Dora Factory, the DAO of Polkadot ecology and application infrastructure, completes the first round of financing
According to Cointelegraph, recently, Dora Factory, a Substrate-based Polkadot ecological infrastructure, completed its first round of financing. This round of financing was led by HashKey, DFG, NGC Ventures, SNZ Holdings, AU21 Capital, Axia8 Ventures, Digital Renaissance Foundation, Candaq Fintech Group, Dealan Capital, Cabin VC, LD Capital and DoraHacks Ventures follow up the investment.
「I am an in-depth player of DAO, I have initiated two DAOs, and I have participated in more than a dozen DAOs One, I have been studying MakerDAO’s governance since 2018. Therefore, in the process, I deeply realized that there is a serious bottleneck that cannot be broken through in the DAO infrastructure built on Ethereum, and Polkadot’s architecture design provides a basis for the design and development of DAO. New possibilities. The Dora Factory team is the most suitable and most likely team to complete this major mission. They have rich experience in DAO governance, know the needs of DAO users well, and the team's development capabilities are also obvious to all. Therefore, as Dora Investors of Factory, as well as future users of Dora Factory, are looking forward to working with the team to make products that can truly change the world." Cao Yin, an investor in Dora Factory and managing director of the Digital Renaissance Foundation, said.
It is reported that Doraemon is the first batch of open infrastructure for decentralized organizations (DAO) on Substrate blockchain projects.
“We believe that DAO should not be just a voting machine. DAO should be a complete on-chain governance solution. So we hope To build an open infrastructure, DAO can freely call pluggable governance functions, which is what we call DAO-as-a-service infrastructure. Substrate provides a unique underlying tool to build an open platform for on-chain governance protocols ," Architect Eric from Doraemon Zhang said.
“DAO is the future of organizations. We can think of many DAO scenarios—open source development teams, DeFi communities, public Chain developer communities, DAO-shaped venture capital funds, etc. They can all be DAOs, or have already been DAOs. In the future, more institutions will be formed in the form of DAOs. For example, non-profit organizations, encrypted artist groups, and large-scale event organizers , decentralized media, etc.,” said Steve Ngok, head of ecology at Doraemon.
In order to revolutionize the DAO experience, Doraemon has introduced an innovative economic model. This model encourages developers to build an on-chain governance module (Pallet) on the chain of Doraemon, and charges SaaS fees when DAO calls the corresponding module.
From TheDAO, Aragon to emerging DAO funds like DuckDAO and MetaCartel Ventures, the DAO ecosystem is rapidly developing and iterating to meet the needs of various blockchain communities for better governance solutions and tools.
Eric introduced: "Dora Factory provides a free infrastructure square, where DAO can be easily created , access to useful functions, which can meet their key needs in governance, fundraising, collaboration, management, etc.”
DoraWorks is backed by DoraHacks, one of the most active blockchain developer communities in the world. The DoraHacks community recently announced that it will continue to hold the DoraHacks global hackathon series in 2021, and hold large-scale hackathons in 15 cities with dense blockchain developers and innovations, including Austin, Berlin, Denver, Waterloo, San Francisco, New York and Bangalore .
DoraHacks' blockchain developer platform HackerLink will develop the first batch of key functional modules for Dora Workshop, HackerLink Provide blockchain infrastructure tools, such as quadratic voting, Bounty bounty, project demonstration (BUIDL) and online hackathon, etc. Currently, the HackerLink platform is holding the first Binance Smart Chain Quadratic Voting Developer Contest (BSC Grant Round-1). Binance is offering a $50,000 prize pool. Since the launch of the event, more than 60 new projects have been submitted for the competition in less than 10 days.
Ngok said: "We hope that DoraHacks and HackerLink's vibrant global developer community will help DoraWorks grow into a strong developer ecosystem and create amazing DAO functional modules together , providing core functions and convenient tools for DAOs in many fields. "
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