Seedify.fund DAO & Specs
As blockchain solutions are becoming mainstream, and disrupting tech and finance industries, the governance-related solutions of decentralization is also becoming more widely used among the ecosystem.
DAO- an acronym for "
Decentralized Autonomous Organization" is at the heart of the disruption that's taking place related to the governance of organizations commonly used in the blockchain ecosystem. Whereas in the traditional markets and tech industry centralized approaches where the management of organizations are handled through top-down hiearchies starting from C-level management and company owners, in DAOs, the governance is community-driven, and handled through permissionless smart contracts, and vote casting procedures on important decisions.
At Seedify.fund we want to engrain the DAO into many parts of our ecosystem in decisions related to;
Which projects get funded and incubated
Product features and their numerical parameters
Community involvement mechanisms of the incubator
Yearly roadmap after the core products are complete
Resource management and distribution parameters through rewards
Thus, our community and token holders will play a major part in the decisions and success of Seedify.fund ecosystem.
Most blockchain companies who adopt the DAO model, at some form or another, have a standard of 1:1 token governance value ratio, to make sure that the voting procedure is not overridden by bad actors who would create many wallets to cast votes. Also skin in the game approach, gives more decision power to those who are more likely to cast their votes in ways that will be beneficial rather than malicious.
We will also adopt this 1:1 token governance value at Seedify.fund, while also raising the bar for yay thresholds, so only the most beneficial outcomes get through the DAO vote casting systems. For example, as suggested previously, project proposals will need 80% yay votes, with 20% of the circulating token value being casted, so to only use our resources and funds on projects that pretty much most of our community and token holders agrees on the vision, team, and project potential.
Technical Specifics of Seedify.fund DAO;
The DAO mechanism, will be engrained into the dashboard, so to not require any sort of technical knowledge to be required. There will be also guides for first timers, which will help them engage in the DAO in a matter of minutes.
Seedify.fund Governance DAO for key decision making, and Projected Proposals for seed fund & incubator selections will be available right from the IDO release, so to start the DAO procedures right from the beginning, easy to interact with within the dashboard.
In order to eliminate gas fees, which are often a high burden for DAOs to operate with maximum engagement, we will have a solution through a product called Snapshot which is one of the most commonly used DAO products in the current market, and we will integrate this feature with Aragon which is the top product where DAO holdings are currently held in the blockchain ecosystem, which also has services for dispute resolution and easy integration with Snapshot.
Snapshot works in a way that, it takes a snapshot of the token being held in the wallet at the time of the vote casting, with a signature confirmation, without any gas costs.
Our multisig contract will then confirm these snapshots to the blockchain, so the gas costs are 0 from the user end side, and our community doesn't pay any costs for engaging in the governance, while our multisig contract confirms the transactions to the onchain, with all the data visible to everyone on the blockchain.
This technical procedure will be as easy as clicking a button or two on the user end side, and on the technical side, it will eliminate all the frictions and costs for engaging in the DAOs, so all our community members can engage in the DAO votings of Seedify.fund.
Let's now explore the Initial DAO Sessions of Seedify.fund which are related to the community involvement programs, mechanisms, and reward parameters, which will be the very first governance DAOs of Seedify.fund DAO.
Last modified 2yr ago