Schnoodle's story began when our founder, Jason Payne, also known within the community as Neo, realised that decentralised finance is the key to unlocking sustainable economies and enabling communities to grow and prosper together. However, Jason discovered a problem. The DeFi projects and DAOs on the market are not truly decentralised, and this needed to change.
At the time of launch in the summer of 2021, meme tokens were becoming increasingly popular, with some reaching incredible new heights never seen before in the world of crypto.
That’s when Jason came up with the idea of creating the world’s first truly decentralised, autonomous organisation using a meme backdrop to bootstrap initial adoption. After innovating the bleeding edge technology that created the foundations of our DAO today, Schnoodle Finance and our mascot Krypto were born!
Since the innovation started, it hasn’t stopped. With the release of update after update, our Moon Farming Platform and other disruptive technologies, Schnoodle quickly became the most advanced DAO project in existence.
Although it was great to be the only true DAO on the market, the Schnoodle core team soon realised that it's much more valuable to use our groundbreaking technology to help other DAOs reach their full potential.
This was when a new chapter began, and Schnoodle Finance was rebranded to what we're known as today, Schnoodle ĐAO. Being a meme token was never our true destiny, but it's a part of our story and is something that will always be remembered.
What is a DAO?
In the real world (IRL), most organisations are run by one or more people who make all the decisions based on what they think is best. But, best for whom? Them, or the people affected by the organisation. This could be a company, a charity, a bank, or even a political body. Yes, there are shareholders and citizens who can vote on changes. But usually, there is a degree of opacity, and no one truly knows how deep that runs. And that opacity could hide a policy that allows the organisation to take drastic action in circumstances the community don't know about. In crypto, we call this a rug pull. In traditional organisations, they exist but are hidden. We've seen this happen many times throughout history, such as banks freezing the accounts of its customers in a crisis, or the government taking the land of its citizens using some obscure law or hidden policy.
A DAO is a Decentralized Autonomous Organization. The clue is in the acronym. A DAO aims to solve the problem of traditional organisations by taking control away from a centralised group of people, and using decentralised technology such as blockchain to ensure full transparency in the form of code (smart contracts). But it also goes a step further by autonomising the way the organisation is run by using code that powers the governance processes.
The DAO Problem
The problem is that true DAOs do not exist, and most DAOs hijack this buzzword to promote themselves as as DAO. From an ecosystem perspective, they run on blockchain, and blockchains tend to run autonomously. However, from a business architecture perspective, they require manual fulfilment of governance through a centralised multisig group. That group must be trusted to be active. Where is the autonomy in that?
Code is Law
We believe a DAO must satisfy the DATA equation:
Decentralised + Autonomous = Trustless Architecture
This means that the architecture of the business logic must itself be decentralised and autonomous, not just the ecosystem that it runs on (e.g., the Ethereum blockchain). This defines the nature of a true DAO: trustlessness. That does not preclude the existence of a trusted centralised element. But it creates a parity between the trustless and the trusted where the code is law, and the trusted group are passive overseers, not executors.
But don't forget, the membership of the trusted group is effectively governed by the code of the DAO as the owners and executors are stored in code and can be changed in code. That means the entire DAO runs by its code. But when an exceptional situation arises (such as a 51% attack or a critical opportunity), the elected trusted group can take action.
Schnoodle aims to fully respect the DATA equation, and this is enshrined in its technical architecture, which is the first of its four pillars, which we call the Cornerstone of Schnoodle.
1 June 2022
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