SubDAO
A busy day today restricted my time for exploring new blockchain projects and catching up with developments on ones I already support, but I did still manage to find a little time to take a look at another candidate for some of my DOT in the Polkadot parachain auctions.
I realised at the weekend that I’ve already backed a couple of projects in the DeFi space and was about to put some DOT behind another one, which caused me to pause and re-assess. For one thing, there’s more to the blockchain than DeFi projects (not that there’s anything wrong with them) and I really don’t want to go putting all my eggs in one basket.
I’ve also been trying to adhere to an approach that looks for projects that further improve the basic internal wiring of the blockchain. If you like, projects that make the blockchain better. This is good for this brave new world and it’s also likely, in my opinion, to lead to me backing a greater number of winners since successful projects of this sort, once they get established, can end up being very widely used and hard for competitors to shift. On the other hand, DeFi projects come along very frequently and competition is already significant.
One project that fits my criteria for improving the internal wiring is SubDAO, a DAO infrastructure based on Polkadot that allows any decentralized organization to create and manage a DAO. In simple terms, a Decentralised Autonomous Organisation is an organisation with a defined set of rules, that are set out by its members, that are contained within a smart contract. These rules are implemented automatically and so help keep a network safe without the need for human intervention. They might, for example, be used to automatically distribute funds to a new project once approval has been granted by the community.
SubDAO not only provides a service with real utility, it also has an active community, solid backing and a clear roadmap. With all boxes ticked, I have now committed some of my precious DOT to this project in the parachain auctions and wait to see if they end up winning one of those coveted slots.
Cosmos Ecosystem
If you’ve read some of my previous posts in this series, you will know I am also a fan of the Cosmos ecosystem, so much so that today I started looking for further projects to back there (Juno, perhaps). I also made the decision to commit more funds to Osmosis and Sentinel, which I will do in stages over the next couple of weeks to reduce the chances of buying at a peak price.
Until tomorrow…
Renaissance Man
Why this Diary?
I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.
The Usual Disclaimer
Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.
