KlayCity LandLord DAO (Governance)
Decentralization and giving control to our users over the KlayCity platform has been the main vision for our team since day one.
With the launch of the KlayCity EARN feature, our next major update will be the KlayCity governance portal.
Finally, users can share their input and the community can vote on the future direction of the project along with adjustments to existing elements.
Here is a brief preview of our governance structure:
Governance Council
The KlayCity Governance consists of a Governance Council, that is voted upon by users. The council is tasked with reviewing community proposals and deciding which proposals deserve a full community vote.
The Council consists of 12 members voted upon by the community, and receive participation rewards for managing proposals, along with a small salary from the Governance Treasury (Amount can be set by Governance)
To apply to be one of the Council members costs 1,000 $ORBs for which will be transfered to Governance Treasury Pool.
Land NFT owners will be able to vote for 1 user to become a council member, and the vote can only be changed once every season, If users are not happy with their vote, users can also pay $ORB tokens in order to change their vote early.
Users will be able to view in real time the total vote rankings, and the top 12 users with the most votes every season will be given Council powers within the governance system.
Since users get only one vote per land, users will be able to view detailed information about the candidates including the lands that they own, how long they have owned and the land, along with the countries they represent.
Stage 1 (Council Review):
All users holding at least 100 $ORB tokens will be able to submit a proposal.
In order to negate aggressive spam, there will be a small cost (100 $ORB) in order to submit a proposal.
Once a proposal has been submitted:
During the council review stage, council members will be able to vote on whether a proposal will proceed onto the next stage. Initially we have set a requirement for 7 out of 12 council members to approve a proposal in order to proceed to the next step (This can also be adjusted through governance!)
Council members will be able to review different proposals and if 7 of them have approved a proposal, it will proceed to the next stage
Stage 2 Community Vote:
Once a proposal has been approved by 7 out of 12 council members, it will enter the community vote stage.
The community vote stage lasts for 7 days , and users will be able to vote by locking $ORB tokens for 7 days.
Users will receive interest (fixed APY) while their $ORB tokens are staked.
Users can also view the current status of votes, along with each users votes.
If a proposal reaches a 51% threshold, (Minimum 1 Million $ORB voted), it will move onto the final stage
Stage 3 Team Review
The core team will review all proposals in this stage. The purpose is for the team to review the feasibility of the proposal, along with providing a in depth analysis, along with schedule / timeline for when the proposal can be incorporated into the system. The team will also be able to discuss with the community through message board, on the exact parameters of the proposal.
Finally the team reserves veto powers at this stage for proposals that are completely unrealistic but we will do our best to accommodate all proposals.
The LandLord DAO Governance is our first step into handing over the future of KlayCity to the community and users, and give the community power over management of the governance treasury as well.
Our Governance system is currently under development and the exact release date will be TBA (Estimated Q2~Q3 2022)
The above screenshots are from an early version, and the final governance layout / UI may be different.
