This year, the Harmony Foundation is set to kickstart multiple decentralized autonomous organizations (DAOs). These DAOs are fully owned by the community and will be responsible for managing up to $10m ONEs to drive decentralized governance and growth of Harmony’s network, product, marketing and more.
So far, the Harmony Foundation has announced the first two DAOs for validators and community. The Validator DAO, with its initial counsel soon to be elected, will support the growth of Harmony’s network and the Community DAO, soon to be kicked off formally, will drive community onboarding and engagement.
Going forward, the Harmony Foundation will kickstart DAOs focused on decentralized and community-driven marketing campaigns, events, product incubation, regional engagements.
The Harmony Foundation’s main role is to kickstart these DAOs and propose mandates for each. After the initial kickoff, each DAO will need to define its own work with the active participation of the community and ensure their own long-term utility to their communities and financial sustainability.
The Validator DAO has access to staking rewards and the Community DAO earns revenue from the crazy.one domain NFT and ONE name (Harmony Name Service). The Community DAO may also play the role of being a meta-DAO where the community works closely with the Harmony Foundation to propose future DAOs to create.
DAOs are the natural evolution of Harmony’s path toward ever greater decentralization. This year, the Harmony Foundation has already given up control, defined as 67% in PBFT consensus, of the network to allow external validators 40% voting power with the aim towards giving up all voting power this year.
Harmony team and community has launched Gnosis Safe multi-sig and Snapshot governance voting for validators, HRC20 holders, and soon native ONE holders. The Harmony community already actively discusses proposals in its forum. Soon, other parts of the ecosystem, including bridges and explorers, will be run by external participants.
With Snapshot set up to enable HRC20 tokens, any application built on top of Harmony will also have the necessary tools for self governance. Already three community applications (Viper, Mochi, Openswap) have set up their own governance and we expect many more dApp communities to come.
In the coming months, we look to build upon the best ideas from other pioneering communities including Maker, Synthetix, and Syndicate to transition more of Harmony’s operations to community run DAOs.
These DAOs will greatly scale and even improve the quality of execution by more accurately targeting issues. By decentralizing we can increase the amount of deliberation and speed up the execution of product launches, community marketing campaigns and events, and grants and resource allocation by reducing the range of issues the central organization has to handle.
While this is only Day ONE for DAOs within the broader Harmony community, we see the potential for the entire project to be operated by a network of independent yet coordinated decentralized autonomous organizations. Onward to our decentralized future.
Interoperability with On-Chain Bridges and Wallets
This is an extended transcript of Harmony’s talks at Ethereal Summit and at ex-Googler TGI in Q2 2021.
Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony developers can use Ethereum tooling such as Solidity and Ether.js. Users can also seamlessly swap Harmony and Ethereum assets. Harmony is able to achieve 2-second finality for fast transactions and is able to support 1000 delegating stakers for secure shards. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.