Transparency, Governance, FantOHM DAO’s Dedication to Both
Very recently, we published a medium article on “What is a DAO?”. As a quick recap:
A Decentralized Autonomous Organization (DAO) is a virtual organization that runs on rules encoded in transparent smart contracts, controlled collectively by the organization members who are physically distributed and not influenced by central authorities.
Today, we would like to dig into the topic of DAO transparency and governance and shed some light on how FantOHM DAO incorporates these values of Web 3.0.
Transparency in FantOHM DAO
The key characteristics of a DAO are different from that of a traditional organization. In traditional organizations, the functions are executed and governance decisions are made by a handful of executives — on their own. The information is not always shared, there is a complete lack of transparency and the environment is heavily controlled.
At FantOHM DAO, we achieve transparency through open communication and involvement, but also by sharing full access to our policies, news, accounting, proposals, and educational material with our community of investors.
To ensure we are true to our values, we follow a clear governance model (see below). We understand that for investors to make healthy decisions for the DAO, an open exchange of knowledge is also required. FantOHM DAO is hence working on filling any existing knowledge gap on project specifics and technicalities. We have a team that is currently developing an Education Platform for Investors, a discord based system which will ensure people are fully educated on the protocol and DeFi in general — which in turn will benefit FantOHM protocol.
This is because we understand that transparency is only useful where the observer knows what they’re looking at.
We encourage you to check us out in our Discord and witness our spirit of transparency in action. Further, have a look at some additional real examples below taken from our Discord channel #transparent-accounting.
Governance in FantOHM DAO: Responsibility From the Beginning
Anyone who owns a DAO governance token can participate in its functions and has voting rights. This is how FantOHM DAO also functions. On top of that, from the very beginning of FantOHM DAO, we have implemented a system of responsibility where we place a premium on teamwork and clarity, both internally and externally. Lack of some form of structure and management, and in effect, accountability, often leads to undesirable situations. This is especially true when teams are anonymous and large amounts of funds are under management. Sadly, we have witnessed such unfortunate events occurring recently in the DeFi ecosystem.
Our strategists work tirelessly to engage with the problems of our community to craft more favorable propositions for DAO governance. Once our strategists take in enough input to identify the best solution, they pose the best possible solution to our community in the form of a yay-or-nay proposal.
Our strategy team also acts as treasury managers and one of them is also a full-time financial risk (actuary) professional.
Our active community adds value to the protocol in creative ways, too. It makes decisions on the future of the protocol by following democratic processes, e.g., voting on project proposals which have been put forth by our strategy team.
Check out our Snapshot page to learn more about the proposals we run and how our community make decisions: Fantohm DAO Proposals (snapshot.org). Please note that any proposal which isn’t mirrored in our yay-or-nay process is not a valid proposal for implementation.
FantOHM is created by a core team of advisors, developers, economists, and strategists. Our head dev is renowned in the space as being responsible for multiple innovative and bespoke functions used in new token launches over this past year.
But, FantOHM DAO is run for and by its community.
Our team has been highly active in the DeFi Community and is 100% devoted to establishing a responsible Decentralized Autonomous Organization that acts in favor of its investors and is trusted by the community.