Explanation of the DAO and quarter snapshot
What is DAO?
Decentralized autonomous organizations (DAOs) have been gaining popularity in the world of cryptocurrency and blockchain technology. These organizations are run by code and smart contracts, which allow for decentralized decision-making and democratic participation.
One key feature of a DAO is the voting mechanism, which allows members to have a say in important decisions. In the case of our project, MetaHero, we will be implementing a DAO voting system where users can vote on various project topics, such as new features, improvements, partnerships, and business destinations.
How it works
However, it's important to note that not all votes will be equal. Unlike traditional voting systems where each member has an equal vote, in our DAO voting system, the voting power will be based on the number of HERO tokens held by the user. This means that users with a larger amount of HERO tokens will have more voting power than those with fewer tokens.
We believe that this is a fair approach, as those who hold more tokens have a larger stake in the company's success and therefore should have a greater say in important decisions. However, we also recognize that this may not be ideal for everyone, especially those who do not hold a significant amount of HERO tokens.
To ensure fairness and transparency, we will be implementing a quarterly snapshot of the top 20% of addresses holding HERO tokens. These addresses will be able to vote on matters related to the settlement of funds earned by the platform. This exclusive voting right for the top 20% ensures that the larger stakeholders have a say in financial matters, while also giving other users a voice in other aspects of the company's decision-making.
In conclusion, our DAO voting system is a step towards a more decentralized and democratic way of making decisions. While not all votes will be equal, we believe that our approach is fair and transparent, and ensures that users with a larger stake have a greater say in the company's direction. By implementing a snapshot for financial matters, we ensure that all users have a voice in important decisions, regardless of their stake in the company. We hope that this approach will lead to a more engaged and participatory community of users who are invested in the success of our platform.
Snapshots
We are excited to announce that the nearest snapshot date is scheduled for June 30th, 2023. Stay tuned for more updates on the DAO and our platform.