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Đecentralized Člub

AmA with Dora Factory

Welcome to the recap of our AMA with Dora Factory!!

Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Dora Factory is about, we are sure this recap is gonna help you. So without further ado, continue reading

Introduction with Dora Factory

I AM | Chris:

Could you give us an introduction of yourself pls

Steve Ngok:

This is Steve Ngok( @DAONgok on Twitter). Me and Eric Nobita are the founding team of Dora Factory and DoraHacks. We’re very excited to be here with the Decentralized Club community!

I’m the Oracle (Ecosystem Lead) of Dora Factory.

Besides this, I’m also a partner at DoraHacks and DoraHacks Ventures.

DoraHacks is a global hacker community and DV is the venture arm.

DoraHacks Ventures is a seed money startup accelerator that nurtures exciting post hackathon hacker projects.

Community ask Questions by Twitter

I AM | Chris:

Twitter question no 1.

From : @Ontortk

For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? and Do you have enough fund for it is developement Can you tell us that how your project generate the profit?

Steve Ngok:

Yes, great question

A little bit background on Dora Factory:

Dora Factory is a programmable DAO-as-a-Service open infrastructure on Substrate.

Crucial schemes like quadratic voting, bonding curve fundraising, all cool features regrading on-chain governance can be built on this infrastructure as pallets by the developers, and they can be rewarded in a SaaS model when DAOs launched on Dora Factory deploy them.

To understand why we built Dora Factory, you need to know about DoraHacks!

Dora Factory stems from DoraHacks, the global hacker community and Hackathon organizer. We started building DoraHacks community back in 2014, and step by step grew it to become the largest developer and hacker community in 2017. In 2018 we went global to 8 countries, 15 cities, and organized 31 blockchain hackathons. You can check out the cool videos of our Hackathons here:

https://www.youtube.com/watch?v=2xbuN5hUgps

https://www.youtube.com/watch?v=Pt-6VaQAi8o

https://www.youtube.com/watch?v=0W8ROIL-XPg&pbjreload=101

In 2019 we organized the largest Hackathon in China history in Beijing, called the 4th Industrial Revolution Hackathon, more than 500 hackers participated in this event.

Also from then on, we started to build hackerlink.io/en, the online blockchain developer infrastructure. It has many cool features that serves blockchain developers, like quadratic funding grants, bounties, online hackathons and BUIDL sector where hackers demo their cool projects to the crowd.

We’re working with Binance smart chain, Polkadot, ETC, Filecoin, Avalanche, Solana on Hackathons, Grants and Quadratic Voting&Funding recently.

I AM | Chris:

Yes. And why you’d come up with it’s name? Does it have meaning or a background why you chose it?😄

Steve Ngok:

Will get to that part later!

During this process we built many interesting features for developer governance. Developer community is a crucial building block for the whole blockchain ecosystem. By working with DoraHacks and Hackerlink, many open Blockchain ecosystems can govern their developer community in a decentralized, democratic manner. This is where the idea of Dora Factory came into mind.

For funding,we have many institutional backers

I AM | Chris:

Great. Dora factory is based on governance in other words

Steve Ngok:

Very good summary!

We have raised enough funding for initial development. In the future, we will raise more funding from IDO and Balancer LBP.

The value of DORA token will also increase as the value of the whole network increases. Which will also enrich the foundation’s financial reserve!

I AM | Chris:

Twitter question no 2.

From : @bimasuryaatmaj1

How will Dora Factory solving the liquidity and liquidation problems that have limited the growth of DeFi adoption to the wider market?

Steve Ngok:

Dora Factory is not technically counted as a Defi project. We’re an infrastructure for DAOs on Substrate.

Yet, we think Defi is definitely a very exciting sector, whereas many would say Defi projects and schemes are the first dapps with real users.

Many interesting schemes are being developed, and competition are become fiercer. Only the best team and project can survive after this market cycle.

We work closely with many Defi teams, like dForce, DoDo, Debank, DerivaDex and so on to help team grow their developer community.

One interesting fact: all defi projects all DAOs. Yet you can see that most of the projects use Snapshot, which is an off-chain toolkit. Almost no one uses Aragon or other infrastructures. We vision Dora Factory to become the best infrastructure for every defi and non-deli project for the governance of their communities.

I think when better governance tools and infra are being introduced to the schemes of Defi, we’ll attract larger traffic to the current Defi space and then solve the current Defi problems.

Our community hacker Goda Takeshi just used the bonding curve scheme developed by himself to do a Penta Launch of leading projects for token sale today. We think it will be a great gamified Defi scheme for every one to participate. You can participate by following his most recent updates at https://twitter.com/GodaTakeshi7/status/1367006863154237443

I AM | Chris:

Twitter question no 3.

From : @semogaberkahXD

While Dora Factory is a community-driven open source business builder with a mission to empower hackers, how and what tools will it do for decentralized business organizations to thrive? Isn’t it a bit risky to involve hackers?

Steve Ngok:

Great question

Dora Factory’s first batch of key pallets has been developed by HackerLink, DoraHacks’ blockchain developer platform, offering blockchain-based tools, such as quadratic funding, bounty, BUIDL and online hackathons to foster blockchain open-source innovation.

The key of Dora Factory’s open infrastructure is to incentivize global developers to build cool governance features as pallets on this infrastructure and earn rewards in a SaaS model when DAO’s deployed on Dora Factory use these pallets.

Here’s a list of the pallets that we deem important.

Voting Pallets

simple majority voting

direct democracy

representative democracy

liquid democracy

quadratic voting

futarchy

Fundraise Pallets

quadratic funding

bonding curve fundraiser

dutch auction

direct donation

Incentive Protocol Pallets

bounty

open source curation markets

tipping

Dispute Resolution Pallets

arbitration

court

And for Hackers, in our definition, are those who create amazing ventures via their skillsets and determination, instead of the security hackers who breach into smart contracts and steal funds. In other words, hackers are brilliant developers and creators.

Community ask question by Website

I AM | Chris:

Website question no 1.

From : CLOVER (@CLOVER_JR)

What is specific about DoraFactory’s technology and products that you believe will succeed? How revenue does DoraFactory generate and what plans do you have to attract more users in the near future?

Steve Ngok:

Yes, another great question

DAOs are the future of organizations. There are many examples of DAOs we can think of — open-source developer teams, DeFi protocol governance bodies, public chain developer communities, DAO-organized venture capitals, and many more. They all can be or already are DAOs. In the future, many more institutions can be organized as DAOs. For example, nonprofit organizations, crypto artist groups, event organizers, hobbyist groups, decentralized media, etc.

For us, a DAO is not just a coin-voting machine. A DAO is a set of on-chain governance schemes.

To achieve this, there needs to be an open infrastructure where DAOs can plug-and-play governance features freely, and that’s what we call a DAO-as-a-Service infrastructure. Substrate offers a unique tool to build an open platform for on-chain governance protocols.

Ethereum DAO platforms are mostly voting machines, therefore they cannot serve many needs from DAOs. With Substrate, we can build a DAO-as-a-Service infrastructure where we can use $DORA native token to empower the system and incentivize developers, and we can achieve plug & play for DAOs that use different pallets and features.

Dora Factory provides a playground where DAOs can be easily created and equipped with cool pallets that serve their crucial needs for governance, fundraise, collaboration, administration and more.

We hope that DoraHacks and HackerLink’s vibrant global community will help Dora Factory grow a robust developer community to build amazing pallets and provide services and schemes in many fields that DAOs can use.

I AM | Chris:

Good Idea!

Steve Ngok:

We’ll leverage DoraHacks resources and Dora Factory’s Open Grant and Treasury to incentivize more developers to build cool DAO features as pallets on Dora Factory’s open infrastructure.

I AM | Chris:

Website question no 2.

From : @nazmudsadat

Q. What is the structure of Dora, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Steve Ngok:

Yes

Dora Factory provides a playground where DAOs can be easily created and equipped with cool pallets that serve their crucial needs for governance, fundraise, collaboration, administration and more.

Anyone can build on it, anyone can use it, it’s decentralized. We use DORA as the main Governance token.

There are two governance bodies: the governance DAO and the Council. The governance DAO is in charge of parachain major upgrade voting, consensus, governance rules, and community funding. The Council is firstly foundation appointed, responsible for implementing the roadmap.

When the mainnet is stable, we will remove SUDO, then launch a pallet called Election, then council will be elected by the Governance DAO.

This will happen in approximately 2 years. So $DORA will be used to govern. Lastly, we will empower many ecosystem projects and products using $DORA.

I AM | Chris:

Website question no 3.

From : Araminah (@Wormz28)

Dora Factory produces Dorayaki, the fuel of all DAO ventures that perform on-chain governance. So can you tell us the other more reasons on why you officially renamed Dora Factory’s token name from DEV to Dorayaki (DORA)? Also tell us more about DORAYAKI’s innovative token economics model that incentivizes developers.

Steve Ngok:

Yes

1st, let me get back to the question of why we’re named Dora Factory.

There’s a background story where you can reference from our white paper.

Since the iron fist manager of Matsushiba Factory retired, the factory turned into a chaotic anarchy and production stalled. One day, Dora received a letter from Doraemon, one of his best friends, requesting help to resume productivities in the 22nd century. Dora is compassionate about future human beings and decided to restructure the Matsushiba Factory from building robots to building ventures and rename it “Dora Factory”.

Dora is the curator of the great hacker community of the 21st century, how could he manage Matsushiba Factory in the 22nd century? He humbly inquired with the prophet from Phuket, who told him ventures will be organized in the form of DAOs, and he needs to build the right infrastructure for them.

Dora has already built a bunch of great tools to foster developer communities and problem-solving ventures, such as quadratic funding grants, on-chain bounties, bonding curve fundraisers, global hackathons series. Now he decides to build a unified infrastructure and let everyone, not only him, create tool kits for DAOs to plug and play, because only when he mobilizes the whole developer community’s code power of human beings, he can rebuild Matsushiba Factory when the time comes.

Telegram live Questions answered by Oddz Finance

Q1 from WXA😆😆:

What are your status regarding the audit of your smart contracts and security mechanisms to protect and assure the participants of the ecosystem?

Steve Ngok:

So we just finished auditing with CertiK and SlowMist for code reviews of all recent products. They had really good feedbacks on us.

Besides, our team has very good connection with KnownSec, Changting and PeckShield, leading blockchain security organizations and companies. We’ll work closely with them to secure the safety of the projects and the assets stored on our network.

Q2 from Number One King:

Most investors simply focus on the price of the TOKEN in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of token investors in the long term?

Steve Ngok:

Great question my man.

DAO is a big sector, and it’s going to be much bigger. In the Internet era, consumer sector is as big as To-Business sector. However the To-Business sectors only emerged and grew a bit later. Now you can see Salesforce to be worth hundreds of billions of dollars.

DAOs are the future of organizations. Native crypto organizations and communities are naturally DAOs, and when we develop more on-chain governance tools, other types of organizations will transform to DAOs in the future, and every one of them need an infrastructure to provide various features to vote, govern, fundraise, and incentivize members, and Substrate is the right tool to create such an infrastructure.

Our team is a long-term looking team. Although we cannot predict short-term market, we will focus on very long-term value.

$DORA represents the value and utility of Dora Factory’s ecosystem and whole network. #HODL DORA and you will enjoy the grand victory of global DAO movement.

Q3 from LongGone®:

Recently Dora was mentioned by Dora as Neo eco fund, what kind of new feature that will be developed by partnership of Neo and Dora?

Steve Ngok:

You are really sharp brother!

Neo is an old friend of Dora! Our history can be traced back to 2018! DoraHacks has been helping NEO building developer community since way back.

Upon this investment and partnership, Neo will build a decentralized developer DAO together with Dora Factory, and we’ll introduce quadratic voting schemes to NEO community, where NEO holders can contribute to the success of NEO developers as early curators and supporters.

Q4 from Harry Amelia:

What’s the focus of the now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold tokens? control flexibility, cost and security?

Steve Ngok:

Multiple Idos on Duckstarter, Bounce , Westarter, Gate and mxc!

Our most recent exciting community event will be $Dorayaki’s public sale on multiple IDO platforms and Balancer LBP auction.

Dora Factory’s IDO will be conducted on DuckStarter on March 21st 2021. IEO on Gate.io and MXC will start at the same time.

We have 2 more rounds of IDO on March 22nd 2021 on Bounce Certified and WeStarter.

Our Balancer LBP will also start from March 22rd.

It will be a great chance for our community to get access to $Dorayaki early.

Please follow our twitter, join our telegram group to get first hand details on how you can participate in the public sale!!!

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