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Faq

What is Yotta21 doing?​

  • Enables decentralized token-based crowdfunding to be realized without intermediaries.
  • Enables Soulbound token holders to participate in crowdfunding projects initiated on Yotta21 platform.
  • Enables crowdfunding process to be carried out entirely with smart contracts.
  • All incomes are sent to the treasury, which will belong to DAO.

What is the meaning of Yotta21?​

  • Yotta: The expression used to describe large numbers in metric system. For instance; byte, kilobyte, megabyte, gigabyte, terabyte, petabyte, exabyte, zetabyte, yottabyte or other expressions used in metric system.
  • 21: We believe that radical changes will occur about financial system in the century we live in.

What is soulbound token?​

  • Gained popularity with Vitalik Buterin presenting in blog posts.
  • Intended to be used for personalizations, identity solutions and membership.
  • When available in wallet ome more cannot be claimed.
  • It is never transferable.
  • DAO provides governance benefit to prevent sybil attacks.

How Yotta21 uses Soulbound?​

  • Yotta21 identifies memberships by Soulbound token ownership.
  • Audit function within DAO is done by Soulbound token holders.
  • Only Soulbound token holders can participate in token crowdfunding offers.
  • Projects that wants to crowdfund tokens must have a Soulbound token.
  • Soulbound token will be given free to testnet participants during the initial phase.

What are the terms of token IPO?​

  • The crowdfunding smart contract created in Yotta21 Dapp specifies information to be entered by the project and record this in blockchain, such as funding time-token, price-token, locking-whitelist, how much member can get this, the address which the funding income will be directed and the amount of USDC to be funded.
  • Yotta21 protocol automatically implements the smart contract created by the project.
  • At the last stage, the project makes progress by filling out the information to be registered outside of the blockchain via Yotta21 Dapp. According to these informations, the crowdfunding of the project is shown on Yotta21 Dapp platform.

What DAO stands for in Yotta21?​

  • It allows the managment of Yotta21 to be carried out by the community. All functions are executed by smart contract. The control of smart contracts managment is also given to DAO.
  • The basic principles of DAO model are reconciled with 8 principles for the managment of communities that won the Nobel Prize for Elinor Ostrom.

How is DAO diffrent from other on-chain DAOs?​

  • Core or central team independence has been eliminated thanks to the workgroup structure.
  • By using dual token governance, decentralized control within DAO is ensured.
  • Soulbound token-based managment allows resistent to Sybil attacks.
  • Provides decentralized earnings for study group participants.

Study Groups?​

  • They are teams selected by DAO to provide Yotta21's business goals.
  • 5 departments will be created according to basic need areas covering community, operation, growth, products and consultants.
  • 10% of the total treasury right has been reserved for the addresses (0x....abc) selected for the working groups.
  • Income is equally distributed to a total of 5 workings groups and each group reveives 2%.

Why should i join?​

  • Revenue goes back to the community, so there is no centralized flow. Revenue that has created by crowdfunding you participated and created are transferred to the DAO treasury.
  • Since it is an unregulated platform, all projects cann apply for crowdfunding and investors evaluate projects by making their subjective evaluations.
  • There is no central decision point, everything is smart contracted. Therefore,there is no human initiative that you need to trust. It is all about system.
  • All participants and stakeholders have equal rights.

What did you do for security?​

  • We will deploy the code to the mainnet after Code4rena audit.
  • We wrote the code in SCW standards.
  • We used the Mytrill security tool.
  • We performed various attack simulations.
  • We have reduced the probability of attacks because we do not have a central point.
  • We have figured out our bugs on Testnet.