Summon Platform
Last updated
Last updated
Summon Platform originates from the ADAO Community which is a Cardano DAO focused on open-source software development. Summon Platform aims to help Cardano communities on building their own on-chain DAOs. This service is particularly beneficial for communities that do not have experienced web3 developers, as it provides them with the necessary tools and resources to create and manage a DAO.
A DAO, or Decentralized Autonomous Organization, is a type of organization that operates on a blockchain and is run through a set of predetermined rules that are encoded into smart contracts. DAOs are decentralized, meaning they are not controlled by any single individual or entity, but rather operate based on the collective decision-making of their members.
Generally, DAOs are used for managing a community, making decisions about the distribution of funds or resources, or voting on proposals. One of the fundamental principles of Decentralized Autonomous Organizations (DAOs) is the idea that "code is law", meaning that the rules and functions of the organization are encoded into its underlying code and enforced automatically through the execution of smart contracts on the blockchain. They are designed to be transparent and efficient and this allows for greater accountability and transparency, as all actions and decisions can be easily traced, audited and accessed by anyone.
One of the key considerations when a community decides to create a Decentralized Autonomous Organization (DAO) is to clearly define the purpose and rules for the organization. This includes determining the specific functions and goals of the DAO, as well as how it will be governed and how decisions will be made. The next step is to write the code for these rules and functions in a smart contract and deploy it to the blockchain. This will allow the DAO to exist and function on the blockchain, and will ensure that the rules and operations of the organization are transparent and open to inspection.
As mentioned previously, smart contracts are a digital representation of the rules and conditions that will govern the DAO. These contracts are written in code and stored on the blockchain, allowing for the automatic execution of the agreed upon terms. It's important to note that writing the code for smart contracts can be a complex and technical process. It requires a strong understanding of programming languages such as Plutus, as well as other specific requirements and constraints put in place by the Cardano blockchain.
When a DAO smart contract is deployed to the blockchain, it will continue to execute according to the rules and functions that are encoded into. However, it is possible that the DAO may need to be updated or modified over time in order to address changing circumstances or address unforeseen issues. This could involve updating the smart contract code in order to add new features or modify existing ones.
Updating a DAO smart contract can be a complex process, as it will require modifying the underlying code and deploying the updated version to the blockchain. This typically requires the support and approval of the DAO community.
In order to effectively create and maintain a Decentralized Autonomous Organization (DAO), a community will likely need the ongoing support of experienced developers who are proficient in Plutus programming language and familiar with the Cardano blockchain platform.
The Summon Platform MVP offers a range of services for creating and managing a Decentralized Autonomous Organization (DAO), including the generation of tokens, the ability to stake tokens using smart contracts, the management of proposals, and the execution of transactions. It also includes an advanced Native script multi-signature wallet for securely storing and managing tokens. Lets analyze this 5 services one by one:
Token generation: A DAO may use tokens as a means of representing ownership or membership in the organization, and may issue tokens to members or stakeholders as a way of incentivizing participation and aligning incentives. Token generation refers to the process of creating and issuing these tokens.
Smart contract token staking: Token staking refers to the process of holding tokens in a smart contract as a way of demonstrating commitment to the organization and aligning incentives. A DAO may use smart contract token staking as a way of ensuring that members are committed to the success of the organization and have skin in the game.
Proposal management: Proposal management refers to the process of creating, reviewing, and voting on proposals within a DAO. This can be used to make decisions about the direction and operations of the organization.
Transaction execution: Transaction execution refers to the process of executing and recording transactions within a DAO. This can include transferring tokens, updating the smart contract code, or taking other actions as required by the rules of the organization.
Advanced Native script multi-signature wallet: A multi-signature wallet is a type of digital wallet that requires multiple parties to sign off on a transaction before it can be executed. An advanced Native script multi-signature wallet is a particularly secure and flexible type of multi-signature wallet that can be used to store and manage tokens within a DAO.
Overall, the Summon Platform offers a comprehensive suite of tools and resources that enable communities to create and operate a DAO effectively. With these services, communities can create and manage a DAO in a decentralized and automated way, allowing them to effectively coordinate and direct their activities.
-D.