How the DAO works
Lets discuss how the Mintable DAO works and is different from other DAOs
Traditional DAO:
- Governs mostly investments and monetary value.
- Decentralized method of community power/delegation of direction.
- Runs on an ERC20 that is volatile and can be pumped and dumped.
- Requires the monetary value to be staked/spent in order to get votes.
- Provides some potential income/profit for participating.
Mintable NFT DAO:
- Completely novel – no one has created an NFT DAO before.
- No ERC-20, only NFTs.
- Voting power is earned directly via participation and engagement in the platform.
- Governance of future direction and features of the Mintable platform.
- Cannot be pumped and dumped as it is non-fungible, as compared to fungible ERC-20 tokens.
- Each person has their own unique NFT that can be traded or purchased.
- Ability to add yield farming/staking into the voting NFTs if voted upon.
Mintable wants to be community-driven, decentralized, and flexible. To do that a DAO is the best choice.
Here is how it works:
The DAO doesn't take ERC-20 tokens for voting, but instead uses NFTs. In order to submit proposals or vote in a proposal, you need a voting NFT with more than 10,000 votes to propose, and any number of votes can be used for voting.
Each person who wants to vote would receive a Voting NFT that contains their voting power on it. Each Voting NFT is unique, and each Voting NFT is given to users automatically when they purchase/sell an NFT on the marketplace for over the required amount to earn votes.
Each change could change something small, like a font style, or something major like revenue sharing. Meaning in the future votes might be redeemable for things - might be rare, might be pegged to another token or stable coin, etc, etc.
There are 3 main ways to get votes ($MINT)
- 1.Buy/Sell items on the marketplace.
- 2.Buy votes directly from the smart contract/bonding curve.
- 3.Buy them on a secondary market.
Last modified 1yr ago