FormulaDAO is a community formed by motorsport fans who want to create a real motorsport team and see it racing on the track. Fans will not just be a ‘fan’ cheering for his idol, but will get the opportunity to be an important piece of the puzzle in the team. Explaining this to a toddler, Decentralized Autonomous Organization or in short DAO, are organizations who are ran by those who hold rights of governance of the project. However, everyone can hold these rights (it is not that expensive and amount cannot exceed a certain sum in order to avoid whale’s instability) and can govern team’s decision by voting with their acquired powers. In our case, FormulaDAO will be completely managed by the community: you will be the real owner of the team along other bunch of people with your same passion.
Our ultimate goal is to line up a team in Formula 1. We do know it is a tough objective but we will get there gradually along the community. After harvesting the project, we will start with GT series, minor open wheelers championships and so on. Our community will decide what series we will be racing based on costs and profits.
Community will decide everything about the team from A to Z: pilots picking, car choice (brand, livery, stickering, etc), championship registrations, suggested partnerships, motorhome and much more. For the sake of the project a ChiefDAO and an operational leadership will be appointed but only for making sure that the DAO runs safely (under certain aspects such as legal, sporting and operations) allowing the community to exercise their power flawlessly and without hindrance.
FormulaDAO wants to be the new ownership paradigm in the motorsport industry. Building up a team in a such sport that requires a lot of contacts and tons of liquidity is not easy at all. However if we all contribute to the cause it just gets easier. If you talk to somebody who is not keen on motorsport or racing overall it’s difficult to convey your passions and your emotions to them. On the contrary if you talk with somebody who shares your same passion then you’ll easily be on the same page. That’s what we want to do first: creating a motorsport community. Doesn’t matter if you like GT series and dislike NASCAR or if you like NASCAR and dislike Le Mans or whatever you love and hate, we just embrace them all. Our knowledge and unconditional love goes to all kind of four-wheels racing and we do accept every motorsport enthusiast, even those who are approaching the sport as beginners.
Since ages the motorsport has always been perceived as a rich hobby: even the purest talent has to pay to drive in the minor series to get a chance to compete in Formula 1. We want to change this conception. Setting up a DAO means that all those who contribute to the cause are an active part of the team’s ownership and may use their vote to express their opinion. It’s like holding a large piece of a share of a listed company. If you want to know what is a DAO, you can find below the Wikipedia’s article about that which explains it quite clearly.
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government, in other words they are member-owned communities without centralized leadership. A DAO's financial transaction record and program rules are maintained on a blockchain.
DAO governance is coordinated using tokens or NFTs that grant voting powers. Admission to a DAO is limited to people who have a confirmed ownership of these governance tokens in a cryptocurrency wallet, and membership may be exchanged. Governance is conducted through a series of proposals that members vote on through the blockchain, and the possession of more governance tokens often translates to greater voting power. Contributions from members towards the organizational goals of a DAO can sometimes be tracked and internally compensated. Inactive holders of governance tokens can be a major obstacle for DAO governance, which has led to implementations of allowing voting power to be delegated to other parties.
A ChiefDAO and a short operational team will be appointed in the project to assure that certain parameters are maintained within the legal requirements and to allow the organization to grow on an operational side.
The community will be able to operate the organization via governance tools. FormulaDAO is planning to release NFT privileges card during this year. You can find the roadmap on our website. But let’s get straight to the most interesting points.
Being a Decentralized Autonomous Organization means that the team is a member-owned community without centralized leadership. ChiefDAO and its team will not have the leadership but its purpose is to execute what the community decides. Governance tools will give the possibility to the community put in place their decision via the most democratic process: majority of votes. FormulaDAO will let its members know how they can get governance tools in the next stages.
If you want to know more about FormulaDAO visit our website at formuladao.club and follow us on Twitter!
https://twitter.com/Formula_DAO
Don’t forget to join our Discord community too!