Today, we are launching NATION: the home for DAOs on Solana. Along with the release today, we are announcing @_AidForUkraine, a fundraising DAO to support Ukraine in their fight.https://t.co/4haTU2g320
— NATION (@buildwithnation) February 28, 2022
The company also initiated a fundraising DAO as part of its launch to support Ukraine against the Russian invasion. Nation said the Aid for Ukraine DAO is endorsed by the besieged country’s government and Solana’s co-founder Anatoly Yakovenko.
Nation allows anyone to build a custom DAO on the Solana blockchain even if they have no prior technical or crypto knowledge. The company aims to bring DAOs to the masses and allow anyone and everyone to create campaigns they believe in.
DAOs have gained more traction in recent weeks as they allow crowdfunding without a central authority controlling who can or can’t access the system.
Crowdfunding platforms like Patreon and GoFundMe have caught headlines in recent weeks after they suspended various fundraising campaigns based on violations of their terms of service.
Most notably, Patreon removed a Ukrainian fundraiser last week amid the Russian invasion. The company said that raising funds for military equipment went against its terms of service after NGOs began directing money toward supporting the Ukrainian military.
People began donating to the country via crypto and have so far raised more than $20 million. Further solidifying the need for crypto and DAO platforms that are governed by code-based rules, rather than the whims of humans and politics.
Use cases beyond crowdfunding
DAO use cases are not limited to crowdfunding. They can be used to invest as a group, to organize for different causes, or even to collectively purchase assets.
Last year, a group created a DAO to purchase a copy of the constitution and raised more than $40 million to bid on one of the first 13 copies of the document. Despite failing to raise enough for a successful bid ConstitutionDAO, as the group dubbed itself, showed that the technology is functional and sound.
— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) November 19, 2021
A DAO’s code is not immutable but it cannot be changed by a single member, which means that trust is inherent in the system. However, DAOs are not as secure as a proof-of-work blockchain and do not eliminate completely the possibility of foul-play.
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