Comment by aeolian | Hacker News Reader

Comment by aeolian | Hacker News Reader

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As a member of a DAO, this is almost-right.

A DAO isn't necessarily an "application"; it's more of a concept, an idea.

There are a bunch of tools/applications that facilitate the operation of a DAO. I wrote a blog post about this: https://blog.juicebox.money/dao-tooling-101/

In the case of the JuiceboxDAO, I contributed funds (ETH) to the DAO treasury (bank account), and in return I got $JBX (a token that lives on Ethereum). I have about 40,000 JBX tokens. With these token, I can: - use it to vote on proposals. - "burn it" in exchange for some ETH back (but probably not get my original investment - sell it somewhere else (an automated market maker like Uniswap)

I think I'm very close to beginning to understand this whole thing haha thanks for the post

Oddly enough I've already been wanting to set something like this up -- my equivalent is running a regular business but with a pretty intense profit share scheme

Honestly it sounds perfect except these gas fees. Can someone clarify am I right in thinking it's prohibitively expensive to create any of these tokens/shares/votes/whatever because of fees? Assuming you're broke as hell and missed the original crypto train

If you set it up on Ethereum, then yes, it probably will be too expensive in your case. However, there are several other chains where you could set up a DAO with close to zero gas fees. For example Polygon or Fantom, among others. The major hurdle atm is "bridging" assets onto these newer chains. Most exchanges currently only support the big players, but as these grow and mature, adoption and UX/DX should improve as well.

Feels a bit too Wild West (and expensive as fuck) for me right now, I'll just use a database and later regular old shares I think haha

Maybe I'll pop back when it's web3.1

>> it's more of a concept, an idea.

Thanks for stating it this way, makes a lot more sense now. Your example and blog post cleared a lot of doubts !

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