Dear Community,
A DAO fosters interest alignment among decision-makers and stakeholders, and the ultimate goal of cryptocurrency is to empower individuals by eliminating the need for centralized intermediaries. For this reason, AlgoDAO is thrilled to present one additional step towards becoming a truly decentralized DAO — the birth of a governance voting system.
Our team is eager to empower stakeholders, and the community with the launch of AlgoDAO’s Governance Voting System centred around $ADAO Token.
Proposals
In this initial stage, proposals will be made only by DAO Contributors (Core or Junior). This means that community members can participate in the discussions, but the proposal would be brought to the council by a DAO contributor.
In addition, DAO contributors will vote on every proposal for submission to the community, requiring 75% for the vote’s approval.
Once passed vote structure is set up:
- Wallets are set up for community members to send their 0.01 $ADAO to vote
- One wallet per vote option is allocated for the collection of $ADAO voting
Voting process
Once the proposals are set, communication is pushed to the community with extensive details and more information about the voting process. Also, a snapshot of $ADAO Token stakers is taken.
Now we are ready to open the voting, and members can begin sending their 0.01 $ADAO to wallets for proposals until it closes at the set time, and no more votes can be accepted ($ADAO can still be sent, but voting will not count).
Each transaction is verified against their stake by cross-checking the wallet sending $ADAO and a record of stake on the blockchain at the time of the snapshot.
Finally, results will be recorded and documented for the community to review, for being released later with an updated proposal and process of forward movement as indicated by the vote.
The role of $ADAO
Since our humble beginnings as an incubator and launchpad, AlgoDAO and its native $ADAO token have gone a long way. The token increased its functionality in AlgoDAO’s governance system, providing additional value as more key decisions governing how the incubator functions are delegated to the community.
Beyond governance, $ADAO utility, and hence value, will continue to expand and progressively become more important for the algofam to participate in the AlgoDAO ecosystem.
We are excited for this democratic event to take place on AlgoDAO! Thanks a lot for your support, algofam.
Stay tuned in our socials to be updated on the DAO setup & more news.
- LinkedIn: https://www.linkedin.com/company/algodao-fi
- Discord: https://discord.gg/algodao
- Telegram group: https://t.me/AlgoDAOCommunity
- Telegram announcements: https://t.me/AlgoDAOnews
- Twitter: https://twitter.com/AlgoDAO_fi
- Medium: https://medium.com/@AlgoDAO.fi
