TL;DR
What is BitDAO? Could it be the future of crypto governance? That’s the topic of today’s Wealth Mastery Altcoin Review. BitDAO is changing in 2023 by deploying its very own Layer 2 network, Mantle. This is important not only to BitDAO but to the entire cryptocurrency space. As one of the largest Decentralized Autonomous Organizations “What is a DAO?” building a decentralized token economy, BitDAO holds close to $4 Billion in blockchain assets. Putting BitDAO only slightly below Uniswap in Total Value Locked on its network. Something that is currently being overlooked by the entire crypto community. As BitDAO slowly morphs into the Mantle Network, this will enable even more money to flow into its economy. To put this transition into perspective, Mantle Network will launch with twice the value locked as Arbitrum and four times the current amount invested in Polygon. Like, Woah!
Governance in the cryptocurrency space is a really big deal. With so many projects floating around, there’s an entire community, for better or worse, attached to each one. That’s a lot of people with a lot of opinions on how a project should be managed. We all get attached to the things we own. When that “thing” happens to be a financial investment, expect interesting results. This is where a DAO comes into the picture. Learn about “How DAOs Revolutionize the Way We Work.” They afford every token holder the luxury of having their voice heard through the magic of on-chain voting, which is why we call it “Voting Power”. It empowers anyone in the world to participate in the decentralized decision-making process. BitDAO is the home to one of the largest examples of how DAOs work.
What is BitDAO Used for?
BitDAO is used like a universal piggy bank. As one of the largest DAOs, BitDAO is building a decentralized ecosystem focused on organizing community governance. This means that any project or individual can put capital in BitDAO and decide on its future. DAOs were built to remove the need for centralized control of an organization. It would be like every employee working at Amazon being paid in AMZN stock. With the ability to use that stock as a medium for deciding on everything from healthcare, to how much Jeff Bezos gets paid. Considered still in the beta testing phase, DAOs have the potential to dramatically change how companies operate.
BitDAO is considered to be one of the largest innovators when it comes to this type of technology. Founded in 2021, BitDAO received almost a quarter billion dollars in seed funding to design its DAO. By receiving BIT tokens, holders can decide on how BitDAO distributes its $3.7 Billion fund in other projects and ecosystems. For example, how it’s 270,000 ETH are used to earn rewards across the Ethereum network.
Who Owns BitDAO?
BitDAO isn’t technically owned by anyone. Everything in the project is managed through smart contracts. This is something made possible thanks in large part to the BitDAO Treasury, a fund where individuals and major investment groups can contribute financially to the project. A lot of people are under the impression that BitDAO is owned and operated by ByBit. The cause of this confusion is easy to identify and stems from ByBit being one of the biggest investors and treasury contributors to BitDAO. Of all the…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
