FAQ

FAQ

Q: What is a DAO?
A: A DAO (pronounced “dow”) is a decentralized autonomous organization, which is a community-led entity with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited.
 
Ultimately, a DAO is governed entirely by its individual members who collectively make critical decisions about the future of the project, such as technical upgrades and treasury allocations.
 
Q: What is a cryptocurrency wallet?
A: Cryptocurrency wallets are software used to communicate with blockchain networks to safely access, send and receive crypto funds or assets. Simply put, the software stores your crypto just like traditional wallets store your cash and credit cards. The wallet does not actually hold physical items - instead, it holds unique digital passwords or “private keys” which allow you to transact on the blockchain.
 
Q: What is a smart contract?
A: A smart contract is code that runs “on top” of a blockchain that executes when particular conditions are met. Smart contracts can make decisions, distribute profits, and carry out other tasks.
 
Q: What are NFTs?
A: NFTs (Non-Fungible Tokens) are unique digital assets that are secured and contained on the blockchain. The blockchain verifies ownership, provenance, and transaction history.
 
Q: Who owns ElonDAO?
A: ElonDAO is following an “Exit To Community” strategy whereby the users of Twitter who are rewarded with $ELONDROP tokens get to vote on future governance of ElonDAO.
 
Q: How are we going to buy Twitter?
A: The power of unity and a collective goal is much stronger than any one man. Together, we can achieve anything. The ElonDAO treasury is reserved for community initiatives, and can be leveraged to acquire Twitter or build something even better. Please refer to our whitepaper for additional details.
 
Q: How do I claim my $ELONDROP?
A: Each Twitter user may claim their free $ELONDROP tokens by simply downloading the ElonDAO app and completing a tweet to claim function. By claiming your tokens, you are joining the revolution for decentralization and have a vote in the future of the platform.
 
Q: Can I still participate in ELONDROP if I don’t have a cryptocurrency wallet or own any cryptocurrency?
A: Yes. All that is required to claim free $ELONDROP tokens is a Twitter profile, downloading the ElonDAO app, and following the tweet to claim instructions.
 
Q: How are you going to prevent against bots?
A: To prevent against bots, only Twitter users that made their account made before May 1st are able to claim tokens. We have taken a snapshot of followers as of May 1st, and any major discrepancies will be investigated. Also, token allocation is based on tweet engagement rather than just follower count.