VIDT goes decentralised and becomes a DAO

Table of Contents

• A history of successful data validation
• Stepping into the future
• A new DAO, smart contract, and token
• VIDT swaps for VIDT DAO tokens

VIDT launches a new smart contract and a new token. Its battle-tested validation technology is now open source for any platform to be able to secure its data authenticity.

A history of successful data validation

Since its launch in 2019, VIDT has built up a reputation in the field of data & document verification. With companies such as Airbus Defence and Space, IBM, and AmSpec, among many other clients and collaborators using its technology, VIDT has continued to push out the barriers in its field.

From being the first company to validate a grand master (Rembrandt) on the blockchain, to validating air quality data in collaboration with IBM, VIDT has become a world leader in proving the authenticity of data. 

Stepping into the future

The crypto landscape continues to change at a rapid rate, and the VIDT team has come to the conclusion that a reliance on the team to drive VIDT forward can actually limit growth. 

The technology that the company has developed over the past few years can be used by all kinds of companies to support a wide variety of use cases, including Web3. Therefore, VIDT has decided to become a DAO and allow anyone to store their data for an attractive fee in VIDT, which should ramp up usage of the technology.

A new DAO, smart contract, and token

VIDT is putting a Decentralised Autonomous Organisation (DAO) in place, which will hand over power to the community for all decisions relating to business, marketing, and technological developments.

In order to facilitate the DAO, a new smart contract will remove centralised privileges, a treasury will be available to fund innovations, the Snapshot platform will be utilised for all community proposals and voting, and the VIDT tech code will be open-sourced and available on GitHub allowing anyone to use it.

The new smart contract enables complete decentralisation, and cheaper transactions, and changes the circulating supply to 1 billion VIDT DAO tokens.

An Incubator Treasury is established, which will allow the community to fund new projects, new integrator launch programmes, and marketing campaigns. Funds for the Incubator Treasury are secured in a Gnosis safe using a multi-sig wallet for protection. 3 to 5 trusted members of the DAO Audit Committee, selected by the integrators, hold the keys to the wallet.

With these additional funds, there is sufficient budget for future (crypto) marketing, listing/deposit fees and liquidity providers. Furthermore a DAO controlled Incubator Treasury will support further community driven adoption of the VIDT technology; a major milestone in the ability to mainstream web3 validation solutions.

The platform Snapshot.org will be used for all VIDT community members who wish to make proposals and vote for them. The team believes that Snapshot is a future proof platform for this process.

VIDT swaps for VIDT DAO tokens

VIDT holders that want to swap to the new VIDT DAO token can do so at a 1 : 10 ratio. 

To swap, you can use the MetaMask plugin. Just visit https://swap.vidt-datalink.com and follow the instructions.

Make sure to check out the Twitter account of the VIDT DAO Awareness Team for all new developments.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.