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Frequently Asked Questions (FAQ)
Security and convenience. In recent times the crypto world has been shaken by news of high profile hacks. Ronin, an Ethereum sidechain, lost about $600 millions when their validators were compromised. Wormhole, a popular Ethereum to Solana bridge, was hacked for $326 million. Polygon nearly dodged a hack for almost a billion dollars thanks to the help of a white hacker who alerted of the vulnerability before it was exploited.
Ethereum with its long track record and sufficient decentralization is still the most secure smart contract blockchain. Arbitrum, an Ethereum layer 2, was considered as a potential candidate but it was dropped given that the platform is still under heavy development and it’s still fairly centralized as a result. Besides, not all the dapps required to build the DAO are yet available on Arbitrum.
Yes you can. You can donate ETH, any ERC20 token or even NFTs to the DAO (hubcitydao.eth) or to HubCity directly (hubcityafrica.eth). By donating crypto to the DAO the community members will decide the best way to use those assets to support HubCity. Donations sent directly to HubCity’s wallet will be managed by its C-suite to pay for operational expenses or support projects. Keep in mind that those two wallets only exist on the Ethereum blockchain and that by sending a direct donation you won’t get any governance tokens (HUB).
Not directly. Ethereum is the only network supported at the moment but it is still possible to send coins of other blockchains with the use of a bridge. For example, if you want to donate BTC you can make use of a bridge to obtain Wrapped BTC (WBTC) on Ethereum and send it as a donation to the DAO’s wallet (hubcitydao.eth) or HubCity’s wallet (hubcityafrica.eth) like any other token.
While the platform is being developed to allow for a truly autonomous DAO (phase 3) the three signers of the DAO’s multisig wallet will be David Barreto, Yawo E. Afande and Julien Carbonnell. Once the DAO evolves to phase 3 these signers will be removed and the wallet will be controlled by the HUB token holders.