DAO1 has gone from strength to strength since announcing a partnership with YFDAI.Finance. We thoroughly enjoyed taking part in the YFDAI Official AMA session and we are incredibly excited to be part of such a vibrant community!

DAO1 becomes the next project to launch via the YFDAI LaunchPad on Polygon. We are happy to announce that the LaunchPad Whitelist registration for the pre-sale is now LIVE! Check out all the details below.

About DAO1

DAO1 aims to deliver a state-of-the-art platform, encompassing socio-economic incentives and financial freedom by deploying the best of the DeFi world under the roof of a true DAO, governance from day one. DAO1 is open-source, fully transparent, and both in theory and practice, incorruptible. The prevailing product offerings are composed of Staking, Farming, Hackathons for further enhancement of the DAO1 ecosystem, and more. It also introduces dynamic financial services like Decentralized Fund (DeF) or Hybrid Advisory, Startup Funds, Incubator platform, and Charity initiative through NFTs and donations.

As DAO1 continues reaching out the broader crypto community, the DAO1 team recently conducted another AMA on May 2, 2021, interacting with the members of Crypto Eagles community. The second among many to come, team members Francesco Dell’Agata, Leo Georgievic and Adrian Niculescu along with legal advisor DeepJain fielded few interesting questions. As expected, the discussion revolved around what DAO1 is about, how is it going to be different from other blockchain projects and what can the community expect in the near future.

DAO1 is a community-led socio-economic blockchain infrastructure project that encourages innovation and promotes financial independence through a suite of specialized products and services. As we ensure transparency in our operations from early on through decentralized governance, we are striving to reach out to the community to explain the project and its benefits.

We are reaching out to a broader community to make them understand what DAO1 is all about. As a part of this initiative, our team continues to interact directly with the crypto community over various channels including AMA (Ask Me Anything) sessions conducted by some of the reputed cryptocurrency and blockchain communities and groups on different platforms.

DAO1 is the first community-led decentralized economic initiative with innovative and functional financial products and services. It is guided by a democratic digital governance system popularly known in the cryptocurrency industry as Decentralized Autonomous Organization (DAO).

The decentralized autonomous organizations have become popular in recent times. So much that Wyoming in the United States has recently clarified that the legal status of DAOs in their jurisdiction, starting July 1,2021 will be akin to that of Limited Liability Corporations.

Crypto with its addition like Decentralized Finance, Non Fungible Tokens or Decentralized Autonomous Organizations provide great opportunities in an ever-changing world moving ahead at a very fast pace. It took the crypto industry 10 years to reach a $1 trillion market cap, and another three months to double and hit the $2 trillion mark. With most cryptos at all-time highs, we are entering the mass adoption phase. Back in the day, we had a bank account, and we are looking towards banks that could give us the best interest for our hard-earned money. Lately, the interest has become very low, even negative in few cases. But in the meantime, we could stake cryptocurrencies and be paid a staking reward which is actually the new interest and looks very promising.

Experiment Design
Building on the hypothesis that the essential attribute of money is that it cannot be counterfeited, a process was developed and implemented to provide for the detection of counterfeits. Assuming the hypothesis “money is data” is true, a monetary system was designed to give its money integrity in the same way that a database would be designed to give its data integrity. To achieve the general goal of data integrity, a redundant and robust system of clouds governed by a consortium of independent multinational organizations was designed. The end result is called RAIDA. It should be noted that a patent was filed for Cloud-Based authentication systems, a “CloudCoin Consortium” was created and a digital currency was minted and deployed in the RAIDA.

Steps to Powning (password owning)

1. User puts images in the import folder
2. The import process takes the jpegs and stack files and breaks them into single stack files. These are placed in the Suspect folder. The original files are moved to the Imported folder for reference(A). If the files are malformed, they are moved to trash (B).
3. The Authenticity Detection process is run on each note in the suspect folder. They are moved from the drive to RAM one at at time so only one coin will be lost if the power goes out or the process is interpreted.
4. The coin’s information is sent to the RAIDA and a pass / fail is returned.
5. If the coin does not fail any RAIDA nodes, it is moved to the Bank. If a minority of RAIDA say it is Counterfeit then it is moved to Fracked folder. If a majority of RAIDA say it is counterfeit it is moved to the Counterfeit folder. If there are less than 16 RAIDA that respond, the coin is put back in the Suspect folder and be detected again later. The suspect folder is usually checked when the program starts to see if there are unfinished coins that need to be detected. The detection process will also look in the suspect folder the next time the user imports coins. If coins are fracked, a background process will fix them with the RAIDA and put them in the Bank.
6. The CloudCoin in the Bank folder are all authentic and perfect. When it is time to spend the coins that will be exported. Exporting removes the files from the bank and puts them in the export folder. During the export of jpg files, image templates are drawn from the template file. These templates can be customized.
7. The files in the export folder should be sent to where you want them to go and then deleted. If you do not delete them, you may accidentally try to spend them again and they will be counterfeit

This is a good moment to look at the differences between Bitcoin and CloudCoin to understand where the future is heading and why CloudCoin is better than Bitcoin for the financial world.