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aelf DAO Management System Draft officially released

The aelf foundation has released the aelf DAO Management System Draft within the saelf governed community on April 17, 2020. A new decentralized autonomous organization (DAO) will be established to stimulate community initiative and empower community members. Members of the ‘saelf governed community’ can provide feedback and involve in decision-making related to this draft and apply to join the aelf DAO Management Committee in the near future.

What is the DAO?

The DAO is an organization that is controlled entirely by community participants and is not affected by any centralized organization or individual. The underlying code is written as transparent open-source to ensure decision-making and the execution of specific affairs in smart contracts is free from bias or manipulation. In short, the DAO is an organization dominated by pre-agreed rules that are independent of all participants and stakeholders, rather than by subjective will. Any DAO member can initiate a proposal and vote. When the proposal receives a certain level of support, the DAO will automatically implement the proposal, forming a community-driven organization and governance model.

About the aelf DAO Management Committee

The aelf foundation has proposed the establishment of the aelf DAO management Committee, which will be responsible for all aelf DAO affairs. Members who Join/Exit the Committee are required to initiate a Parliament model proposal, which is voted on by the production nodes (all production nodes are elected by the community users) .

Learn about aelf DAO Management System Draft

The Committee will establish the aelf DAO governance model around grants and bounty projects. A grant project is any blockchain project initiated by community developers based on the aelf chain. Through the aelf DAO, the Committee can provide financial and resource support to aid project development. A bounty project is a blockchain project initiated by the Committee for the specific development needs of aelf. Community users can get rewards by participating in these projects.

In order to support the development of grant projects and bounty projects, aelf will set up a DAO fund pool, and the aelf foundation will contribute 25% of their ELF funds to the fund pool. In parallel with aelf’s development, the foundation will continue to invite investors to participate in the aelf DAO governance, and any investor funds injected will go directly into the fund pool. For grant projects, when community users’ proposals are voted into the scheme, the pool will finance them in accordance with the budget contained in each proposal. With regard to the bounty project, when the proposal is voted into the scheme, it will be distributed according to the budget in the proposal and according to the contribution of each participating community user.

The proposal for a project application grant or bounty project release requires two rounds of voting, first by the aelf DAO Management Committee and then by the production nodes. The aelf DAO Management Committee and the production nodes will check the proposal development details, project delivery, and financial support to ensure that the proposal can be completed according to the established plan. In addition, before the proposal is launched in the aelf DAO, it may be pre-approved through a referendum, and any community users who have VOTE tokens can participate in the pre-approval.

When a grant or bounty project generates profit, the project proposal’s initiator or participants will share them with the fund pool in accordance with the established profit distribution rules, and the fund pool’s profit portion will continue to be used to support the implementation of new project proposals in the future. At the same time, all DAO Management Committee Members may receive an annual 5% profit sharing of the fund pool. If aelf DAO Management Committee Members would like to suggest other profit distribution models, they can initiate a proposal.

The aelf DAO will be the central driver of aelf ecosystem governance and development, and any member of the ‘saelf governed community’ will be free to join/leave the aelf DAO.

aelf DAO Management Committee Membership benefits:

  • Participate in the voting of the aelf DAO’s proposal and aelf’s governance decision-making.
  • Receive equal shares in 5% of the fund pool’s profits and earn aelf development dividends.
  • Initiate grants project proposals or participate in bounty projects to get funds support from the fund pool.
  • Submit a proposal to be voted on.

Proposals for grants projects or bounty projects initiated by an aelf DAO Management Committee Members can be adopted and supported by relevant funds and resources if they are voted into the scheme. This can not only contribute to aelf’s development, but also can provide additional profit to them through the proposal’s implementation. The aelf DAO has no hierarchical structure, all members are equal, and interests/goals are the same. Only by promoting aelf’s ecosystem growth together can it meet all members’ interests and form sustainable development of the ecosystem’s governance.

Users who are interested in participating in the aelf DAO can apply to join the ‘saelf governed community’ (telegram community) for in-depth communication. Discussions such as programme planning and fine-tuning of the aelf DAO Management System draft will be discussed further within this group, and users are encouraged to make suggestions there. Come and join the ‘saelf governed community’ (telegram community) to get involved in the aelf DAO discussion!

Join the ‘saelf governed community’ to view the full aelf DAO Management System Draft. For more details on how to join the group: aelf Saelf-Governed Community

— Join the Community:

· Get on our Telegram Discord Slack and Kakao channel

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