THELOGICALINDIAN - Nader AlNaji is gearing up to barrage addition projectbut abounding associates of the crypto association are agnostic about what its aggravating to accomplish
Nader Al-Naji, the administrator abaft the agitated BitClout project, has appear a new belvedere alleged (DAO,DAO). The activity aims to accumulate the action of authoritative and active a decentralized free organization—while siphoning money from the DAOs adopting money on the platform.
What Is (DAO,DAO)?
The BitClout grifter is back—with a DAO activity alleged (DAO,DAO).
In the marketing material for (DAO,DAO), its architect Nader Al-Naji calls out two of the better crypto companies, Coinbase and OpenSea, slamming them with a tag of affronted red argument that reads “centralized.” In comparison, (DAO,DAO) is adorned with the affable blooming word, “decentralized.”
This absurd pictograph broadly sums up what Al-Naji is affairs -to-be investors with (DAO,DAO)—the ambiguous affiance of decentralization. (DAO,DAO) aims to accomplish creating a DAO as accessible as ambience up a Facebook account. In the project’s 14-page continued “one pager,” Al-Naji explains the use cases for his new project, best of which absorb collectively adopting money for assorted causes, goals, and investments.
The belvedere will use decentralized badge governance, acceptance DAODAO badge holders to accept a say in how the belvedere is run. However, while (DAO,DAO) ability alarm itself decentralized, the apparatus abaft the activity acrylic a altered picture.
(DAO,DAO) appears to be a adored agent advised to carry off money from DAOs and bear it into the pockets of DAODAO badge holders. While best DAODAO tokens will be awash to the accessible through a adjustment cautiously abutting to an antecedent bread offering, Al-Naji and his bearding founding aggregation will accept an automated 10% of all tokens purchased by the public. If this percentage-based payout for the developer aggregation wasn’t arguable enough, (DAO,DAO) additionally offers the adventitious to buy aboriginal admission NFTs, which acquiesce investors to accumulate 100% of their DAODAO badge purchases.
DAODAO badge holders can apprehend to accept 1% of all funds aloft by DAOs application the (DAO,DAO) platform. This raises the catechism of how the Securities and Exchange Commission will appearance the DAODAO token. In its accepted state, it seems acceptable that the SEC will appearance the badge as a aegis back it promises to accumulate profits that appear alone from the efforts of others.
Nader Al-Naji’s Track Record
Al-Naji has run into problems with the SEC in the past. His aboriginal project, a decentralized, price-stable cryptocurrency alleged Basis, arena to a arrest back it became credible it was aggravating to about advertise tokens with the characteristics of securities.
The overarching catechism that comes to apperception with (DAO,DAO) is why do we charge it? Several DAOs accept already auspiciously aloft millions of dollars for assorted causes. Recent examples accommodate AssangeDAO, which aloft over $41 actor at the alpha of February, and UkraineDAO, which continues to accession funds to abutment those afflicted by the Russian aggression of Ukraine.
One way (DAO,DAO) states it will advance the accepted DAO basement is by acceptance DAOs to accession funds over assorted networks rather than aloof Ethereum. Admittedly, this is a abeyant affairs point because gas fees on the Ethereum arrangement eat into DAO contributions and accomplish giving refunds a cher endeavor.
However, (DAO,DAO) ’s acknowledgment is to run aggregate on DeSo, the rebranded bark of Al-Naji’s antecedent project, BitClout. Instead of architecture advantageous DAO interoperability amid altered networks, Al-Naji looks to be aggravating to bootstrap DeSo users through his new project.
Other accessory criticisms of (DAO,DAO) accommodate the project’s name. The formatting borrows from the (3,3) meme associated with badge rebase projects such as OlympusDAO, which are generally decried as Ponzi schemes due to their awful inflationary tokenomics. Additionally, the name “DAO DAO” already belongs to a activity complex in architecture DAO applique on Juno Network.
When Al-Naji appear (DAO,DAO) to his Twitter followers on Mar. 9, abounding key associates of the crypto association were quick to catechism the activity and its creator’s ambiguous clue record. The Twitter annual Autism Capital was one of several to counterbalance in on (DAO,DAO), advising followers to “Stay abroad from Nader projects and this and don’t lose your money and get (REKT,REKT).” Others such as Edwin den Boer highlighted the aisle of bootless projects that led to (DAO,DAO) and warned followers not to assurance Al-Naji.
BitClout’s Failings
Aside from Al-Naji’s bootless stablecoin adventure amid 2017 and 2019, he’s arguably best accepted for BitClout. The alienated crypto amusing media platform emerged back absorption in agenda assets was hitting new highs in 2021, alms users a way to buy and advertise alone “creator coins” based on their subjects’ reputations. It finer tokenized amusing clout, with the brand of Elon Musk and Katy Perry accounted as the best admired personalities on the platform.
BitClout absorbed several high-profile Silicon Valley investors, including the crypto-curious mammoths Andreessen Horowitz and Sequoia Capital. However, already the antecedent advertising faded, it bound became bright that the activity couldn’t accommodated users’ expectations. It rebranded to DeSo in September afterwards declining to accretion any allusive traction.
The able attributes of the crypto amplitude allows addition and development to action at alarming speed, but the ambiance additionally comes with some above risks. Grifters accept a abundant easier time amid high-profile investors and the accessible from their banknote with big promises and acidity of the anniversary buzzwords. While it charcoal to be apparent whether (DAO,DAO) will prove successful, its creator’s antecedent clue almanac of bootless projects such as Basis and BitClout should accomplish abeyant backers anticipate continued and adamantine afore investing.
Disclosure: At the time of autograph this feature, the columnist endemic ETH and several added cryptocurrencies.
