In September 2021, ambitious developers around the globe founded Developer DAO as a community that helps people embrace web3 and blockchain technology.
It started with around 8,000 NFTs, all minted in the first three months. These tokens were the first step in generating interest for the DAO, allowing people to participate and vote for proposals to shape the DAO.
And interest they generated!
Over 5,000 people minted the tokens, and well over four thousand are authenticated on our Discord server. And those people didn’t just lurk around waiting for alpha. They created dozens of projects that go from building development tools and libraries to mentoring beginners, and with web3con, we even had our first online conference.
The crypto-economy is all about incentivizing people to do the right thing. NFTs were a good tool for interest generation, but they aren’t well suited for voting on issues.
We use proposals to structure the DAO’s processes. These proposals received hundreds of votes, but relatively few voters bothered to read the proposals, let alone critique them in any way. This behavior led to many blind “yes” votes for decisions that later needed refinement.
So, one vote for one person might not be the optimal strategy for a DAO to operate. That’s why we planned a more fluid approach based on the actual contributions to the DAO: the $CODE token.
The token will be an ERC-20 token on the Ethereum network. It has two functions:
First, it allows entry to the DAO. You will need to hold at least 400 $CODE to gain entry. (The NFT still grants access to the DAO, just without voting rights.)
Second, it allows you to vote on DAO proposals.
There will be 10 million tokens at launch.