Revitalizing Kusama: The DAO Hub

Summary

The Virto DAO is building the most advanced and easiest to use DAO infrastructure, we aim to offer the simplest ramp for any team and organization coming to the ecosystem to get their business/communities started and ready to scale.

Why?

Modern organizations require modern infrastructure to operate effectively in today's digital world. Virto's DAO system provides this by offering tools for shared decision-making, clear record-keeping, and easy access to global financial services. This blockchain-based system helps groups make choices together, automate tasks, and use different types of money. It allows organizations to work better in a world that is becoming more connected and less centralized.

Demo

What to expect?

Our focus for Q3 is to offer a polished end-user experience for members of DAOs to easily manage and participated in their organizations without the need for wallets or fees thanks to the abstractions built on the Kreivo parachain.

Call to action for Kusama and Polkadot

We’re running a MVP program with on/off ramps providers in the Americas region to empower our organizations with digital debit cards to manage their expenses online and on/off ramps from KSM/DOT to USD in US and Colombian Pesos to pay salaries or perform deals with tranditional entities in the Region.

If you’re interested please apply to the program here: https://apply.virto.network/

The Virto Stack

Going forward we plan to evolve the experience we provide, putting together the tools we've built over the years into a unified solution: The Virto Operating System for autonomous organizations.

Virto FAQ

How does Virto keep track of its expenses?

All treasury funds are kept on-chain using KSM, ensuring full transparency. This approach allows stakeholders to easily verify expenditures and maintains a clear, immutable record of all financial activities.

What defines productivity for the Virto team?

Productivity is measured by the strategic value provided to the Kusama ecosystem, rather than just the quantity of tools produced. This focuses on creating specialized tools that address critical needs within the network.

How much funding has Virto raised from the treasury?

Approximately $671,754 USD has been raised, with about $350,000 USD effectively available over 3 years due to market volatility, limited DEX liquidity, and tax obligations. This averages to roughly $120,000 USD annually for a team of 6-10 members.

How does Virto ensure accountability within its decentralized structure?

While maintaining flexibility for innovation, Virto is open to adopting clear milestones and deliverables. The team welcomes suggestions for improving accountability while balancing the needs of a decentralized project.

Is the funding request by Virto too ambitious?

The funding request reflects the project's scope and ambition. It's designed to ensure continued significant contributions to the Kusama ecosystem, with potential long-term benefits justifying the current funding levels.

How to increase payments pallet adoption?

Virto is working on improving usability and maintenance of the payments pallet. Broader adoption is expected as the ecosystem evolves and the need for such tools becomes more apparent.

Should the Virto team take on more economic risk?

The team has already taken considerable economic risk, including opportunity costs and personal resources. However, they're open to exploring hybrid models that balance community funding with self-sustainability.

Are documentation and usability issues hindering the effectiveness of Virto's tools?

Efforts are being made to improve documentation and usability, with some intentional delays to ensure API stability. The team acknowledges these areas as crucial for broader adoption.

How does Virto measure the success of its outputs?

Success is measured by the potential of tools and projects to shape the future of the Kusama ecosystem, not just by immediate usage. This considers the long-term impact of innovations that may be ahead of their time.

Is the current development structure of Virto effective for delivering meaningful results?

The decentralized, flexible approach allows for innovation and adaptability. While open to adjustments, the team believes this structure is conducive to producing high-quality results in a rapidly evolving ecosystem.

Could a bounty system or self-funding model improve the project's outcomes?

A bounty system could align incentives with measurable results, but must be implemented carefully. The team is exploring various models to ensure alignment with Kusama's goals while maintaining innovation flexibility.

Why hasn't Virto developed a self-funded model for Kreivo's development?

Developing a self-funded model is complex in the evolving Web3 space. The Kreivo protocol is designed for self-sustainability(see linked post) and the Virto DAO is exploring ways to further monetize the underlying infrastructure.

How does Virto plan to ensure the long-term maintenance of its projects?

Plans are in place to gradually transition projects to more sustainable models, potentially involving collaborations with other ecosystem participants or through community-driven maintenance efforts. e.g. we have members in the Core Polkadot Fellowship and the Polkadot Tooling Collective that could fund parts of our stack in the future.

What steps is the Virto team taking to improve the usability of its tools?

The team is actively enhancing user experience by refining interfaces, improving documentation, and incorporating community feedback. Usability improvements are an ongoing priority to make tools more accessible to a broader audience.

Why should the community continue to support Virto?

Supporting Virto is an investment in Kusama's mid-to-long-term success. The team is committed to learning from past experiences and improving to ensure future deliverables have a broader impact.

What value does Virto provide to the Kusama ecosystem that justifies continued funding?

Virto provides critical infrastructure and tools supporting the growth and development of the Kusama ecosystem and its organizations. These contributions are essential for the long-term health and expansion of the network.

How does Virto prioritize its development goals to align with the community's needs?

Development goals are prioritized based on community feedback, strategic needs of the Kusama ecosystem, and the potential impact of each project.

Is the decentralized approach to Virto's development limiting its effectiveness?

While a decentralized approach presents challenges, it offers advantages in innovation and adaptability. The team believes this approach suits the Web3 space's demands but is open to introducing more structured elements if beneficial.

What safeguards are in place to ensure that Virto's funding is used efficiently?

Regular updates, community reviews, and detailed reporting on fund usage help ensure efficient resource use. The team is exploring ways to implement more robust accountability measures aligned with the project's decentralized nature.

How does Virto plan to increase the adoption of its tools and projects?

Increasing adoption is a top priority, involving improving usability and documentation, active promotion within the community, collaboration with other projects, educational initiatives, and targeted outreach to demonstrate the value of Virto's contributions.