Before reading this article, you should have a basic understanding of Decentralized Autonomous Organizations (DAO). Investopedia — What is a DAO?, Cointelegraph — DAOs for Beginners are a couple well written articles on DAOs for a basic understanding. Versafy is a DAO Framework. What is a DAO framework? What is a DAO creator? What is a DAO generator? What is a DAO launcher? These are all the same questions, it’s just a matter of terminology and marketing. DAOs have been around for several years now. There have been successful DAOs, there have been not so successful DAOs. In the beginning of DAOs, all DAOs were created by programmers from scratch. Like all technology, as time went by there were different ways to create the same end product. One of the ways to create DAOs was to use a DAO Framework so your developers do not have to create the DAO from scratch. Smart Contracts are easy to begin writing but take years to master. With a DAO framework you are using an online tool that allows a DAO to be created in a much shorter period of time . Even if your team does not use Versafy, I recommend using a DAO framework. I truly believe your team should use Versafy, but it is your choice and any solid reputable DAO framework is better than writing it from scratch unless you have years of experience. I could hire a team to build a car but it would be more efficient to buy one that I order so it has all the features that I need.
Versafy is more evolved than its competitors in the DAO framework space but what exactly is a DAO framework? It is a set of programs that create DAOs. The smart contracts are created and generated in different ways depending on the framework that is being used. Versafy creates or generates the smart contracts based on the template chosen during the initial setup. Not to get too technical but there is basically a factory pattern that allows Versafy to create governance contracts based on what is chosen during the setup process. If you want to create a DAO that is a basic DAO and has quorum voting for all proposals that is one option. If you want to create something more sophisticated that has some proposals with quorum voting and some proposals with liquid democracy voting you can do that as well using the expert level product. With Versafy it’s all up to you. Much like a car there is a pattern that is followed to create a DAO. With regards to a car, the pattern allows the workers to build a car based on information given to them by the customer . If the customer wants to have an F-150 that is red then that is what they fill out an order form. If the customer wants an F150 that is blue and has a V8 then that is what is entered into the order form. With Versafy, creating a DAO is a similar process. If you want to have a basic DAO that is what you select in the subscribe area. If you want to have a more expert level DAO that has multiple ways of voting that’s what you select in the subscribe area. When you have answered all necessary questions your DAO will be created for you and going forward it is your DAO with all the smart contracts included, such as treasuries, voting proposals, etc. Versafy allows you to choose templates so instead of having to choose every particular variation you can simply use the closest template to the DAO you desire. If you want, you can specify every detail needed for the creation process instead of using a template.
There are a dozen or so DAO frameworks; Versafy differentiates itself from the others due to several capabilities such as emergency actions, fail-safes, multiple voting types in the DAO, and bring your own token (BYOT) or Versafy can generate your governance token for you. To find out more about Versafy’s technology and how it can help you succeed in setting up a DAO, see us at Versafy.co or contact us at JustDAOIt.versafy.co.
