Crypti and Chainlab to Launch a Platform for Creation of DAO

A few days ago, when Tel Aviv-based blockchain startup Chainlab has announced it raised investment from Bitmain Technology, the DAO platform Wings first hit the news.

Back then, Bitmain co-founder Jihan Wu said:

“Bitmain invested because we see a great team and we look forward to seeing Wings grows into a successful platform for launching DAOs over Rootstock and Ethereum, being an accelerator for the innovation on the public blockchain.”

Wings is developed by the Crypti team, and, in particular, one of its co-founders Boris Povod, who also acts as an adviser for well-known startup Lisk.

ForkLog talked with Stas Oskin, CTO at ChainLab & Core Dev at Wings Platform, about Wings’ DAO and the differences between the project and The DAO.

FL: How the Wings’ investment approach is different from that of The DAO?

Stas Oskin: As opposed to The DAO, Wings is a platform for creation and management of a DAO, a kind of a Kickstarter for DAO’s. DAO’s issued via Wings will create new unique tokens, with a part of them transferred to the owners of Wings tokens automatically. Wings supports various blockchains, which enables creators of a DAO to sell their tokens for Ethereum and/or Bitcoin. Wings offers legal regulation tools for companies and individuals, and provides an access to a group of lawyers experienced in cryptocurrency projects. Wings focuses on simplicity of use and creation of decentralized autonomous organizations.

FL: Will the project have an ICO, and, if yes, when, and how much do you intend to raise for the development issues?

Stas Oskin: We’re not thinking about any ICO, it will be a DAO. We’ll test Wings’ operation principles in a first-hand mode. The launch is scheduled for the first half of this summer, but no precise date is known for now. Our plan is to raise enough money to support at least three years of development and operation. Basing on our previous experience, the lion’s share of the budget will be spent on PR and marketing, to create an active community, and get a constant inflow of users to the platform.

FL: What investment protection mechanisms does Wings imply?

Stas Oskin: As for ETH, there will be smart contracts to store the value and pay it out upon the decision of token holders. The decisions will be made via unique technologies and approaches that The DAO lacks, like a list of experts selected by token holders, incentivizing part of a reward, like that of Augur, and support of Oracle-based systems to make the decisions on the basis of the outer world’s data. In case of BTC, we’ll employ unique technologies of Rootstock to provide similar proper level of protection for investors. We’re not entitled to disclose this information at the moment.

FL: Could you describe the process of creating a DAO in Wings stepwise?

Stas Oskin: (1) Submit an application and fill-in a brief form describing the idea and the functions of your DAO. The application will be reviewed by holders of Wings tokens or their delegates (experts) elected via the holders’ voting. The process resembles delegate forging of crypti/lisk.

(2) Once the application is approved, the step-by-step process of creating a DAO begins. In Wings, it includes the following parameters:

  • ETH or BTC (only ETH will be available at early stages, receiving BTC via Rootstock will become available later, once Rootstock develops the technology)
  • The method of payments to Wings (token holders of Wings DAO) for usage of the platform. A combination of the raised ETH/BTC and the new DAO’s tokens.
  • Terms of the DAO campaign.
  • A plan for receiving payments from Wings DAO and terms of rewarding Wings’ DAO tokens’ holders.

(3) Following the parameters setting, the owner of the DAO receives a smart contract address, and since then he or she may receive payments. There will be an automatically created set of smart contracts for work with the DAO.

(4) Participants buy tokens and receive them at their accounts.

(5) Once the funds are raised, the tokens get released and become available for sending.

Additionally, Wings will provide ready-made templates for fast adjustment of a DAO.

FL: What’s the main feature of Wings’ smart contracts? How do they work?

Stas Oskin: Wings is a smart add-in for ETH and Rootstock. It provides safe interaction between users and smart contracts via messengers. Wings uses the power of EVM smart contracts, and adds new options that The DAO lacks. Additionally, Wings will include mechanisms for smart decision-making, which will be decentralized or Oracle-based. Wings will support several blockchains at a time, with an option of adding new ones, and offer a vast selection of ready-made templates for fast launch of a DAO. We’re constantly monitoring new technologies apart from EVM and Rootstock, and borrow the best from open source solutions.

 

DISCLAIMER: The material is for information purposes only. ForkLog cannot be held liable for personal investment decisions made by readers.