In a landscape full of Decentralized Autonomous Organization (DAO) tools, Ink Funding ($QUILL) set out to develop a protocol that is easy to use, scalable, and flexible enough to meet the day-to-day governance and financial execution needs of small, loose organizations and large, professionally managed DAOs.
After two funding rounds this year, Ink Finance claims to have raised a total of $4 million from top crypto institutions. Capital helped the team complete the open beta version of the DAO financial toolkit. Ink Finance’s objective is to become the benchmark for the construction and operation of financial DAOs. Here’s an overview of the main features released in the beta and what the full INK web app will soon offer.
Ink Finance’s no-code experience beta for DAOs
Typically, blockchain-based DAOs need to invest heavily in infrastructure and development to implement a secure and reliable framework for delivering products and services on blockchains. Ink Finance says its web application will be the first tool to effectively close the loop between decision-making and on-chain financial execution by fully integrating organizational governance with on-chain financial execution. Instead of stacking multiple DAO tools together, the INK app can automatically run the results of critical decisions like treasure building or revenue audits.
The modded platform creates a no-code framework with which DAOs can easily configure governance, finance functions, products, and integrations. These modules make it easy for users to choose the features and functions they want and implement them in a plug-and-play manner. Not only will this make building a DAO easier, but it will make the framework flexible and scalable as users can configure new features and functions as they grow.
The open beta version does not have all the features that will be included in the full version, but it does include some of the most critical governance module components for building and operating a DAO, including proposals, voting, cash management and community inducement.
Users can create DAOs with voting settings, set up cash vaults and cash managers, manage payroll and one-time payments, verify income earnings, test identity verification protocols and the ability to operate on multiple blockchains.
This multi-channel functionality is another area where INK stands out. INK’s migration tools make it easy to move an entire operation to a new blockchain without having to redevelop new infrastructure. Users can also monitor liquidity generation across all blockchains and aggregate it into a master capital ledger. Likewise, they can consolidate all voting resolutions in the Master DAO. Essentially, INK allows DAOs to build their organization once and do business anywhere.
Since going live in July, the INK beta is already being tested by leading DAOs like Mirror World, Polytrade ($TRADE) and Solv Finance ($SOLV). INK has also been deployed on the Binance Smart Chain network, the world’s largest blockchain with over 13 million transactions per day, expanding the toolkit’s reach to DAOs around the world.
While some of the INK app’s most impressive features are already available for users to try out in the beta, the full version will add even more advanced features such as on-chain issued non-fungible tokens (NFTs) and other decentralized financial products and cross-chain financial governance. INK plans to gradually release additional modules and features over the coming months, with community management features planned for January 2023 and a fully integrated INK economy on all testnets deployed by February 2023.
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