What Is BitDAO (BIT)?

BitDAO aims to create a DAO (decentralized autonomous organization) with billions in forecasted contributions and existing assets. The platform has a focal mission to support builders of the decentralized economy. In addition, BitDAO functions as an open platform that accepts proposals, and the platform’s token holders can vote upon these proposals. The proposals can be direct partnerships or swaps with numerous projects, or expansion through specialized autonomous entities, including ecosystem funds, artist guilds, farming cooperatives, and R&D Labs.

BitDAO endeavors to build an economy that gets continuous support from decentralized assets, decentralized technologies, and DAOs. The platform simply wants to showcase the potential of DAOs.

Next, the BitDAO ecosystem works toward becoming the largest autonomous network by creating and partnering with specialized autonomous entities. This process generates ecosystem funds, art, farming, R&D, venture, events, grants, DAO operation services, education, etc. The platform also encourages autonomous entities to create and partner with other similar entities to enable fractal expansion. BitDAO boosts its partners to become category leaders via R&D Labs, liquidity, funding, and operational support. Moreover, BitDAO seeks to make the creation and operations of autonomous entities as efficient and convenient as possible.

According to the BitDAO ecosystem, the key to success is partnering up with top projects and explicitly created autonomous entities. BitDAO aims to have billions in assets and recurring contributions. The success of BitDAO solely depends on its partners; the success of partner projects is directly proportional to the value of BitDAO treasury.

The BitDAO platform is owned and governed by the BIT (governance token of BitDAO) token holders. The initial governance policy includes token swaps with existing and upcoming projects along with treasury allocation and updates of BitDAO core protocols. The BitDAO governance functions in two phases. 

In phase 1, BitDAO uses the standard setup of Gnosis Safe, Gnosis Snapshot off-chain governance, and multi-signature administrators.

Phase 2 consists of building a customized governance module. Gnosis Safe provides crypto projects with multi-sig control, and Gnosis Snapshot functions as an off-chain vote aggregation platform.Multi-sig is an abbreviation for multi-signature, a sort of digital signature that allows two or more people to sign documents as a group.

History of BitDAO (BIT)

BitDAO is a community-driven project with numerous builders and stakeholders. The community holds the BIT tokens and is highly motivated to provide continuous support for the success of this project. The maximum total supply for the BIT token is 10,000,000,000.