Introducing Space Token DAO: Empowering Our Community
We are thrilled to announce the launch of the Space Token DAO, a new decentralized autonomous organization designed to give our community a stronger voice in the development and governance of our ecosystem. Built with Snapshot, this initiative marks a new step forward more decentralization and community empowerment.
What is Space Token DAO?
Space Token DAO is a governance framework that allows SPACE holders to participate in decision-making processes, propose new ideas, and vote on important initiatives. This DAO acts for both the Final Autoclaim and Space Token Ecosystem. By leveraging the power of blockchain technology and decentralized governance, we aim to create a more inclusive and democratic ecosystem.
Introducing Snapshot
Snapshot is a decentralized voting system used by many blockchain projects (Aave, Arbitrum, Starknet, Balancer, etc.) to facilitate transparent and secure governance. It enables communities to make decisions collectively without incurring high transaction fees. By using off-chain voting mechanisms, Snapshot ensures that every vote is counted while maintaining the integrity and security of the process. Community can vote and create proposals with their Web3 wallets without any fees, using signed messages to participate.
DAO Roadmap
We are introducing the DAO in phases to ensure a smooth transition and to allow our community to become familiar with the new system progressively. Here’s our roadmap:
Phase 1: Initial Launch
- Proposal Creation: Only the team and insiders will be able to create proposals.
- Objective: This phase aims to familiarize the community with the DAO system. We will create tutorials and guides to help users learn how to vote and engage with the platform effectively.
Phase 2: Expanded Participation
- Proposal Creation: Users holding more than 200,000 SPACE tokens can request to create proposals.
- Approval Required: Proposals from these users will require approval from the team.
- Incentives: Users who push approved proposals will receive a DAO administration grant.
- Objective: This phase allows more experienced and invested community members to contribute, while ensuring quality and relevance through team approval.
Phase 3: Full Community Involvement
- Proposal Creation: Users holding more than 100,000 SPACE tokens can create proposals.
- Approval Required: Proposals can be approved by the team or by granted proposers from Phase 2.
- Objective: This phase opens up the proposal process to a broader section of the community, fostering greater participation and innovation.
Why a Progressive Rollout? We are implementing this phased approach to ensure that the community has time to adapt to the new governance model. It allows us to provide necessary support and resources, ensuring a smooth transition. By progressively granting proposal rights, we can maintain high standards for proposals and manage the governance process effectively while building a robust and knowledgeable community.
How Does It Work?
Case Study: Coin of the Month Poll
Previously, the Coin of the Month poll was conducted on the Strawpoll website. However, this method had significant drawbacks, such as allowing non-community members to vote and insufficiently filtering multiple accounts. Now, with the DAO built using the Snapshot protocol, only the community’s choices are counted, making the process more secure and representative.
1- Voting System: the Coin of the Month poll employs Snapshot’s Quadratic Voting (QV) model. Unlike traditional voting systems, QV emphasizes the number of individual voters rather than the size of their voting power, ensuring a fair and democratic process. This prevents power concentration and encourages broader participation.
2- Voting Power: Each SPACE token held in the user’s wallet counts towards their voting power. The more SPACE a user holds across different networks, the greater their influence. However, the Quadratic Voting equation is then applied, which ensures that while holding many SPACE tokens gives more power, it does so in a way that balances influence more fairly across all voters.
3- Weighted Voting: Each user can spread their voting power across any number of choices, from one to all. Their voting power is divided between their chosen options according to how much weight they attribute to each option by increasing or decreasing the voting power fraction. By combining Weighted Voting with Quadratic Voting, our system allows voters to express support for multiple options and specify the degree of their support.
Join Us in Shaping the Future
We believe that by empowering our community, we can drive the growth and success of our ecosystem together.
Join us in this exciting journey. Hold SPACE, participate in voting, and be a part of the Final Autoclaim and Space Token ecosystem!
DAO: https://dao.spacetoken.tech
Whitepaper: https://docs.spacetoken.tech
