sale Distribution: 80% Unlocked at TGE and 20% Vested over 30 days after TGE Day.

Hard Cap: $1,992,600.

Crypto Chronic, [In reply to Bradley]

Good question. It’s private 18% and 5 % public (*edit: strategic, not public)

Thanks for the trust

I mean strategic not public :)

Bradley, [In reply to Crypto Chronic]

I assumed that’s what you meant. Thanks for the clarification! Might help to add that to the tokenomics in the medium article if possible

Crypto Chronic, [In reply to Bradley]

Hi oversaw ur q… Yes, it’s gonna be 648.000 and 180.000

Q: Bradley,

Do you see any other players in the socio-economic DeFi space that could present themselves as competitors/partners?

Answer:

Crypto Chronic, [In reply to Bradley]

We can create a long list of collaborators as our model is quite different from the rest. While we would be working closely with exchanges to make DAO1 easily accessible to everyone, we will be seeking out projects and companies providing solutions for blockchain applications. As we have already mentioned, hackathons, incubation and startup funding are some of the key areas of focus and we are always looking for the latest in tech that participants in our incubation program can use to create innovative products with real world usage.

E.g., smart contract development, auditing, security, layer 2 solution providers, enterprise blockchain solutions providers, blockchain data analysis companies like Chainalysis, oracle networks etc. so that our incubatee projects can explore the possibility of using those in their projects.

Competitors? Well, I don’t see other projects as direct competition as we are a community-led project for the benefit of the community itself. Any project that is adding value to the ecosystem and the society are our allies

Adrian Niculescu, [In reply to Bradley]

We see DAO1 as a unique project with a blue-ocean strategy. By using the network effect and using the voting power of the community will be identified the best partnerships to help the project advance. Being a unique project, the competition is not relevant. Thank you for the question.

And then it ended…

The AMA with YFDAI Community turned out to be a successful and satisfying session. DAO1 will continue to reach out to as many people as possible through future AMAs and forge a direct connection with the community.

Check here DAO1’s whitepaper for more details on the features & the project’s roadmap.

Learn more about DAO1 at: https://dao1.org/

Follow us on: Twitter | Reddit | Discord | LinkedIn

Join the DAO1 Community on Telegram: https://t.me/dao1globalchat

DAO1 Announcements on Telegram: https://t.me/dao1announcements