This is part (1/6) of the DigixDAO User Guide that will be released over the next few days, making it easier for users to digest the entirety of the guide.
We will be releasing the full guide in a downloadable PDF at the end of the series for those who prefer an offline version of our guide.
Another guide, focusing on interacting with the DigixDAO governance platform will be provided as well in the coming days.
DigixDAO was built for the community. It is a place where community members can gather together to support great ideas and also provide the means for individuals to contribute to the Digix ecosystem. We hope that through DigixDAO, Digix will eventually enable anyone in the world to hold any hard asset, whether gold or otherwise.
Why did we build DigixDAO?
We came across many problems arising from both the traditional and token industries which could be addressed through a decentralized decision-making organization (DAO) — from the lack of a platform for great ideas to be shared and funded, to the opacity around the use of funds raised. We provide below just a few examples of issues we encountered during our time at Digix, which became the driving force behind the development of DigixDAO.
1. Where did my ETH go when I participated in an ICO?
2. When is the product “XYZ” launching?
3. Who is the right person for the job?
5. I want to share this great idea but no one is paying me any attention.
6. I need some help on this great idea but who can I call to have it executed?
7. I want some feedback on this great idea but no one is giving them to me.
8. I want to support this other great idea but he is in a different country.
9. I need funds to make this great idea a reality but no one around me has the means to.
Our Vision and Mission
Enable those who believe in the democratization of hard assets like Gold in an increasingly digital and uncertain world to build the Digix ecosystem together.
Provide a sustainable platform for great ideas to grow the Digix ecosystem.
We would like to share 3 principles below that guided us in the design of DigixDAO. We would like to request for all who choose to participate in DigixDAO to take on these guiding principles to ensure that DigixDAO will be sustainable for the long term.
We built DigixDAO to be a transparent platform where community members can gather to contribute to the Digix ecosystem. The smart contracts for DigixDAO are publicly available on the Ethereum blockchain, with their source codes publicly verifiable in our repository. All Projects created in DigixDAO are also publicly available for comments and votes. Even after a Project has been completed, it will still be available for Participants to view and comment. Transparency is also one of the reasons for writing this guide, as we wanted to let all DGD token holders know exactly how DigixDAO works before they decide to participate.
We believe that accountability is of utmost importance, especially when dealing with any form of funding. As DigixDAO is meant to be a platform for grants to be provided to community members, how the funds from DigixDAO are released and used would directly affect the sustainability of DigixDAO. Accountability was the main reason for implementing voting rounds at every Milestone and also for Proposers to provide KYC Information.
DigixDAO was built to be equitable, which was the core idea behind the design of the rewards system. Individuals who actively participate and contribute to DigixDAO will be rewarded more than those who are inactive. Moderators, for contributing more to DigixDAO, would receive additional rewards are not available to Participants. Also, those who participate longer in DigixDAO will generally receive higher rewards than an individual which just started his or her participation in DigixDAO. Equitable is not the same as equal and we believe that those who contribute more should deserve a greater reward.
DGD Tokens and their Utility
DGD tokens give token holders the ability to moderate, approve, reject, comment on projects on the DigixDAO governance platform. It provides DGD holders the ability to generate and implement great ideas for the growth of the Digix ecosystem. There are only ever 2,000,000 DGD tokens created.
Anyone who chooses to exercise these abilities on the DigixDAO governance platform would be rewarded in the form of DGX gold tokens for helping to grow the Digix ecosystem.
Participation is Voluntary
All DGD tokens are transferable when they are not locked in the DigixDAO platform. The DigixDAO platform is a freely voluntary and participatory platform for ideas to turn into reality. One can choose to exit the DigixDAO governance platform at will / choose not to be in the community with explicit freedom of choice.
We always appreciate feedback from the community on any angles, so do drop us a note or join our channels below:
· Medium: https://medium.com/digix
· Reddit: http://reddit.com/r/digix
· Twitter: https://twitter.com/digixglobal
· Facebook: https://www.facebook.com/digixglobal/
· Github: https://github.com/digixglobal
· Telegram: https://t.me/digixofficial§
· Discord: https://discord.gg/CCDBJJC
· Instagram: https://www.instagram.com/digix.global/
· YouTube: http://www.youtube.com/c/DigixGlobal