Stepping Closer to Decentralization
Back in April 2022, we shared a document titled the “Road to Decentralization” which outlined our long term commitment to progressing to a more decentralized style of community management. Decentralization is not something that happens with the flick of a switch, but is a continually evolving process. With the upcoming community led release of the GOANNA token this provides an opportunity to reflect on our journey to increasing decentralization.
As one of the first NFT communities on Algorand to take a pro-active approach to decentralization we felt a responsibility to set the standard and create a framework that other NFT projects could follow. The first and most important step was creating the correct professional legal structure under which the Goanna DAO could operate. This involved us working with an experienced crypto specialist legal team who guided us in the formation of the Goanna Foundation and Goanna Inc entities. This in itself required a substantial financial investment by the DAO but provides a robust foundation that will continue to add significant value over the long term.
Following the Mutant v Zombie release in accordance with an earlier pledge, The Goanna Project made a significant donation, providing the seed funding for the community treasury. The treasury itself is protected through measures enshrined in the Foundation constitution which details its specific use.
Over the past year under the stewardship of the Goanna Council this treasury has grown to now be worth approx 300,000 Algos. During this time, the capital has primarily been used to provide holders with unparalleled utility, through the NFT lending program. With the release of the Goanna token this lending program will be expanded and it is exciting to see the MvZ collection being included.
The Goanna council has undergone several iterations with the current councilors being the second cohort. These individuals are NFT holders that have been elected by the community to oversee the management of the treasury and drive community focused initiatives.
Despite the release of the token, the NFTs will continue to be required for any community votes. The token therefore is to be considered strictly a utility token and conveys holders no rights in regards the governance or ownership of either the Goanna Foundation or Goanna Project.
The token, from concept through to execution, has been led by the current Goanna council team, under the stewardship of Johnny.algo. Having had the privilege to work alongside this group, I remain inspired by the commitment they have shown to best represent their fellow holders and long term approach to progressing the Goanna Foundation. I would like to take the opportunity to acknowledge the council’s efforts in releasing the token and thank them for the continued support they offer The Goanna Project.
While many crypto tokens are driven more by memes than rational thought, the council has taken the tokens development very seriously to ensure it truly is a utility token. This involved the inclusion of the broader community in numerous discussions as part of a truly open and transparent approach. Full details on the tokenomics are available in the whitepaper that the council has shared publicly both with current holders and the wider NFT community. I would encourage anyone interested in learning more about the token to take the time to read and understand how the token works and what the intended purpose is. It is worth noting, that only a small percentage of the token supply is being made available during the launch and that the tokens role will be to function as a loyalty token for interacting with the affiliated platforms and services of the Goanna community.
As we look ahead, we will continue to support further decentralization and work with both the council and broader community to help facilitate this. Over the next few months we will be integrating on-chain voting as part of this commitment.
Benji x
