Bitcoin’s Biggest Miner Invests in Wings Development to Make DAO Mainstream
Bitcoin’s biggest mining farm, Bitmain, announced a seed level investment in Wings, a new platform which aims to bring DAO to the mainstream.
Bitcoin’s biggest mining farm, Bitmain/Antpool, announced a seed level investment in Wings development, a new platform which aims to bring DAO creation and management to the mainstream by presenting users with a simple UI interface.
Demystifying DAO for the dummies
Speaking to Cointelegraph, Stas Oskin, Core Developer of Wings, stated that the platform allows users to create an Ethereum and Rootstock-based DAO without any smart contract or coding knowledge. The DAO is instead created by following a step-by-step wizard interface, with an ether or rootstock address provided at the end of the process.
“We are looking to create a turn-key service for start-up and for entrepreneurs, enabling them to easily set-up new DAOs, and to enable their members to participate.”
Managing a DAO would be just as easy with users able to vote, make proposals, check balances and perform other DAO related functions by typing to a chatbox in natural language. The actual coding and technical process is fully hidden from the end user with the idea being to “make it as simple as launching a new project on any community site” according to Oskin.
Potential launch this summer
The project is in alpha stage with a potential launch this summer. An internal proof of concept has already been built, which, according to Oskin:
“Connects between Ethereum smart contracts, IPFS storage and the Telegram network, creating a fully decentralized bot which can both execute contracts on user interaction and initiate a conversation with users by itself.”
The project aims to be fully compliant, implementing a KYC process and engaging a leading legal agency for consultation and legal counsel based in Switzerland. It further implements a web-of-trust system, allowing DAO creators to be ranked by past performance as well as allowing users to follow successful decision makers.
Bitmain invested an undisclosed sum
Bitmain stated that they invested in Wings development because they see a “great team”, before adding:
“We hope to see Wings grows into a successful platform for launching DAOs over Rootstock and Ethereum, being an accelerator for the innovation on the public blockchain.”
Oskin says that his previous experience working on DApps, as well as in GetGems, gives him the necessary skills to create the Wings platform. GetGems recently announced more than 100,000 users of their instant messaging (IM) service through which you can send or receive Bitcoins by IM.
Wings will be open source with the project itself launched as a DAO, utilizing the new business model whereby funds are raised by creating DAO tokens. Among other benefits, the token holders will be able to vote on proposals and receive a percentage of DAO tokens which are created on Wings.
DAO as a Service
If Wings does work as advertised, it would be competing with many startups which are working on building smart contract templates, providing a DAO as a service platform, which, unlike SaaS services, will be fully decentralized. It further has the potential to demystify DAOs, smart contracts and blockchains for tech illiterate users who, just as currently need not know about HTML, need not know about coding a smart contract or DAO.
However, as with much else in this space, the concept is fully new and untested. It may well fail or the end result may not stand up to expectation. Readers therefore should undertake full due diligence and bear in mind the substantial risks of failure, just as those of success.