If you’ve been paying attention to the cryptosphere lately, odds are you’ve come across Dora Factory — a platform that promises to reshape the future of the open-source development industry.
Open source projects are responsible for a huge amount of innovation and have led to the creation of products that many of us use daily — think Mozilla Firefox, VLC Media Player, and Linux. But until only recently, there hasn’t been a way to easily incentivize open-source developers and organize their efforts, but that’s set to change.
Dora Factory represents a new way to organize open source development in an incentivized, collaborative format powered by the DORAYAKI (DORA) token. It’s backed by the absolutely massive DoraHacks developer community, formed of a 300,000+ strong army of hackers worldwide, and could be set to FOLD crypto into the staggering $20 billion open-source services industry.
If you’re not yet excited about Dora Factory, we’ll break down why you should be.
So What is Dora Factory Exactly?
Dora Factory enables open-source developer teams to organize as a decentralized autonomous organization (DAO) through its DAO-as-a-Service solution, which provides communities with the tools and resources needed to thrive.
Freshly baked Dorayaki, courtesy of Dora Factory. (Image: Dora Factory)
Open Source developments are made for the good of the community. But if you can earn while contributing to the greater good, it’s a win-win for everyone — right? This is exactly what Dora Factory promises with its range of tools that make raising funds an incredibly simple task — including its powerful bonding curve module, which allows DAOs to easily run their own token sales to fund their developments using bonding curve mechanics.
This is just one of the modules Dora Factory offers DAOs, there’s a wide range of others that can be used for marketing, governance, dispute resolution, and more. Not to mention the potentially diverse array of community-developed pallets (more on this later!)
“Dora Factory provides a playground where DAOs can be easily created and equipped with cool pallets that serve their crucial needs for governance, fundraise, collaboration, administration, and more,” said Dora Factory architect Derek Zhang in a recent release.
Dora Factory envisions a future where every open source community is represented by a DAO, and has the tools and capabilities to not only accelerate its own development, but also properly incentivize and mobilize those involved in the process.
Moving With Purpose
To say things are moving fast at Dora Factory would be an understatement. Since it was announced by DoraHacks earlier this year, it has seen staggering growth, with literally tens of thousands of users registering to buy DORA in its pre-launch sales.
To manage the absolutely massive demand for the token, DORA Factory has opted to conduct its public sale across several of the most popular token launchpads, including DuckSTARTER, Bounce, Balancer, WeStarter, and Gate.io.
Dora Factory forged a strategic partnership with crypto incubator DuckDAO (Image: DuckDAO)
The WeStarter sale finished in an incredible 63 seconds, the gate.io sale was oversubscribed by a whopping 36,798%, and the DuckSTARTER IDO saw one of the biggest draws ever. This also attracted the attention of OKEx, one of the largest cryptocurrency exchanges by trading volume, which listed DORA against Tether (USDT) and launched a $375,000 trading competition for it.
This speaks volumes for the demand of the token, and its long-term potential.
It’s no surprise that the DORA token is the subject of such intense FOMO. After all, it lies at the very heart of what makes Dora Factory such a powerful platform for projects, firms, and organizations of practically any size.
Want to launch a DAO using Dora Factory? You’ll need DORA. Want to use premium pallets designed by the community…. Prepare to burn some DORA. Want to participate in governance or pay for transactions? Yep, you guessed it. You’ll need DORA!
DORA is the fuel that keeps DAOs alive and helps to incentivize participation from both DAO members and the wider community through a variety of built-in reward mechanisms. It’s also got some pretty gnarly incentives in place for validators, pallet developers, and venture builders.
According to the official Dora Factory whitepaper, validators are rewarded from inflation as well as tax collected from DAOs, whereas non-validator DORA stakers are rewarded by network tax. Pallet developers, on the other hand, generate passive income when their pallets are used.
With the overall number of open source developers currently estimated at ~14 million, most of which are either uncompensated or barely compensated for their work. Dora Factory looks poised to usher in a new era of open source development — one in which the community are properly rewarded for their efforts.
Dora Factory will also be incentivizing the first wave of pallet developers using through a quadratic funding grant on HackerLink.
“Currently, HackerLink is hosting BINANCE Smart Chain’s first quadratic funding grant of $50,000. More than 60 new projects have already submitted applications for the program in less than 10 days since the grant was announced”
Future Tech, Today.
Dora Factory is set to launch as a Polkadot parachain. (Image: Dora Factory)
As a platform designed to empower open source communities and developers, Dora Factory is set to lean on one of the latest blockchain innovations.
We’re talking about Substrate — the same technology that powers the massively popular Polkadot platform. Dora Factory will launch as its own parachain on Polkadot, ensuring DAOs have access to not only the full capabilities of Polkadot, but can also interact with other blockchains.
But that's just the beginning. Although Dora Factory is targeting open source communities, to begin with, its technology can be applied to practically any business structure — whether that be non-profit organizations, NGOs, and even corporations. Just imagine the fees generated by the network if just one major open source project begins using Dora Factory and community pallets.
Now if we scale this up, considering there are 180,000+ open-source developments ongoing, well over a million corporations, and 300 million companies, it becomes clear just how in-demand the DORA token could be.
All big things have small beginnings, but Dora Factory really takes the cake here. Despite its staggering potential, it will launch with a tiny market capitalization, giving it all the room needed to reach its fit in the market.
Given that it’s backed DoraHacks and some of the biggest names in the crypto investment space, including LongHash Ventures, NGC Ventures, HashKey, and the massively popular DuckDAO incubator. It’s quite clear that Dora Factory isn’t one to sleep on.
Check out: https://dorafactory.org/
