DomainDAO secured 200+ ETH in Phase I funding to build the domain space of the future
SINGAPORE, Aug. 10, 2022 /CNW/ -- DomainDAO, a new community-driven DAO that aims to bid on the .dao top-level domain, just closed its phase I crowdfunding on Juicebox Protocol with over 200 ETH contributions within one month in the roughest crypto winter yet. Key participants include individual DAO enthusiasts and renowned crypto venture capitals.
The monopoly DomainDAO aims to disrupt
The crypto space never ceases to innovate, with the latest spotlight on neither the NFT craze nor the GameFi Play-to-Earn fever, but on a new movement revolting against a traditionally monopolized yet overlooked sector: the domain space. Many modern-day prominent domains such as .io and .finance are dominated by private companies or government-backed agencies, and DomainDAO wants to disrupt that with decentralization.
Founded by web3 professionals and enthusiasts, DomainDAO wants to decentralize the governance of top-level domains (TLD), starting by proposing and bidding on a new top-level domain - .dao under ICANN's regulatory framework. More DAOs are being created than ever before and might soon become the mainstream structure for organization governance.
DomainDAO wants to think ahead on how DAOs will identify themselves in the digital space with the traditional TLD setup, hence its mission of owning .dao for DAOs, by a DAO. DAOs would be able to show off their DAO entities with their domains upon successful application. Makerdao.com would conveniently become maker.dao, and that applies to all other DAOs.
The roadmap ahead: DomainDAO's now and future
True to its DAO identity, DomainDAO referenced ConstitutionDAO and took it phase I funding to Juicebox to gather community support for decentralized domain ownership. Phase II funding had immediately kick-started afterward for early supporters of DomainDAO. With the angel round funding, the team focuses on preparing the ICANN application from all perspectives, including operation, legal, marketing, partnerships, etc.
DomainDAO has recruited more than twenty DAOs to form a tight-knit community, including popular ones like Cult DAO, City DAO, PleasrDAO, etc. All founding partners will receive exclusive DomainDAO NFTs as proof to reserve their preferred .dao secondary domains with $DOMAIN before DomainDAO successfully bid the TLD. The partnerships have proven a strong demand for the .dao TLD, and DomainDAO wants to ultimately build a DAO ecosystem that encourages, supports, and fosters the development of DAOs.
Ways to contribute to DomainDAO
There are multiple ways one can contribute and steer this revolution.
DomainDAO is a Decentralized Autonomous Organization with the mission to bid on the .dao top-level domain (TLD) and decentralize its governance with fellow DAOs and community members. Upon its successful application with ICANN, DomainDAO will serve as a Registry Operator and run the Domain Name System (DNS) for the .dao top-level domain so that all of its DAO partners can use .dao domains for their websites. DomainDAO believes .dao should be owned by DAOs. While tech giants are buying up TLDs for their usage, DomainDAO is here to change that, starting with .dao.