Q: What can you do with the Token?
A: Owning the token gives the holder the right to submit proposals or suggestions that the community can vote on, vote on these proposals, and vote on which projects are selected for audit. As control is transitioned away from the Dev Team, the token will be used to govern all aspects of the DAO.
Q: Why would people want to buy it?
A: One of the primary goals for SCATDAO is to be a trusted source where people go to begin their research on the Cardano Ecosystem. Having a project audited and listed on the SCATDAO website will provide a lot of credibility and exposure for various dApps and projects and therefore be extremely desirable. This will create an incentive for developers to buy SCATDAO in order to propose and vote on the projects for audit. The average investor will also realize the positive exposure to projects being covered by SCATDAO and will want to have the projects they have invested in covered as well. They will need to buy and own AUDIT to be able to propose and vote for those as well. There will also be people who believe in the work we are doing and wish to buy the token to support the project and help keep the Cardano ecosystem safe.
Q: Does it solve a problem?
A: Yes, a big one. The conflict of interest of audit firms accepting compensation directly from the client they are auditing has always seemed like a ticking time bomb. Anyone that has been in the industry has had to deal with, “How am I going to explain this to my client.” We have seen Big 4 firms hiring the regulatory bodies that audit them, in order to try to go light on all of their other clients. It is a matter of time until the next Enron scenario plays out. It is not the Big 4 firms fault. At the end of the day, they have to keep the lights on. Instead, it is a flawed industry as a whole. At SCATDAO, we hope to change the conflict of interest and give audit recommendations based on merit without the worry of whether our client will rehire us. This is compounded by the current situation where there are hundreds of unknown companies performing smart contract audits without much history or reputation behind it. Someone could get an audit for their project, but if the company doing the audit is completely unknown, it doesn’t provide much assurance. We are finally realizing the benefits of decentralization, so continuing to rely on centralized services for audits meant to keep us safe no longer makes sense. A new model is needed and SCATDAO provides it.
Q: What if we need to make changes or improvements in the future?
A: Much like Cardano, SCATDAO will have governance built in to allow for changes and updates as required. Token holders can propose changes that can be voted on by the community and then implemented. The world is constantly changing and having organizations that can change with it is crucial for continued success.