xDAO AMA Transcript

xDAO is a smart DeFi platform for creating DAOs and safely managing collective crypto assets with clear and convenient interface

Andrew:

Hi all and welcome to the AMA with xDAO!

Thank you for joining us here today Zurab and Anna

Zurab Shavlidze:

Hi community! Glad to be with you today

Anna Godovnikova:

Hello) Happy to be here ☺️

Andrew:

Yes well it is great to have you here

Zurab Shavlidze:

Let’s start 

Andrew: 

Yes haha

So let’s begin

1. Can you tell me about your background, your team and how it came that you guys developed this platform?

Zurab Shavlidze:

…creating xDAO platform about two years ago. At that time, he was already experienced at working in finance and crypto industries and he saw that in the near future the market will be in need of a tool for a fast and convenient way of creating organizations on a blockchain. It is similar to an LLC but operates in a fully transparent and decentralized way.

In 2019 Vladislav introduced me to this project and we formed the basis of our current team. During our research we found that existing DAO builders were too complicated for an average user with no programming experience and they account for the majority of the market. Thus, we saw an opportunity to build a user-friendly platform that would be accessible to every user without a programming degree.

It was a difficult technical task and to achieve it we invited Egor Gavrilov to our team. Egor is a professional mathematician with extensive experience in DeFi development and is a founder of several other crypto projects. Gradually our team was expanded with like-minded people who shared the same ideas and philosophy as the founders, and who wanted to change cryptocurrency world along with xDAO.

A huge contribution to the formation of a final xDAO concept was made by Svetlana Somova – a businesswoman with impressive background in the traditional business. She, amongst all, knows the best way to make cryptocurrency attractive to businesses. Hence, not all of us here are cryptoholics 😁

Andrew:

Okay wow so this project has been nearly over 2 years in the making

Zurab Shavlidze:

The idea itself

The project was developed for 3 months

Andrew:

Yes well that is very impressive, shows that a lot of thought and hard work has been put in since then

Zurab Shavlidze:

Thanks Andrew. Exactly 

Andrew:

2. What is a DAO and what is your main mission/goal by establishing this project?

Zurab Shavlidze:

DAO is a Decentralized Autonomous Organization (in case anyone hasn’t figured it yet) 😉

It gives one the ability to manage mutual crypto assets in an honest and transparent way. All decisions in a DAO are made in accordance to previously established rules through a voting system, which is why no one person can centralize the power and withdraw the funds.

Our goal is that on xDAO (app.xdao.app/) everyone can create their own DAO, invite partners and manage their joint funds in their own customized way. One of the critical features that makes xDAO special is a deep integration with DeFi protocols because it is DeFi that allows you to make the most profit in crypto today. Very soon we will introduce a new “killer” feature which will make your DeFi experience even more amazing.

Andrew:

Gotcha, thank you for that clarification on a DAO as well as that introduction

3. Why did you feel as though xDAO was necessary in the BSC ecosystem?

Zurab Shavlidze:

In early 2021, BSC was a very young, promising and quickly growing DeFi ecosystem. We instantly saw its potential and we were not wrong.

In April, after our smart contracts passed a security audit, we finally launched our platform and became the first and so far the only DAO builder on BSC. By the way, as early as the end of April, we became the winners of the Binance Smart Chain hackathon. This, once again, confirmed that such project as xDAO was awaited on BSC.

Anna Godovnikova:

Actually, there is no similar platform on BSC today

Andrew:

Oh really?

So you are first to market on BSC with xDAO?

Zurab Shavlidze:

Sure. But we are not afraid of competition, haha ))

Anna Godovnikova:

ahha right!

Andrew:

haha that is good! Shows you have confidence in your project

4. What is the DAO model and how will this help simplify the decision making and management process?

Zurab Shavlidze:

The DAO model is currently undergoing its second rebirth and many experts are confident that this year DAOs will become a new trend in DeFi, and for a long time. DAO allows partners to quickly combine their financials and be confident in each other. That’s simply because it is impossible to breach smart contracts, hence your agreements will always be reached.

Making decisions in DAO is very simple: one of the partners initiates a vote, while the rest of the members either accept or deny this proposal. Once the mutual consensus is reached, the decision will be activated.

Andrew:

Okay I see, so in essence it is to create a fair and safe environment to combine funds and make decisions?

Zurab Shavlidze:

Correct. It’s like a traditional organization, but on blockchain

Andrew:

Understood

5. Is your platform made exclusively for those looking to start a company?

Zurab Shavlidze:

Not necessarily. Our clients are not only traditional businesses which want to transition to blockchain, but also financial funds, startups, and charities. Let’s say you are a freelance group that creates websites and get paid in cryptocurrency.

In just a few clicks you create your own DAO and now you can receive payments on that account. Then, you all make a decision on how everyone gets paid. Your general manager won’t be able to dispose of your money without your consent.

You can also earn money on DeFi: using farming, buying tokens on DEX or taking loans. Let’s say you don’t know how to do that, but your friend does. Simply create a DAO and learn from their actions.

On top of that, DAOs created on xDAO platform can become an ideal infrastructure for attracting investments to young projects. An investor who has voting rights in DAO can be sure that his money won’t be spent without their consent.

Andrew:

Oh I see so a the xDAO platform has lots of versatility

Instead of the traditional model meant for corporations and such you have implemented a system in which anyone can be benefitted from blockchain

Zurab Shavlidze:

It was our goal – to create a multi-tool )

Andrew:

And you did it !

Zurab Shavlidze:

Sure, why do you need traditional in 2021 if you already have crypto? )))

Andrew:

Exactly

I noticed on your site that users can create either a DAC or a DAF

Zurab Shavlidze:

Yep

Andrew:

6. What is the difference between a DAC and a DAF?

Zurab Shavlidze:

Oh, we often hear this question ))

DAC is a Decentralized Autonomous Company

DAF – Decentralized Autonomous Fund

The answer is very simple – DAC is managed by a Team (similar to a board of directors). Operational decisions can be only made by Teammates. The rest of DAO participants are just tokenholders who only participate in earnings distributions.

DAF is the most decentralized type of organizations where all members have voting rights that are proportional to the number of tokens they own. This model is most suitable for a non-commercial money management, for example, for conducting charity campaigns.

In other they have similar functionality )

Andrew:

Ah I see, thank you for that explanation because this I myself was very curious as to what the differences were 😅

Zurab Shavlidze:

You can read more in our docs docs.xdao.app/

7. Tell me about your governance token, how is this utilized on your platform?

Zurab Shavlidze:

Well, at the moment we do not have a governance token but we will be announcing it in the near future. In xDAO v2, which will be launched in Q4 2021, tokens will be used in the DAO’s activities as a subscription fee. This will provide our token with economic value. And, of course, the token will be used as the base currency of the voting system for making strategic decisions about further platform development.

Andrew:

What will be included in the subscription?

Zurab Shavlidze:

The right to vote and some additional services. We will announce it soon in our chat.

Anna Godovnikova:

So join us to stay tuned😁

Andrew:

Can’t reveal too much haha

However on a more serious note

8. What steps have you taken to mitigate any security threats that could arise?

Zurab Shavlidze:

Before the launch, we successfully conducted stress-resistance tests of the system, checks from white hackers and, most importantly, we passed the security audit from Pessimistic.io.

These guys have audited projects that are part of the global DeFi elite (for example, 1inch), and none of the smart contracts they audited have been hacked.

Today we are 100% confident in the safety of our platform for its users. The Audit Report is publicly available, where everyone can familiarize themselves with its code.

Andrew:

That’s great

So with security, vision and utility

9. Where do you see your project going forward 5-10 years from today?

Zurab Shavlidze:

We aim to become the main multichain DAO platform with thousand of diverse but successful projects in the ecosystem. xDAO should be the gold standard, a universal platform for both businesses and investments.

We are confident that blockchain technology will become a part of our lives, no matter how we see this technology today. It is inevitable. And we want to help large and small businesses prepare for such a future.

Andrew:

So you can see a future in which xDAO could reach the mass public?

Anna Godovnikova:

Sure! DAO is the new standard of governance and human relationships

Zurab Shavlidze:

Of course. Otherwise, what’s the sense of working on it?

Andrew:

That is great to hear, I always love when projects are dedicated to the future and have that long term vision of having their DeFi products available to the mass public

So last but not least

10. Any exciting news you would like to announce here today?

Zurab Shavlidze, [Jun 21, 2021 at 8:41:16 AM]:

Very soon we will publish our Roadmap for xDAO v2 which I already mentioned. v2 will be the most technologically advanced product you’ve ever seen in the DAO landscape.

It will have a huge number of features and functions, its own $XDAO token and a DAO token exchange system. Be sure to subscribe to xDAO on social networks so you don’t miss our updates, airdrops, etc.

⭐️ Project:

🔸 dApp:

🔸 Docs:

🔸 Github:

🔔 Our social media:

🔸 Twitter:

🔸 Instagram:

🔸 Medium:

🔸 YouTube:

🔸 Telegram (channel):

💬 Discussions:

🔸 Telegram (global chat): t.me/xdao_eng

🔸 Discord:

Andrew:

Great, looking forward to that

and everyone make sure to give them a follow for the latest updates!This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.

Source : bsc.news

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