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.
Disclaimer
I will note I leveraged all of this language from the Flickto whitepaper but it all applies. The information on this website is produced for educational and informational purposes only and is not intended to be used as a financial promotion. No information, data, or analysis presented are intended to form the basis of any investment decision. This website is not investment advice, solicitation of any kind nor an endorsement. Nothing in this website should be construed as an offer or inducement to engage in any form of investing activity. This website is not a prospectus, invitation, inducement, or proposal for investment, nor is it meant to be a sale or issuance of securities, interests, or assets. The information in this website is provided in good faith. Certain information set forth in this website includes forward-looking information regarding the future of the project, estimations, future events, projections, future plans and future developments. When presenting forward-looking information, such statements may be identified by, but not limited to speculative words and phrases such as “should”, “will”, “anticipate”, “expect”, “believe to”, ”expect”, “hope”, “plan” or words of similar intent and/or meaning. Forward-looking statements may also be included in any other publicly available Smart Contract Audit Token DAO LLC ( hereon known as SCATDAO) materials such as blog posts, interviews, social media posts, the SCATDAO.com website or any other location. SCATDAO expressly disclaims any and all responsibility, and Recipients expressly waive all claim for any direct or indirect loss or damages of any kind (whether foreseeable or not) arising directly or indirectly from (i) reliance on any information contained in this document or any information made available in connection with any further inquiries, (ii) any error, or inaccuracy in this website, (iii) any action resulting therefrom or (iv) usage or acquisition of products. The SCATDAO project token (AUDIT), are governance tokens and are only to enable token holders to undertake actions within the SCATDAO platform.
The SCATDAO project token (AUDIT) is not a currency and should not be considered one by holders. The SCATDAO project token (AUDIT) must not be held or earned as a reward by any individual resident and/or citizen of a country in which holding such tokens is illegal and/or in countries that consider such tokens securities. It is the readers responsibility to know the laws relevant to their legal jurisdiction and ensure they are compliant at all times. There are no guarantees that the SCATDAO project and/or platform will succeed financially. There is no inherent monetary value associated with the SCATDAO project token (AUDIT). If the SCATDAO project token (AUDIT) is subsequently listed on a centralized or decentralized exchange, then there is no guarantee that the SCATDAO project token (AUDIT) will rise in value nor have any value at all. This disclaimer applies notwithstanding any default, lack of care or negligence. SCATDAO reserves the right to amend, alter, or correct this document at any time without warning or incurring any duty or liability to any receiver. This website does not attach SCATDAO nor does it express any rights, obligations, conditions, performance, covenants, promises, or warranties on behalf of SCATDAO to the recipient, nor does it establish any relationship between SCATDAO and any Recipient or other party. The SCATDAO project reserves the right to require all platform participants submit verifiable identity and residence documentation at any time in order for the SCATDAO project to comply with Know Your Customer and Anti Money laundering responsibilities. This includes validation of identity & residence documentation with an authorized third party supplier, as well as ongoing monitoring.
The SCATDAO project is owned and operated in full by Smart Contract Audit Token DAO LLC, Registered in Wyoming under company number 2021-001033249. Registered office in: 30 N Gould St STE R, Sheridan, WY 82801 USA. Smart Contract Audit Token DAO LLC can be reached at any time by emailing [email protected].