As we’ve recently announced, Lossless will be having its own DAO. With the company’s expansion and introduction of new products into the space, the team understood that its core product, Lossless Protocol to mitigate hacks, should become governed in a decentralized manner.
In order to be sure of the DAO’s efficiency, we will firstly commence with a temperature check. Allow us to explain.
What’s a DAO?
Let’s kick off with a brief explanation of what a DAO is and how it works. A DAO, or “Decentralized Autonomous Organization,” is a community-driven body with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed-upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
Ultimately, a DAO is governed entirely by its individual members, who collectively make critical decisions about the future of the project. In short, it’s the community that proposes ideas, drives changes, and votes on the necessity of them for a project. In this case — Lossless.
The Temperature Check
For us to efficiently evaluate our upcoming DAO’s scope and see how large of an audience would participate in the voting process, we will first do a so-called temperature check. Here’s an example of what a temperature check looks like.
It’s a procedure where a project raises a question, and community members provide their opinions on it. This way, our team will be able to assess what the DAO’s future looks like in the first stage and launch the actual DAO voting via a Lossless snapshot.
We will commence with a temperature check today, the 24th of August, at 1:00 PM UTC. Details will be provided on where to find the first proposal and what it is about in detail.
Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss.
Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection.