In Decentralization We Trust
ETH RIO Hackathon Project - OmniSig Team.pdf
A chain-agnostic multisig functionality to enable DAOs to securily store, receive, swap and distribute funds without compromising decentralization. We are developing our first product iteration in collaboration with Harmony Protocol during the Ethereum.Rio 22 Hackathon, to improve Harmony Multisig by adding swapping, and later liquidity pools and staking to their current offering.
DAOs are an effective and safe way to work with like-minded people around the globe. We like to think of them as Internet-native business that's collectively owned and managed by its members. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice.
Starting an organization with someone that involves funding and money requires a lot of trust in the people you're working with - in a DAO you don’t need to trust anyone else in the group, just the DAO’s code, which is 100% transparent and verifiable by anyone.
This all sounds great in theory, but as a diverse team of DAO founders and contributors, we have experienced the ineadequecies of the avaliable offerings first hand, which prompted us to collectively found Omnisig.
We believe in DAOs and we put our trust decentralization. Our mission is to provide DAOs with the tools to swiftly and safely manage and distrubute its funds, without compromising decentralization.
At the time of writing, there is currently $9.5 billion ****held in DAO treasuries across all networks, with $1.3 billion held by DAOs built on Solana alone, and the remainder ($8.2 billion) on Ethereum. Treasuries have grown significantly over the past year, and we can expect the number to continue to grow with a rising number of DAOs entering the stage.
As active contributors and trusted commitee members we are faced with important questions, like:
How do we manage the money?
What deserves treasury spending and what doesn’t?
How should we diversify the treasury’s assets?
Should we borrow capital?
Like most other DAOs we are still figuring this out. We are still early, and the best practices are being written. However, it is generally agreed that diversification is an important component of effective treasury management, to ensure that critical expenses can be funded even if the protocol token has a significant drawdown.
Blu3 DAO is focused on empowering women & non-binary people to earn, learn & play in web3 via mentorship, community and funding.