Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Dora Factory March 25, 2021. This guest star Fortbuster, Ambasador of Dora Factory. If you were unable to join the live AMA, no worries, here comes our 108th AMA recap!
We are glad to meet here:
Fortbuster, Ambasador of Dora Factory
For taking your time out from busy schedule for the AMA!
Host: How are you feel today sir?
Fortbuster: I’m feeling particularly well today 🙂 I hope you are too. Let’s get this show on the road.
Introduction Session
Q1. Could you give an introduction of yourself And how you can play an important role in Dora Factory?
So, I am a pseudonymous crypto enthusiast that has been involved in the cryptocurrency world since 2015. I first found Dora in 2019 through a hackathon and fell in love with the project and the community behind it. And I never left.
Soon after Steve brought me in as the ambassador to this project. My role is to spread awareness about Dora Factory and promote its adoption.
Q2. What is Dora Factory? And how is the story behind the Dora Factory Creation?
Dora Factory is a programmable DAO-as-a-Service open infrastructure on Substrate. Our stand out features are quadratic voting, bonding curve fundraising, and various on-chain governance models.
All these features can be built on our infrastructure as pallets by developers both from within the community or from Dora Factory. Either way devs would be rewarded in a SaaS model when DAOs launched on Dora Factory deploy these pallets.
We have been building many features for developer governance with the help of our white hat hacker and developer community. We think the developer community is a crucial building block for the whole blockchain ecosystem.
Post 2019 we’ve been building hackerlink.io/en an online blockchain developer platform.
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.
Host: Really interesting, so is there a sneak peak or app launched?
Fortbuster: Yeah our community developer recently did a Pentalaunch for one of his projects.
https://twitter.com/GodaTakeshi7/status/1367006863154237443
Q3. What is so exciting about Dora Factory, which might make Dora Factory different from all other projects out there?
As I have already said before, our stand out features are quadratic voting,quadratic funding grant and bonding curve fundraising, various on-chain governance models.
Most importantly we’re aiming to allow any open source project to raise funds using our infrastructure, that to me is pretty unique and it is something that excites me personally as an investor or just as a crypto enthusiast.
This is something that I do not see other projects doing effectively, or at all.
Host: Will some projects be reviewed before using the Platform? Is there a community vote?
Fortbuster: Everything will go through thorough reviews and community involvement.
Q4. Please provide some information about your Roadmap, How Dora Factory is progressing so far? And what Dora Factory is currently focused on?
We’re currently progressing at a steady pace and overcoming any developmental difficulties that a project launch like this might throw at our face.
So we have this governance module called The council which at the moment is the core development team that is responsible for the project’s roadmap until sudo (a checksum that allows community to choose council members) is removed.
According to our Council, our current loosely defined but well planned Roadmap is as follows and this is what we are focusing on right now.
- Move the main pallets to the substrate
- HackerLink Integration, bonuses and benefits
- Launch quadratic funding grant over Kusama
- Launch POA parachain network on Rococo and Kusama
- Released standalone user interface for DAO-as-a-Service
- Start DAO-as-a-Service for Kusama DAOs
- Upgrade network consensus to NPoS on Kusama
- Deploying Parachain Mainnet on Polkadot
- Start DAO-as-a-Service for Polkadot DAO
- Activate cross-chain vault
- Remove Sudo
Q5. Please tell us more about Token (Dora Factory) Whaten! What utilities does the token have, and what benefits will tokens holders get?
Well as you know, Dora Factory produces Dorayaki – the token, and Dorayaki is the fuel of all DAO ventures that perform on-chain governance and hence it is very important to the platform and central to its functionality.
So first of all as a Polkadot parachain, the $DORA token is going to be an incentive to maintain the network, i.e. validators and nominators.
More importantly, $DORA will empower the DAO-as-a-Service infrastructure.
Notably DEV should be $DROA, but this graph explains a lot.
Let me stress the fact that Dora Factory is governed by DORA holders and the tokens would be the utility tokens binding the network together.
Users and holders of DORA can stake, mine and pay DORA tokens. Developers who build will be rewarded with DORA tokens.
Q6. What are some achievement that Dora Factory has achieved so far? And what are Dora Factory upcoming plans, Especially in 2021?
We have achieved a lot already. But let me focus on the recent ones. Our first batch of key pallets has already 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.
If I were to highlight some key achievements, I would say these
- Implement Quadratic Funding and MolochDAO on Substrate
- Build DAO-as-a-Service and make it usable for decentralized organizations
- Allow any open source project to raise fund using our infrastructure
- On board all major ecosystem to HackerLink Grants
- Host Global Hackathon series in US, India, Europe, and hopefully VN!
- Make $DORA outperform the market!
Currently, HackerLink is hosting Binance Smart Chain’s first quadratic funding grant of $180,000. More than 100 new projects have already submitted applications for the program in less than 10 days since the grant was announced.
We‘re supporting BSC and the Graph for BSC Grant 2 on Hackerlink, you can check out the details at https://twitter.com/DoraHacks/status/1366970558613647361
On Polkadot side, we are mostly building the infrastructure from the very bottom. A lot of exciting developments. Our first Web3 Foundation Grant was submitted.
You can checkout the grant on GitHub
https://github.com/w3f/Open-Grants-Program/pull/227
https://github.com/w3f/Grant-Milestone-Delivery/pull/104
We are also migrating MolochDAO from Ethereum to Substrate. The DAO-as-a-Service infrastructure will be available in June 2021.
On the community front, DoraHacks just finished running another Hackathon in DoraHacks Global Hackathon Series in Beijing in March 6th-7th where 20+ new hacker teams joined us.
More details can be found at
https://dorafactory.medium.com/eth-hackathon-nft-dao-layer-2-beijing-9dac13d979f4 and https://hackerlink.io/en/Grant/HACKATHON/Round/1/detail
We’re also running a Singapore Hackathon from April 10th to 11th. To which you all are invited to attend
Twitter Sessions
Q1. Smart contracts are prone to bugs, How efficient and secure is your smart contract. Have you ever been audited through external parties, so we are sure that this project is safe and good for the future of investors?
Oh yeah I totally agree with you. We try to iron out all the bugs and glitches before we ship our codes. And trust me when I say, we’re super secure.
Before our contracts went public, they were thoroughly audited.
But I don’t think we’ve released the audit information publicly yet. Steve might shed some light on this later.
Host: The smart contract is the key to being a project, I hope it will be completely safe no exploitation events like before.
Q2. Can you expand our knowledge about $DORA this year and the future and any Updates on your Research and development progress?
You will see a bunch of products from us and our community! Although not necessarily within Polkadot, it could be on ETH and BSC, HECO we’ve already launched liquidity at HECO already.
This is primarily because they have users. Examples include quadratic voting, funding grants, bonding curve token auction, DAICO, etc.
These will be usable products. We’re already working product BSC grant hackerlink.io/en/grant
On Substrate / Polkadot, we focus on the infrastructure buildup, you will see the infrastructure and pallets gradually being built via Web3 Grants and our Dora Factory Open Grants.
Now that about 40 top funds globally have committed to back Dora Factory, and you will see many updates from many fronts — product, tech, partnership, community, AMAs, global hackathon events, and exchange partnerships.
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.
We vision Dora Factory to become the best DAO infrastructure not only in the Polkadot ecosystem, but also in the great blockchain space.
Host: Yes, several other projects have provided some funding for some projects. I hope Dora Factory will be one of the best in the future with some of the details and safety that they bring to the spotlight and trust from the community
Q3. Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
As I have already explained the governance aspect of the coin to you, let me stress on something else now. As a Polkadot parachain, the $DORA token is going to be an incentive to maintain the network, i.e. validators and nominators. More importantly, $DORA will empower the DAO-as-a-Service infrastructure.
We will incentivize developers, developers can price their pallet in $DORA, and DAOs using pallets will consume $DORA and reward developers.
A portion of the consumption will be taxed by the protocol and reward the network validators and stakers. When DAO’s are deployed on Dora Factory, they would need to stake a portion of DORA token, let’s say 100, to the network.
When they deploy a pallet as core feature for their DAOs, they will need to pay the pallet developer a fee in a SaaS model with DORA token. A developer will gain reward when the pallet developed by him are used by the DAOs on Dora Factory.
So this is a very Polkadot-centric token economics design, imagine when there are many DAOs created, the tokens will be largely consumed and staked and I believe this will fuel the demand and open market stats of the token significantly in the coming times.
Q4. If Dora Factory aims to provide an open playground on which developers can build crucial on-chain governance features. Is it required of professional Developers with specific knowledge? Can an amateur developer work at Dora Factory?
Dorahacks is a community of developers both professionals and amateurs.
It’s an international community where people can learn and grow. All kinds of developers are able to join this community and hone their craft.
But of course to contribute to Dora Factory, you’d at least need to know what you’re doing.
For instance, a pallet can either be developed by Dora Factory core dev team, or by community developers. But it needs to go through thorough testing and a security audit before it can be submitted to the Dora Factory testnet. The pallet will reside on the testnet for a certain period of time before it can be compiled into Dora Factory’s Polkadot Parachain, a process that is facilitated by The Council.
But yes, let me stress again, anyone can be a part. Its a DAO.
Q5. The DAOs are a growing sector and now considered the future of organizations, many projects have implemented them as the base to connect with their communities, what governance tools does Dora Factory has to offer to the whole blockchain space?
Unlike Internet SaaS platforms, Dora Factory is governed by the community of DORA holders instead of a company.
There are two governance bodies. The Governance DAO and the Council. The governance DAO is a DAO of all DORA holders. The council is the core development team that is responsible for the project’s roadmap until sudo is removed.
The Governance DAO is a DAO produced by Dora Factory. After Dora Factory’s mainnet launch, the governance DAO will be presented on Dora Factory’s client frontend. All DORA holders are members of the DAO, and all staking addresses can vote on issues (we call them “DORA Voters”).
There are several situations where governance comes into play such as Approving Major Parachain Mainnet Upgrade, Approving Community Grants, etc.
In addition to the governance DAO, Dora Factory has a Council, which is responsible for implementing the roadmap and executing key operations.
The Council also has power to make minor changes and upgrades to the whole Dora Factory infrastructure.
Most importantly, the Sudo and Election process. As I have already said that current Council is comprised of Dora core dev team.
But in future the Councilors will be appointed by Dora Factory Foundation when Sudo is removed. When that happens, councilors will be elected by DORA Voters democratically.
The rules of election will be then hard coded into a governance pallet and be added to the Governance DAO. At that time, Dora Factory will enter DAO governance.
So you see it’s a comprehensive design.
Live AMA
Q1. What’s Dora opinion about DeFi? What do you think is holding the DeFi space back? What is preventing from the mass adoption of DeFi products? staking , buyback , burn
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’re working 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 projects uses Snapshot, which is an off-chain toolkit.
Almost no one uses Aragon or other infrastructures. Which is sad and ironic.
The current DAO sector is still a blue market and we’re very confident that we can bring something different to the current blockchain space.
We vision Dora Factory to become the best infrastructure for every defi and non-defi project for the governance of their communities.
As for staking, $Dora can be staked. Pallets introduced by DAOs would have to either burn $Dora tokens or pay fees or be free. But there are no buyback schemes at this stage but who knows, maybe the council will enforce something like a buyback scheme in future when it is democratized.
Yes, Covid19 did affect us. We would have held many more hackathons in 2020 itself and might have launched Dora Factory sooner. But oh well! better late than never right? Besides, I think we’re not even more prepared than we were a year ago.
Q2. Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
From an operational standpoint, we’d like $Dora to remain as accessible and affordable as possible, but from an economic standpoint, no project want’s to see their tokens fall in the price race. But I wouldn’t give prices too much importance.
Q3. To what extent does governance have decision-making power over the monetary model. Can it be changed, or is it fully armored?
We’re a DAO – a Decentralized Autonomous Organization. Democratic governance is pretty much immutably hard coded in our infrastructure.
So, 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. We didn’t get here in 1 day and we are here because of the immense trust and support our cultivated humongous developer community has placed in us. Besides, we’re a DAO, nothing is centralized, there exists very little scope for shenanigans if at all.
Yes, Covid19 did affect us. We would have held many more hackathons in 2020 itself and might have launched Dora Factory sooner. But oh well! better late than never right? Besides, I think we’re not even more prepared than we were a year ago.
Q4. What is your strategic partners or institutional investors?
We’re working with Binance smart chain, Huobi Eco Chain, OKExChain, Kusama, Polkadot, ETC, Filecoin, Avalanche, the Graph and Solana on Hackathons, Grants and Quadratic Voting & Funding recently.
We have closed 2 rounds of private investment from many prestigious investors. Our institutional investors are HashKey, Hypersphere Ventures, NGC Ventures, DFG, SNZ Holdings, AU21 Capital, Axia8 Ventures, Digital Renaissance Foundation, Candaq Fintech Group, Dealean Capital, Cabin VC, LD Capital, DoraHacks Ventures, etc
We’re also partnered with Horizon Capital, Spark Digital Capital, Kernel Ventures, JRR, Infinity Labs, Lotus Capital, BlockRock Capital, BlockArk, Clover Ventures, The LAO and DuckDAO. 8 out of 10 Huobi Polkadot Sponsors have invested in us. We also have many community backers and our partnerships.
Q5. Can you explain how is Dora Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Yes, all those details are available on our Tokenomics article on Medium. Go check it out. https://dorafactory.medium.com/introducing-dora-all-tokenomics-that-you-should-know-38f93851fe38
Q6. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?
For restrictions, I’d suggest you check your local laws. If you were unable to participate in our IDOs then you are probably barred from engaging in economic activities with Dora Factory. But you could be from anywhere in the world to take part as a community developer.
I personally like the state of the South and South East Asian markets right now.
And I’d like to say that we’re a global project but we intend to bring global development tools to every region and local developers.
I’ve already said that we’re existing as DoraHacks since 2014. We became the largest developer and hacker community in the world back in 2017.
In 2018 we went global to 8 countries, 15 cities, and organized 31 blockchain hackathons.
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.
You can check out the cool videos of our international Hackathons here:
India Blockchain Rising Hackathon | DoraHacks GHS 2018 in Bangalore
https://www.youtube.com/watch?v=2xbuN5hUgps
Blockchain & Finance Hackathon | DoraHacks GHS 2018 in Oxford
https://www.youtube.com/watch?v=Pt-6VaQAi8o
Blockchain & AI Hackathon | DoraHacks GHS 2018 in Seoul
https://www.youtube.com/watch?v=0W8ROIL-XPg&pbjreload=101
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