Graphic 3D: 06/20/24

joi, 20 iunie 2024

The concept of total control over governance in the case of a decentralized autonomous organization (DAO) like The Sandbox DAO involves the use of blockchain technology and community voting.

Here’s how it works:

Smart Contracts:

The Sandbox DAO utilizes smart contracts on a blockchain network (such as Ethereum). These contracts are autonomous programs that run automatically and self-execute based on predefined conditions.

Proposals and Voting:

The community makes proposals (such as Sandbox Improvement Proposals - SIPs) through smart contracts. These proposals can address protocol changes, updates, or other initiatives. The community votes on these proposals.

Voting Tokens:

SAND holders receive voting tokens proportionate to the amount of SAND they hold. These tokens allow participation in voting.

Decision Majority:

Decisions are made based on the majority of votes. If a proposal receives sufficient favorable votes, it is automatically implemented through a smart contract.

Transparency and Immutability:

All transactions and votes are recorded on the blockchain, ensuring transparency and immutability. No one can alter previously made decisions.

News : Sebastien Borget's Keynote at NFC Lisbon: Announcing The Sandbox DAO

According to Foresight News, The Sandbox has launched The Sandbox DAO, a project that will be divided into three phases, allowing SAND holders and virtual LAND holders to vote on the project and propose improvements through Sandbox Improvement Proposals (SIPs). The first phase will begin on May 28, and the community will be able to vote on SIPs, but The Sandbox staff will still manage some operations. The second phase is considered its 'exploration' phase, and it is expected that Sandbox DAO will be able to separate from the parent company. By the third phase, the DAO will be fully operational and achieve community-driven governance.

See the binance website post.