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Step-by-step guide to building VentureDAO in 10 minutes using ChatGPT.

2022-12-08 14:51

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Original Title: "Building VentureDAO with ChatGPT in 10 Minutes, Impressed"

Original Author: Jocelyn

I spent about 10 minutes creating a basic model for VentureDAO. Regarding ChatGPT, there are a few ideas to summarize:

1. The answers provided by artificial intelligence can often replace Google searches and are more intelligent than one might imagine.

2. Even tech novices can use ChatGPT to write code.

3. Cannot answer too many questions at once.

First, let's talk about the general steps:

・Enter "Building a VentureDAO model" directly in the dialog box. The designed model leans towards the early VentureDAO model.

・根绝回答，逐个击破细节。

・Root out the answers and tackle the details one by one.

・Organizational Structure

・Smart Contract

・Voting and decision-making system

・Building a Token System

・A system for managing and allocating funds.

・Check if there are any details that have not been covered and fill in any gaps.

・Regulation

・Incentive system design

・Recommended Automation Tools

・Logo Design

・Finally, create a logo for VentureDAO and add it to Midjourney for automatic generation.

・At this point, the task is successfully completed.

Here are the specific details:

Make a framework for ventureDAO

ChatGPT directly provides several directions that need to be considered:

・Decentralized platform building organizational structure.

・Smart contracts, clearly define the rules and governance of DAO.

・Building a voting and decision-making system. An essential component in governance.

・Token system, incentivizing alignment of interests between members and DAO.

・A system for managing and allocating funds.

According to these directions, we will tackle them one by one.

Further optimization of the specific VentureDAO framework

This process will work as follows:

1. Startups and venture companies seeking funding will submit their business plans and pitches to VentureDAO.

2. The VentureDAO community will review and vote on proposals, with each member having an equal right to speak in the decision-making process.

3. If the proposal is approved, VentureDAO will raise funds through token sales, with the tokens representing the company's shares.

4. Investors will be able to use cryptocurrency to purchase these Tokens, and the funds will be allocated to startups or venture enterprises.

5. VentureDAO will manage investments and provide support for startups and businesses, such as guidance and access to resources. As the businesses grow and generate revenue, VentureDAO will distribute profits to Tokens.

(VentureDAO has further explanation on how it operates.)

Designing Organizational Structure for VentureDAO

VentureDAO's organizational structure will be designed as a top-down hierarchical structure that leans towards a traditional corporate structure.

1. Board of Directors - The Board of Directors will be responsible for setting the overall strategic direction of the organization, overseeing the management team, and ensuring the long-term success of VentureDAO.

2. Executive Leadership Team - The Executive Leadership Team will be responsible for executing the strategic direction set by the Board of Directors and overseeing the organization's day-to-day operations. This team will be comprised of the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and other key management personnel.

3. Department Manager - Each department (such as finance, marketing, operations, etc.) will be led by a department manager, responsible for managing their team and achieving their department's goals.

4. Team Members - Team members will be responsible for carrying out their respective department's daily tasks and responsibilities, and they will report directly to the department manager.

5. Advisor - In addition to the hierarchical structure, VentureDAO will also have an advisory team who will provide guidance and expertise in specific areas of expertise such as blockchain technology, venture capital, etc. These advisors will work closely with the executive leadership team and department managers to provide strategic guidance and support.

(This architecture is similar to the gameplay of MolochDAO, and now it seems a bit outdated.)

Definition of Qualified Investors for VentureDAO

ChatGPT defines that to join ventureDAO, investors must have a minimum net worth of $500,000 and at least three years of experience investing in early-stage startups or venture capital funds. Additionally, they must pass a comprehensive due diligence process and receive approval from the ventureDAO management committee.

(Anyway, traditional gameplay, it's not impossible to change the parameters if you want to.)

Build a fund allocation strategy

The structure of VentureDAO's fund allocation will include the following steps:

1. Investment Committee Review: The Investment Committee will review potential investments and evaluate their potential for success as well as their consistency with VentureDAO's investment strategy.

2. Funding proposal submission: Entrepreneurs and startups seeking VentureDAO funding will submit a proposal detailing their business concept, financial projections, and proposed use of funds.

3. Community review and voting: The VentureDAO community will review and vote on funding proposals, with top-ranked proposals receiving funding.

4. Fund Allocation: VentureDAO will allocate funds to selected startups and entrepreneurs, with the amount of funds determined by community voting.

5. Continuous support and guidance: VentureDAO will provide continuous support and guidance to funded startups and entrepreneurs, helping them achieve success and meet their business goals.

6. Exit Strategy: VentureDAO will work with funded startups and entrepreneurs to develop and implement exit strategies, such as through sales or IPOs, to maximize returns for VentureDAO and its community members.

(Hahaha, it's hard to say whether IPO listing involves legal risks. It is recommended to sell the shares to achieve exit.)

Continuing with the aforementioned steps, there is a proposal submission and decision-making process, so we will directly build a voting and decision-making system.

投票和决策架构设计

"投票和决策架构设计" translates to "Voting and Decision-making Architecture Design" in English.

The voting and decision-making structure of VentureDAO will include the following steps:

1. The risk project proposal is submitted by a member of the VentureDAO community.

2. The proposal will be reviewed by the VentureDAO board, who will assess its feasibility and potential impact on the community.

3. Then submit the proposal to the entire VentureDAO community for discussion and feedback.

4. Hold a vote to determine the level of support for the proposal within the community.

5. If the proposal receives a majority of votes, the proposal is approved and enters the next stage of implementation.

6. If the proposal does not receive a majority vote, it can be modified and resubmitted for consideration.

7. Throughout the entire implementation phase, we will regularly provide updates and progress reports to the community to ensure transparency and accountability.

8. After the completion of the risk project, a final evaluation will be conducted to assess its impact and success.

Overall, the voting and decision-making structure of VentureDAO is designed to be inclusive, transparent, and democratic, ensuring that the community has a voice in the projects the organization undertakes.

(Accountability system, so as to ensure the development of the entire VentureDAO with more motivation. Not bad, not bad!)

Here, in order to prevent collusion among members of VentureDAO, we adopt the MACI voting mechanism.

Write a smart contract that uses MACI voting to select investment targets

Design a "non-cooperative quadratic voting" or "anti-collusion quadratic voting" mechanism using MACI. In this scenario, voters cannot cooperate with each other, so there is no possibility of collusion. This builds an anti-collusion framework in on-chain governance.

Token Economic Model Design

VentureDAO's token economy model will consist of two main types of tokens: Venture Token and DAO Token.

1. Venture Token: These tokens represent the shares of specific venture capital or investment projects in VentureDAO. Investors who contribute to venture capital will receive a certain number of Venture Tokens proportional to their contribution.

2. DAO Token: These tokens represent membership in the VentureDAO community and give holders the right to vote on important decisions and proposals within the platform. Investors who contribute to VentureDAO will receive a certain number of DAO Tokens proportional to their contribution.

In order to incentivize investors to contribute to VentureDAO, the following rewards and incentives can be implemented:

・Investors who invest in venture capital and hold Venture Tokens will receive a proportionate share of the profits generated by the venture capital based on the number of Venture Tokens they hold.・Investors holding DAO Tokens will have the opportunity to participate in governance decisions and proposals within VentureDAO, and may potentially receive rewards for their participation.

・Investors who contribute to VentureDAO and hold DAO Tokens will receive a portion of the platform's revenue generated from fees and other sources.

・Investors who refer other investors to VentureDAO will receive a referral bonus in the form of DAO Tokens.

・Investors who hold a certain amount of Venture token / DAO Token will be eligible for discounted fees and other proprietary benefits in VentureDAO.

(In terms of the token economic model, ChatGPT has directly set up a dual-token model. The Venture Token serves as the financial token, while the DAO Token serves as the governance token. The dual-token model effectively distinguishes the return and incentive issues between investors and contributors.)

Above actually completed a rough framework about VentureDAO. So, in addition to this, we also need to consider several issues:

Regulatory Issue Search

or any other entity attempting to circumvent SEC regulation is inappropriate. All companies operating in the United States are subject to regulation by the US Securities and Exchange Commission and must comply with relevant laws and regulations. Establishing a legal entity in a different country with the intention of circumventing SEC regulation is illegal.

（oh no, in that case, let's think about which state is more suitable and relaxed.）

This depends on the specific business goals and needs of venturedao. Some potential options for establishing a legal entity for venturedao may be Delaware, California, or New York. These states provide a comprehensive and favorable regulatory environment for businesses, especially in terms of corporate governance and fundraising. In addition, they also have strong influence in the technology and venture capital industries. For venturedao, conducting thorough research and consulting legal advisors to determine the best location for its legal entity is crucial.

(Hmm, several states have been recommended that are more suitable for the development of VentureDAO. Based on my previous research, setting up a company in Delaware is a great choice. The entire registration process is faster, cheaper, and provides the greatest flexibility.)

As mentioned above, a design has been made for the incentive system for investors to join VentureDAO, so it is necessary to arrange an incentive system for non-investors to join VentureDAO.

Design of Incentive System for Non-Investors to Join VentureDAO

1. Provide rewards for referrers. For each non-investor who joins VentureDAO through an existing member's referral, both the referrer and the new member will receive rewards in the form of VentureDAO Tokens.

2. Create a loyalty program where non-investors can earn rewards by participating in VentureDAO activities, such as voting on proposals or contributing to discussions. These rewards can take the form of tokens or other benefits, such as exclusive event access or special discounts on VentureDAO products and services.

3. Regularly hold competitions or challenges, non-investors can compete for prizes by completing tasks or achieving certain milestones of VentureDAO. For example, a competition can be held to encourage non-investors to participate in proposal voting, and the winner can receive prizes in the form of tokens or other rewards.

4. Provide early access to VentureDAO's new projects or initiatives to non-investors who joined early and demonstrated active participation in the community. This may include access to beta versions of new products or services, or the opportunity to provide feedback and opinions on upcoming initiatives.

5. Provide educational resources and support for non-investors who are new to the world of decentralized finance and blockchain technology. This can include tutorials, webinars, and other resources to help non-investors understand the basics of VentureDAO and how to make the most of their membership.

(For example, creating a competition or challenge with elimination rounds, and providing more incentives to the winners. It makes sense to give talented members who may not have enough money yet an opportunity. )

Then let's use it as an incentive token for SBT on this basis.

Give non-investors Soulbound tokens as incentive through smart contracts

Recommend some tools to ventureDAO to enable it to achieve automated operation

1. Project management software used to manage and track project progress and tasks, such as Asana or Trello.

2. Automated financial management tools, such as QuickBooks or Xero, are used to manage and track financial transactions.

3. Collaboration tools, such as Slack or Microsoft Teams, to facilitate communication and collaboration among team members.

4. ConsenSys Codefi or Boardroom are decision-making software used to automate and simplify the decision-making process.

5. Smart contract platforms, such as Ethereum or EOS, can automatically execute and securely enforce contract protocols.

6. Tableau or PowerBI and other data analysis and reporting tools are used to track and analyze key indicators and performance metrics.

Victory is just ahead, get a decent icon.

Design a logo

Combining the initials "V" and "D" in a smooth, modern font. The "V" and "D" will be connected, forming the left side of the logo with the "V" and the right side with the "D". The logo will be black and white, with a gradient effect adding depth and dimension to the design. The overall appearance of the logo will be professional, bold, innovative, reflecting the spirit of venture capital and entrepreneurship.

Then, use this idea as a prompt and input it into the AI-generated art platform Midjourney:

Website: [https://midjourney.com/](https://midjourney.com/)

(I personally think the design in the upper left corner is quite well done.)

Summary

Through this test, it can be found that using ChatGPT to build a complete process for VentureDAO is very convenient. The only time-consuming part is to check for deficiencies and generate images on the midjourney platform. Here, an architecture for VentureDAO was built using OpenAI, which is just a small attempt. If you want to create frameworks for other DAOs, just use adjectives to modify the keywords in the questions clearly. The answers provided by ChatGPT in this test are basically accurate, but there are still some small bugs and slight deviations in some places. Anyway, it is indeed amazing. It can do what Google can do, and even what Google can't do.