FAQ Q: How Wings compares to ‘The DAO’ (Dao Hub) initiative?A:
While we are certainly inspired by The DAO, there are major differences that make Wings a truly unique DAO initiative:
Q: Who will be using Wings?A:
- New DAOs launched on Wings by entrepreneurs and companies will have their own unique DAO tokens, with the community deciding how much to support the projects.
The DAO is limited to the (respectable) sum collected, and each new proposal has to be budgeted out of this fixed sum.
- A portion of all unique tokens issued by new DAOs launched on Wings, will be distributed to Wings DAO members. These tokens will EVM based, enjoying same transfer and Smart Contract capabilities as other custom EVM tokens.
The DAO proposals will not issue new tokens unless their creators elect doing so, thus limiting the flexibility of these proposals.
- Wings is multi-blockchain and will support any major Smart Contacts technology, meaning the DAO creators will be able to sell tokens both for BTC and Ethereum, extending their options and protecting against price volatility of a single cryptocurrency.
The DAO is limited to Ethereum currency only, which still less stable market-cap and price-wise compared to Bitcoin.
- Wings will provide a legal and regulatory toolkit to companies and individuals looking to launch a DAO project on top of the platform, including access to a network of legal counsel, experienced with cryptocurrency projects, thus granting legal compliance.
The DAO will only provide financial resource for the project, while leaving the DAO creator to handle the legal and regulatory matters by him/herself.
- Wings puts the emphasis on a simple and fluent User Experience that enables an easy creation and participation in new projects without the need to learn a new language or manually code the DAO Smart Contracts.
The DAO at this stage still requires complicated usage of Mist wallet in order to both create and vote on new DAO proposals.
The goal of Wings is to make DAOs and smart contracts accessible to anyone who has ever used an Instant Messenger or a chat-room. Whether you are looking to support a promising DAOs or interested in creating a DAO proposal, Wings is the place to do it.Q: Will Wings be decentralized?A:
Yes, we aim to make Wings a fully decentralized platform. While it may start as a hybrid platform in order to shorten the time to market, decentralization will be the master goal for the platform. Q: You mentioned Wing token owners automatically gain new tokens from DAOs running on top of the platform. Can you elaborate?A:
Each DAO has its own tokens, which are different from Wing Tokens. Whenever a new DAO is set up, a portion of the newly created tokens is automatically spread between Wing token holders, as ‘payment’ for the platform. Here is an example:
Platform member A owns 1% of all Wing tokens
After a successful campaign, a new DAO, Hexagon, has created 100,000,000 Hexa tokens. As a donation to the platform, part of the newly Hexa tokens are automatically spread between all Wing token owners, with member A receiving 1% of them. Q: Will use of the platform be free?A:
Using the platform to browse, support and manage DAOs will be free. New DAO proposals will have to offer some of their new DAO tokens as a payment for using and launching on the Wings platform. These tokens will be divided between Wings Token holders in proportion to their Wing token holdings. Q: Why would I use Wings to create a proposal?A:
Besides the multi-blockchain support of both Bitcoin/Rootstock and Ethereum, Wings focuses on the execution rather than the technicalities. A new DAO proposal is up for all to see and undergoes community review, leaving room for improvements and creating a healthy proposal. Additionally, the platform will allow for easy voting and proposal management, getting in contact with participating members and receiving professional legal consultation.Q: Will Wings be a Decentralized Autonomous Organization?A:
Yes. Wings will be a DAO, under the control of the community.Q: When will the Wings DAO start?A:
There will be an official announcement regarding the start of the Wings DAO. Please join our Telegram channel, RocketChat or subscribe to a newsletter in order to be notified once the Wings DAO starts. Q: Can you provide details regarding the Wings DAO? (How many tokens will be sold, et cetera?)A:
We are currently finalizing the final details including the white-paper of the Wings DAO and will be posting them soon. Stay tuned!
Please put together a graphic showing the differences. Thank you in advance