The rapid development of the Internet has brought a lot of convenience to people and promoted social progress. However, it has gradually imitated the unfair structure of the real world, where centralization and a dire hunger for power has become prevalent. The once independent and free virtual world has gradually degenerated into an online replica of the real world. Centralization has made democracy very remote again, and the power belonging to individuals is slowly being diluted.
We yearn for democracy and hope to eliminate the interference of human factors while we thoroughly practice democracy among a large group of people. This is not only required by blockchain projects but also by open-source organizations, corporate organizations, and even social governance.
Whether it’s DeFi or the metaverse, it still needs to be supported by DAO. DAO will be the foundation of everything, the moat of blockchain. However, while the future is being developed with DAO, some problems are encountered.
Current DAO Dilemmas
At this time, we think there are two relatively large problems affecting DAO, which are
· The limited function of the DAO tool and,
· The failure to meet the needs.
For example, according to DeepDAO.io, a large amount of funds were left unused despite the fact that AUM of tools, including Aragon and DAOstack, reached $770 million,
For Venture DAO, supporting functions such as signing investment agreements on Blockchain-based platforms, as well as automatic distribution of investment income, are indispensable. However, they are achieved in a centralized manner.
Therefore, considering this, we are conceiving and developing a tool product called PolkaSign, which includes the idea of connecting the DeFi protocol directly to DAO in order to enhance SubDAO’s capabilities continuously.
We consider gas fee to be cliché, and we don’t want to repeat it here. Most cryptocurrency users have never taken part in DAO due to complex operations that may show that a shared enemy still exists: complicated tools are not user-friendly.
Information from DeepDAO confirms that, as of September 2021, there are 1 million active DAO members worldwide. In contrast, the latest Crypto.com report shows that the total number of cryptocurrency users worldwide is 221 million (as of June 2021). This means that the entirety of DAO members only accounts for less than 0.45% of the entire crypto community.
Most cryptocurrency users have never taken part in DAO due to complex operations that discourage potential users. Users are usually lost in threshold transition in switching from Web2.0 App to Web3.0 DApp. So how can this be solved?
Thanks to the support from Mask Network
Inspired by Mask Network, we have designed the Chrome extension wallets for SubDAO. The wallet is compatible with all Polkadot cross-chain assets and will continue to be available for Polkadot cross-chain assets. Furthermore, it has a built-in SubDAO component, which will realize the integration of DAO management and social media tools (Twitter, etc.). Hence, people could use Twitter to join DAO governance.
We hope that we can help users make new attempts on social networks with this Chrome wallet and make it easy for billions of users on Twitter to participate in governance. We would like to especially appreciate our investor Suji, founder of Mask Network, for his support. He and his team helped us in our vision process, giving us a sense of the selflessness and enthusiasm with which we all built Web 3.0.
Here’s a look at the beta version of the Chrome Extension
Although we haven’t promoted it on a large scale yet, we hope to make the wallet available in October after upgrading our UI/UX and modifying some bugs. However, the community can experience the beta version in advance if interested.
SubDAO Extension is the first tool that integrates wallet, social, and DAO management functions on the Polka ecology; this extension is applicable to all Polkadot cross-chain assets.
This extension helps the integration of DAO management and social media tools (Twitter, etc.) by implanting SubDAO components in social platforms. It brings DAO governance to your fingertips, bridging the Web2.0 and the Web3.0 world, which is another major breakthrough in DAO governance and the Polkadot ecology.
Through the SubDAO extension, users can initiate DAO governance by voting on Twitter, and they can also send crypto-asset red pocket.
To achieve governance, users only need to install the SubDAO Chrome Extension and configure it on Twitter, reducing the threshold for users to participate. As a result, it is unnecessary to pay high GAS fees when users apply for it.
All these features show that the tool provides a more user-friendly experience. In addition, developers can easily and quickly integrate DAO management functions into applications on the Internet via iOS/Android mobile devices and PCs.
Guide for SubDAO Chrome Extension
Search for the “SubDAO” Chrome extension in the Google Store and click the “Add to Chrome” button to complete the installation of the SubDAO Extension.
After being successfully installed, it will automatically jump to the home page of the SubDAO Extension and click the “Get Start” button to build your own account.
2. Connect with Twitter
Click “Connect to Twitter.com” to jump to the Twitter authorization page, and then click the “Connect” button to complete the authorization.
After completing the authorization, click the SubDAO extension icon in the Google extension bar;
Click “Enter DashBoard” to enter the SubDAO Extension management page,
Click the “Personas” tab to set up, change, and remove accounts, or click “Create Persona” in the upper right corner to add a new account name;
Click the “Wallets” tab to view or add the Tokens in the wallet, or click “Create Wallet” in the upper right corner to add a new wallet;
Click the “DAO” tab to view the currently joined DAO organizations; click the “Contact” tab to view the user list in the current SubDAO database;
Click the “Setting” tab to set the language and interface colors according to personal needs and preferences.
3. Red Pocket
After the SubDAO Extension is installed and configured, click the SubDAO icon in the tweet publishing area to enter the tweet editing page. Click the “Red Pocket” button to configure various indicators according to your needs. (When sending a red pocket, it requires a gas fee. In the latter test event, the SubDAO official will provide you with a test gas>
After the data configuration is complete, click the “Exact Unlock” or “Infinite Unlock” button and wait for the unlock process to be completed. After the unlock is completed, click the “Send XX” button below to send the red envelope.
After sharing the Red Pocket successfully, your audience can claim the Red Pocket if they have bound the SubDAO Chrome Extension.
Click the SubDAO icon in the tweet posting area and select the “Poll(Beta)” button to create a poll.
Follow the instructions to fill in the voting content according to your own demand and select the DAO organization that you have joined. Click the “Send Poll” button to complete the poll, and edit the content sharing on Twitter to attract your audience to vote for you.
If your friends want to vote, they need to install the SubDAO plug-in.
In the future, we will further optimize the user experience and support more networks and tokens. Of course, we will also support more social platforms, so that DAO governance will no longer be a castle in the sky, which is beyond expectation. We welcome anyone who respects democracy and yearns for democratic decentralized governance to experience this new application.
This is a small step for SubDAO and a small step for DAO governance. We believe in democracy and freedom, and we also know that there is a long way to go, but we will uphold the vision of “One Dao Serves All” and we will always be on the road.
SubDAO is a DAO infrastructure based on Polkadot, where any decentralized organization is allowed to conveniently create and manage a DAO. SubDAO does not only connect DAO with DApps to realize DAO’s cross-chain management but also bridges Web 2.0 and Web 3.0.
The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot. All team members own rich experiences in Internet companies such as IBM, Tencent, and Alibaba. Jack Platts, former Director of External Cooperation of the Web3 Foundation and Partner of Hypersphere Ventures, serves as a strategic contributor to SubDAO. So far SubDAO has completed multi-million dollar financing including Hypersphere, Huobi Ventures, and other institutions.