A list of questions about DAOs that we get all the time and how we answer them.
No — but you might not have to pay very much to join a DAO.
You have to buy a DAO's token to become a member, but sometimes buying even a fraction of a token will constitute as membership.
It depends. Some DAOs will submit a proposal to add you as a member, and then you’ll be a part of the movement.
Start getting involved in the community by joining the DAO's Discord channel and contributing to the conversations.
No. DAO members vote to decide how funds are spent.
Sometimes DAOs can assign specific people to sign off on transactions (called multi-signers), but even they have to agree on a transaction before it takes place.
Yes, as long as you can purchase the DAO's token.
Some DAOs are private and their tokens are not for sale, but the majority are permissionless.
That means that anyone who owns the DAO's token is automatically a member.
When you buy a DAO token, you (usually) become a member of that DAO.
Owning token means you co-own the assets inside, and get to vote on decisions about how funds are spent.
Inclusive - anyone across the world can join and participate.
Democratic - all decisions may be decided by the community.
Transparent - every transaction to and from a DAO is public.
Permissionless - DAOs cannot be sanctioned by governments.
You'll need a wallet to sell and receive DAO tokens. For now, we use Phantom.
You'll also need a way to connect with the community. Most often, DAOs use Discord. That's where you can chat with team members and propose new ideas.
Not at all. Every DAO has an extended ecosystem of marketing, design, education, and community management so everyone with transferrable skills can contribute and add value.
Votes and proposals.
Members propose an idea to the community and everyone votes to keep it, or kill it.
Sometimes, the weight of a vote coincides with the amount of token owned. If someone owns lots of tokens, their votes might weigh more.