In the past year alone, the number of DAOs has increased to more than 4000, with the top 20 DAOs holding over $14B in digital assets.
Through a DAO, an organization can automatically execute “corporate” actions through the creation of smart contracts, and thus make it possible to hold votes and manage assets without the need for legal or regulatory banking setups.
If you are interested in creating your own DAO, you’re in luck. Due to their rise in popularity and appeal in the industry, there are many open source solutions, as well as DAO as a Service (DaaS), and components that you can use to build your DAO.
DaoStack Alchemy
DaoStack Alchemy is a Decentralized Application (DApp) built using DAOStack, that helps to create DAOs on Ethereum and Gnosis Chain (formerly called xDai). With its simplistic layout, it is fairly easy to create a non-complex DAO, add members, and launch your organization. In order to get started with DaoStack Alchemy, all you need to do is connect your crypto wallet to their DApp, and walk through the steps of establishing the DAO. Once created, you can then manage proposals, members, tokens, and more inside of DaoStack Alchemy.
Aragon
Like DaoStack, Aragon offers a whole infrastructure of tools for DAO creation and management.
This open-source software creates DAOs on Ethereum, Harmony, Andromeda, or Polygon. Aragon has three main offerings: Aragon Client, Aragon Network, and Aragon Association. Furthermore, they have Aragon Court, which is a service that allows users to settle disputes that cannot be resolved by the smart contract.
In order to start using Aragon, you will first need an Ethereum Name Service (ENS). Then using Aragon, create an organization, and link it to the ENS. From there, you can configure your DAO and its settings, and finally launch it.
Snapshot
Unlike DaoStack, or Aragon, Snapshot is just a decentralized voting tool for organizations. Using IPFS, Snapshot is able to do off-chain signing and thus have almost negligible voting fees. Another benefit to SnapShot is that it helps prevent members from purchasing more tokens so as to have a greater effect on the votes, thus ensuring no one gains full control.
In order to use Snapshot, you need to already have an ENS. Once you have that, you can then add a record on the ENS to allow votes to be viewable on that address. Meanwhile, members of your DAO would need to have a crypto wallet address with the required token or cryptocurrency to cast a vote in the poll.
The Future of DAO Creation
As the popularity of DAOs rise, so will the tools and templates to help create them. However, there are a lot of question marks associated with the future of DAOs and their applicability. That’s why it is important to keep up to date with Blockster–where you get the latest news and views on the cutting-edge of crypto.
