Select the reporting reason

Created by

HPvCCF

4 months ago

replies: 6

Cloudbit DAO (ticker: CDAO): What Is Cloudbit DAO (CDAO)? Cloudbit DAO is a decentralized autonomous organization (DAO) which provides staking infrastructure for multiple blockchain networks. Cloudbit DAO is secured by a mix of decentralized governance, audited code and smart contracts. The Cloudbit protocol runs on Solana with help from smart contracts that process user deposits and distribute staking rewards, among other functions. Several third-party security firms have audited Cloudbit’s smart contracts in order to identify and address potential vulnerabilities. The platform’s native token is CDAO - which also serves as the governance token for Cloudbit DAO. Holders can participate in governance proposals and vote on key decisions such as board adjustments, new integrations and platform updates. CDAO holders have the right to determine the development and operation of the platform. Cloudbit currently supports staking on Solana blockchain (soon more) only with the recent sunsetting of Solana. Who Are the Founders of Cloudbit DAO? Cloudbit DAO’s original inventor is known under a pseudonym, Crypton Bytes. As of 2024, the true identity of the person — that is behind the alias remains unknown. What Makes Cloudbit DAO Unique? Cloudbit aims to make staking more accessible to a wider range of users by pooling staked SOL from multiple users, which negates the need for any technical expertise on behalf of users. Users can commit with any amount of CDAO to earn CDAO aswell. Overall, the Cloudbit DAO network is a robust and secure system that enables users to participate in governance and earn rewards while helping the network to stay secure. How Is the Cloudbit DAO Network Secured? Funds are secured within a smart contract, making them inaccessible to validators. Subsequently, CDAO token holders vote in the Cloudbit DAO to vet, select and onboard new node operators, and penalize existing ones slashed by chain rules. Max/Total supply is 555,000,000 CDAO.