2. How to create your own DAO
Last updated
Last updated
IMPORTANT: The very first step needed before you start with the DAO creaton is to make sure you have a working crypto wallet and available funds allocated to it. The created DAO will be connected to the wallet. Allocated funds are required since the procedure of DAO creation is not free of charge, average pricing for the initial DAO setup procedure is ~ 1.5 ETH. The funds are used as a gas price for the initial transactions (major part) and a commission fees for the services (minor part).
Before proceeding with the steps below please read the detailed explanation for the Basic Management Information of a new DAO here (or by using the link at the left side of the screen)
Click this link https://weezi.io to access Weezi Homepage.
Click Launch dApp (upper-right corner of the page).
3. A simplified 3-step DAO creator is launched.
Weezi.io uses an audited and proven set of Aragon smart contracts on the backend to create your personal templated asset management DAO on Ethereum network. More solutions are being currently developed and tested and will come in the near future.
DAO Name must be a unique identifier, written as a single word. In case the selected name is already in use - please select a different name after getting the error message.
DAO Description is a short informative message used as a way to inform the potential members about the strategy, targets and any other useful information that will be a key representative message at the Dashboard.
IMPORTANT: Please note that DAO Name and description are filled only once per DAO and can not be edited in any way after you finalize the third step and press the "Create" button. Before proceeding with the steps 2 and 3 please read the detailed explanation for the basic token management of a new DAO here (or by using the link at the left side of the screen)
GT Tokens (Governance Tokens) are used as a core managing instrument. The amount of GT controlled by a token holder allows one to start certain transactions such as voting and DAO Management activities.
Voting section specifies the required GT token holder votes for any action done as a DAO Manager. Vote Duration setting allow to control the maximum allocated time for each voting process before it is expired automatically.
The fields that need to be filled here are:
Full Token Name - A unique name for your GT (example: "My DAO GT Token"). Can contain spaces in the naming.
Token Symbol - Short token identifier (example: "MDGT", preferably referring to the token name). Used by the GT holders to determine the voting "weight".
Amount - Enter the GT amount. Please note that the GT tokens are minted only once, upon DAO creation, but can be added later. Generally created amount - 10 000 GT.
Voting - Mark the required limits for the voting procedure.
Support - marks the required amount of votes for automatically result application. Optimal setting - 51% (application of majority rule).
Minimum Approval - minimal vote amount for the procedure to be applicable. If not reached - the procedure is marked as denied by default.
Vote duration - the amount of time allocated for each voting procedure.
CT (Community Tokens) are used as an instrument which is given to any incoming participant who has no management rights (token holders without voting rights or community members). Starting CT amount is used as a base, later membership base expansion allows for additional tokens to be created.
After filling in all the details (if re-checking the previous steps is required - use the text marked on the screenshot below by blue marker in the upper-left corner) press the "Create" button below
The fields that need to be filled here are:
Full Token Name - A unique name for your CT (example: "My DAO CT Token"). Can contain spaces in the naming.
Token Symbol - Short token identifier (example: "MDCT", preferably referring to the token name). Used by the CT holders to determine amount of funds allocated in DAO (regardless of the strategies or internal allocations).
Amount - Enter the CT amount. Please note that the CT tokens are minted every time a new member is connected to DAO, so setting the amount to 1 CT Token is optimal for initial release.
