The decentralized future
Nader Dabit shares his motivation and experience on recently transitioning to focus on technologies and communities that support the decentralized internet. In this hot topics discussion, we cover all the buzz words you’ve likely heard over the past year. We have honest and nuanced conversations about the world of Ethereum, Cryptocurrencies, NFTs, DAOs, and Web3. Hype or hit? You’ll have to tune in to find out.
Matched from the episode's transcript 👇
Nader Dabit: Some of the DAOs allow you to just join for free, some of them ask you to mint some type of token… But either way, you have to have, for the most part, some type of token to get in. And the reason that that’s the case is to kind of give ownership to everyone that’s there, and also provide them a way to liquidate that ownership.
So for a token, you can basically sell that, either on some digital exchange, or maybe like an NFT would be like OpenSea, or some type of NFT marketplace… But yeah, most of the time you can get a token or buy a few ERC20 tokens, or work for those tokens by participating in the Discord, and then you can participate in that way.
For the Developer DAO, which is the DAO that I have created for developers, the token is completely free. All you have to do is just go to the website and mint the token. And you do have to pay the Ethereum transaction costs. When you pay that cost, you get that token sent to your wallet.
And really, the reason that there is any type of cost at all is to kind of have some type of way to prevent civil resistance… Because if this token is gonna be worth money at some point, what’s to stop someone from minting all 8,000 of those for themselves? Like, how do we equally distribute ownership between a large number of people? Well, there is some type of way that we can do that with needing someone to mint.
But what I’ve been doing is actually setting aside a few thousand of my own dollars, and just minting those and sending them to people around the world that can’t afford even the $20 minting cost. But that way I know that that person is real, and that they’re kind of in it to be part of the community, and they’re not just in there to kind of speculate.