Introducing HedgeDAO, The First Decentralized Autonomous Organization Being Built On Cardano
Yep! You heard it here first, HedgeDAO.
What does that even mean?
Let’s start from the basics.
What is a DAO?
A decentralized autonomous organization (DAO) is a virtual organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government.
What Makes A DAO Different From Other Organizations?
A DAO’s financial transactions and rules are recorded on a blockchain. This eliminates the need to involve a third party in a financial transaction, simplifying those transactions through smart contracts.
In Simple terms, it means that a DAO has no central governing body for the organization — no CEO or board of directors making all the decisions. It’s also autonomous, meaning that the people who buy into the DAO have a say in what happens within it, where funding is allocated, and the future direction of the organization.
We will be combining Smart Contracts & NFTs deployed on the Cardano Blockchain To Achieve A Robust & Truly Decentralized Autonomous Organization.
To build an open source framework of Decentralized Autonomous Organisation Applications that will Once completed, will facilitate easier and convenient creation and running of DAOs for the Cardano Ecosystem while also providing Cardano blockchain innovators with funding needed to build Dapps and projects.
To Also Invest & Fund Upcoming Cardano Startups To Accelerate the growth of the Cardano Ecosystem
How Do We Intend To Raise Funds To Kickstart Our DAO?
The Hedgespur DAO project seeks to raise an Initial fund of $1,000,000 by Minting 100 Exclusive HEDGEDAO NFTS to help facilitate its growth and development for the first 12 months as follows.
Development: Which includes Website, Frontend and Back-end tools
Investing In New But Potentially Huge Startup Projects
Research & Development of governance tools, catering for the website, Web3 wallet integration, and testing of governance scripts.
To increase the adoption of the HedgeDAO, the team plans to offer incentives to individuals and Organizations that collaborate and participate in the DAO.
The Road Ahead
The HedgeDAO team has already laid down the foundation for a functioning governance system for the DAO.
This system allows for functioning scripts that members can use either for spending from the treasury, minting governance tokens, or verifying the identity of underlying governance scripts as NFTs.
The project also looks to establish brand standards, membership rewards, and guidelines for members applicable both in the DAO and in other platforms as well.
In the long run, their goal is to develop a website where any Cardano user can generate governance and treasury scripts for use in their DAOs on the chain.
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