Create a DAO
DAO creation will take only 3 minutes.
1) To create a DAO, click "Create a DAO" in the submenu in the left bar.
2) Make sure you're connected to the right blockchain. And also make sure your personal wallet, for example Metamask, is connected to the same network.
3) Enter the name of the DAO and the symbol of the DAO token, which is actually a governance token - GT.
After creating a DAO, you cannot change the name or symbol of the DAO token, because at the time of creation of the DAO, this data is registered in the blockchain and can not be changed.
4) Select the mode by which you will add a partner address:
• Multisig - all DAO members own 1 GT and have the same vote power. If there are 5 members in the DAO, each of them has 20% of the vote power;
• Custom - all DAO members can have a different number of GTs and voting power corresponding to the sum of GTs.
After adding all partners, you will be able to check the voting power of each participant.
5) Set up a quorum - the number of votes required for a decision to be executed.
In Multisig mode, you can choose how many signatures are enough to activate a vote. For example, DAO members decide that 3 out of 5 votes are enough to achieve consensus. The DAO quorum is 60%, and it will remain 60% even if you change the number of DAO members. DAO can change quorum at any time after DAO creation.
In Custom mode, each member can have a different vote power depending on the role in the DAO. Be guided by this data to choose a quorum value. For example, in a DAO with 2 members, the first participant owns 2 GT and the second participant owns 1 GT. The quorum was set to 52%. It follows that the first member can do all the actions on behalf of the DAO by himself, because the quorum will be immediately overcome and the vote of the second member is not necessary.
6) Click Create a DAO and send the transaction to the blockchain. If the transaction is successfully sent to the blockchain, you will see a green push notification in the upper right corner. You will be automatically redirected to your DAO page. A list of your DAOs is displayed in the upper left corner under My DAOs.
If you see a red push notification in the upper right corner when you create a DAO, re-create the DAO.
Creating a DAO on XDAO is free. You will only need funds for gas to register your DAO on the blockchain. Since you can't generate an exact cost to create a DAO, you can enter any data in the fields to create a DAO and see how much money you need and then reject the transaction.
Join XDAO club: