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Difference Between DAOs and Startup Societies
Difference Between DAOs and Startup Societies

27 Mar 2023

Difference Between DAOs and Startup Societies

What is a DAO? DAO is short for decentralised autonomous organization. A DAO has a community of members. Members are typically required to deposit cryptocurrency into a shared asset pool that they manage using governance tokens. A member’s voting power is usually proportional to the value of the assets they contribute to the pool. The organization is decentralised and autonomous in that there is no central or external authority controlling the DAO and its asset pool; all actions are determined by member proposals and votes. The processes of publishing proposals, voting, and transferring assets are all managed using smart contracts on the blockchain. DAOs are crypto-native communities focused on delivering economic benefits. Uniswap, the decentralised exchange, is managed by a very big DAO.  What is a Startup Society?  The phrase “Startup Society” describes a social model inspired by software startups. According to Balaji Srinivasan, “a startup society is a new community built internet-first, usually for the purpose of solving a specific social problem in an opt-in way.” Members of startup societies choose to join because they are united by shared values or a sense of moral purpose. Startup societies are likely to be founder-led initially, so they are not necessarily decentralised, but they may likely use blockchains. What is the difference between a DAO and a Startup Society? All DAOs are decentralised, but many Startup Societies may have some degree of centralised leadership. DAOs are typically narrowly focused on providing economic benefits for members. Startup Societies may be united by goals and values that transcend simple economic benefit.  DAOs are about blockchains and economic benefits, while Startup Societies use blockchains and may offer economic benefits, but are about a shared value in the sense that members are motivated by what Balaji proposes to call “One Commandment” - a clear value.  An Edge Case Example - Startup Society or DAO? Let’s consider a group of “sneakerheads” - people obsessed with shoe fashion - that has no centralised leader and is based on a blockchain. The group initially provides economic benefits to members by having the group allocate its shared asset pool to stock in sneaker companies. They have more social cohesion than your typical DAO because they all enjoy talking about shoes and have what you might call a subculture.  Then, horrified by working conditions at big brand shoe factories, they decide as a group to adopt a new model of providing economic benefits. They will create socially responsible profit by funding fair trade with artisan cobblers that generates a modest profit for members who stake to support the platform operation and growth. Members get shoes and/or money, cobblers get membership in the group and a voting token, a new market and buyers willing to pay a fair price. Each member gets one “membership vote” and up to four extra votes depending on the size of their stake.  Is this group a DAO, or a Startup Society? The answer is…yes. You could call it either one or both. As you can see, the line can become blurry. But at Jur, we would definitely call it a DAO that has evolved into a Startup Society. Perhaps there is no need to get caught up on the label. But if a DAO wants to evolve in the direction of a Startup Society, it may be helpful to start using the term to evoke greater possibilities, open minds, and broaden horizons.  Learn more about Startup Societies, Network States, and DAOs in our Discord Community.

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How To Set Up A Polkadot Wallet And Buy $Dot To Participate In the Jur Crowdloan

17 Feb 2023

How To Set Up A Polkadot Wallet And Buy $Dot To Participate In the Jur Crowdloan

Jur will soon bid for a parachain slot to connect to the Polkadot Relay Chain. We would like to offer community members a chance to participate and we will be announcing crowdloan terms soon. In the meantime, there are a couple of easy steps you might want to take to prepare. You will need some $DOT tokens and an official Polkadot browser extension and wallet. Installing the Polkadot.js browser extension and creating wallet addresses is pretty easy, but you will need a Firefox or Chrome browser. We have broken it into 13 steps, which might seem like a lot, but each step is just a click or two so you will be done in less than five minutes. Once you have your wallet set up, it's easy to buy $DOT on a centralized exchange like Binance, Kraken, or Kucoin.  Ready? Let’s go! Creating a wallet To install the Polkadot.{js} browser extension for Firefox or Chrome Go to: https://polkadot.js.org/extension/  Click on Add to Chrome and then Add extension Then click on the extension and Understood, let me continue Now you can create an account for your wallet extension by clicking on the big “+” button You will see the seed phrase generated for you. Write it down on a piece of paper and keep it somewhere safe. Don’t store it on your laptop. After you have done this, check the I have saved my mnemonic seed safely box and click Next step Choose “Allow use on any chain”In the Polkadot, the address formats are specific to parachains, but choosing "Allow on any chain" will generate a generic substrate address starting with “5” which is compatible with the entire ecosystem and can be later used to derive parachain specific addresses as well. Then create a wallet name and the password and click Add the account with the generated seed Congratulations! You have created your wallet. You should create and export a JSON file in case you want to access your account from another device. To create and download your JSON file, click on the polkadot.js extension again in the top line of your browser. You will see your account in the pop-up window. Click on the three dots beside your account and then click Export Account to create the JSON file Type in your password and then click I want to export this account After the file is downloaded, save it on an external storage device that is not connected to your laptop. Keep it safe! This is how you will access your account if you want to use it on a different device. To access your new wallet, you need to go back to https://polkadot.js.org/ and click on the link under apps wallet (hosted) or you go straight to https://polkadot.js.org/apps/#/explorer The app will ask to access your wallet, click Yes, allow the application to access Funding wallet with $DOT You can purchase $DOT from Binance, Coinbase, and Kraken with crypto or fiat. You can also buy $DOT on  Kucoin, Bitfinex, Bybit, and several other exchanges but only with crypto; these exchanges don’t offer $DOT for fiat. You will need to withdraw/transfer $DOT from an exchange to your polkadot wallet in order to participate in the crowdloan. Please refer to your preferred exchange’s guide to understand how to withdraw. Due to different address formats within Polkadot, it is likely that the Polkadot address starting with “5” might not be compatible with the exchange. In such case, follow this tutorial to generate a polkadot relay chain specific address that starts with “1”. Use this address in the exchange to withdraw. After you have successfully transferred $DOT into your wallet, it is important to switch back to the original settings so that you can see the original substrate address starting with “5” before contributing to the Crowdloan. Jur chain will only be able to transfer $JUR tokens for crowdloan rewards to addresses beginning with “5”, and the address you use to contribute is also used for your rewards. Please note: VeChain $JUR are VIP-180 tokens so you cannot send them to your Polkadot wallet. You must wait until the token migration feature is available to swap your VeChain $JUR for Pplkadot $JUR and have them sent to your wallet. Some other considerations to keep in mind while preparing for crowdloan Only contribute with a wallet address starting from “5”. It is a must for Jur chain. Otherwise, we will not be able to guarantee crowdloan rewards. Auctions bids can be very dynamic. The market conditions will dictate the reward structure. It will be released close to the auction, please keep an eye out for announcements on Jur's social channels & community on Discord. While the reward ratio and complete reward delivery schedule has not yet been finalized,   Jur has decided that 10% of the rewards will be immediately transferred once Jur chain is live as a parachain. The minimum contribution is 5 $DOT. You will be required to maintain at least 1 $DOT in your wallet. Balances of less than 1 $DOT get purged after the transaction that brings them below the minimum. For example, if you have 106.3 $DOT in your wallet and you contribute 106 to the crowdloan, the remaining 0.3 will be purged. But if you contribute 105, the remaining balance will be 1.3 $DOT. A crowdloan lease can last for up to 2 years. Your $DOT will be locked for the same duration and will not be accessible. Once the lease is over, $DOT will be automatically transferred back to your account. In case Jur does not win the auction, the $DOT will be transferred back to your account immediately after the auction.

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