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NetaDøcs

NetaDAO FAQs

What is a DAO?

From Cointelegraph:

A decentralized autonomous organization (DAO) is an entity with no central leadership. Decisions get made from the bottom-up, governed by a community organized around a specific set of rules enforced on a blockchain.

DAOs are internet-native organizations collectively owned and managed by their members. They have built-in treasuries that are only accessible with the approval of their members. Decisions are made via proposals the group votes on during a specified period.

What is NETA?

From the NETA Blackpaper:

NETA is money on the Juno Network. It‘s sole purpose is to function as a scarce decentralized store of value asset for the Juno ecosystem and inter-chain Cosmos at large.

Claimable for free by thousands of Juno delegates at inception. Never a seed sale, private sale or public sale. Verifiable zero NETA is held in reserve by any third party ie. developers, teams, founders or companies. The Juno community owns all NETA in existence.

What is Neta DAO?

Neta DAO is a combination of these definitions: a collective of Juno supporters organizing to accelerate the development and adoption of Juno Network and the Cosmos ecosystem at large. Additional details and context surrounding the establishment of the DAO’s purpose can be found in early meeting notes and in a focused statement released May 25, 2022.

Is this the NETA DAO?

Yes and no. Due to NETA’s distribution structure, there can be more than one DAO forming around the token. However, this DAO was formed and built by active members of the Community Discord over a period of several months. For the sake of linguistic clarity and due to being the first movers, our efforts will be referred to as “Neta DAO” on this site, throughout our social media pages, and elsewhere.

Who are the devs behind NETA? Behind Neta DAO?

NETA (token) was created and distributed by Core-1, the Core Development Team of Juno Network. After Neta’s genesis claim window closed on March 1, 2022, all operations surrounding Neta are in the hands of the community: Neta holders. Core-1 is not involved with Neta beyond its initial creation and distribution.

Many individuals have contributed to the development of Neta DAO both directly and indirectly. Several active individuals have collaborated on a formal statement of the DAO’s purpose, but this should not be taken as an exhaustive list of contributors. DAO contribution is open to everyone.

Who should I watch on social media? Which accounts are active?

The following pages are associated with NETA DAO:

@NetaMoney, neta.money, and the NETA Community Discord were created by Core-1 - Neta DAO does not have control over these. Neither the Twitter page nor the website are likely to continue to be updated.

The /r/NetaMoney subreddit was created by an active member of the community and is not explicitly associated with any one party.

This is confusing.

We understand, such is the nature of decentralized technology. Per Core-1:

Neta the underlying asset is not a project. The community runs all operations. Community fully owns all Neta and makes all decisions in regards to potential future DAO aspirations.

In short:

  • Neta is an underlying asset that can be acted upon by anyone - no entity controls Neta
  • By structure, Neta does not have developers, only individuals building around it
  • Neta DAO is the first focused initiative of contributors seeking to perform governance action exclusive to $NETA as an asset
  • Anyone can contribute to Neta DAO

Where can I obtain NETA?

NETA can currently be obtained on Wynd, Hopers, and Osmosis Frontier. It is not available on any centralized exchange.

Why use Neta as a store of value when Bitcoin exists?

Bitcoin may act as a store of value for some, but due to its prominence and presence in all ecosystems, it is subject to many macro and microeconomic factors. As a Juno token in the Cosmos ecosystem, Neta is much more localized and can potentially be resistant to these events. As one example, there may be situation where Bitcoin suffers a considerable drop in price but Neta does not because of its insulation from broader market conditions.

I’ve heard word of a $JUP airdrop for $NETA holders - is this happening?

$JUP (Jupiter) was a draft of a potential secondary coin from the initial Community Accelerator Commonwealth post. This was not a set-in-stone proposal but instead a starting point for discussion on governance tokens. It is not likely to happen unless future tokenomics determine that Neta DAO operations require another token and it cannot survive without it. In short, don’t count on it.

Why is the staking period 91 days? Why are there no staking rewards?

For a token to act as a store of value, individuals must be willing to commit to holding it. A 91 day period signals not only to others in Neta DAO that stakers hold conviction, but shows other builders in Juno Network or in the Cosmos ecosystem that these are people who believe in its future and are willing to potentially face unrealized losses in the short-term.

With current business legislation as it is, it is not feasible to operate a DAO that distributes revenue to stakers potentially all over the world without invasive KYC procedures and complicated taxation issues. The DAO is being structured to avoid or minimize these issues as much as possible, at least until the legal and regulatory environment for DAOs becomes clearer. $NETA is not inflationary - holders can stake if they wish to participate in DAO governance and are free to enter a yield-incentivized liquidity pool available on Wynd. For more information regarding staking and governance structure, please see the launch briefing.

So what’s the use case?

A localized store of value on Juno for the network’s ecosystem and the greater Cosmos ecosystem.

How can I contribute?

Thank you for asking! Here are some ways you can contribute to Neta DAO:

  • Get involved in Commonwealth discussion
  • Attend weekly meetings and share your perspective (every Saturday at 11:00 UTC in our Discord)
  • Browse our Dework to help with existing tasks or create your own task proposal
  • Post your creative ideas in our Discord or jump in to help someone else
  • Create promotional material (graphics, video, writing, etc)
  • Reach out to other communities or DAOs you are involved with and see if there is a fit to collaborate
  • Share Neta on social media, where it came from, where you want it to go

If you disagree with the mission statement or progression of Neta DAO, that’s OK too - start your own DAO! The great thing about Neta is that it’s entirely community-owned and permissionless. All creative efforts are welcome in securing Neta as a store of value whether they’re with this DAO or another. Let’s build!