GangstaVerseDAO is a governance system that aims to empower the community to help make important decisions about where the project is heading. With the implementation of GangstaVerseDAO, the community will be able to vote on different decisions providing the team with information on what the community wants so that we can listen to them and work on their behalf.
For GangstaVerseDAO, we made minor smart contract modifications to the governance system built by the team at Staky through CPS (https://cps.icon.community/proposals/bafybeied3bp5i44aiyyma4jt4rd2auf2uf74cao7hs45qeus7adxclbamm).
What will you be able to vote on?
In this phase, the core team will put up a proposal for a vote in the governance portal ie. (https://governance.gangstaverse.co/). The proposal can be categorized into two types:
GangstaVerse holds a right to vote on any CPS proposal submitted to ICON. Before the implementation of DAO, this voting would be done independently by the core team. With the implementation of GangstaVerseDAO, the community will have a say in the GangstaVerses’ vote.
Different CPS proposals, currently in the voting collection phase, will be listed for the community to vote on. After the voting period in GangstaVerseDAO is over, the majority vote received will be reflected in the CPS proposal.
As GangstaVerse grows, there might be several decisions that the core team might need to take which might impact the direction of the project. During such decisions, the community will be allowed to vote on the topic at hand and influence said decisions. After the voting phase is over, the majority vote will be taken into consideration and the team will move forward with that decision.
How can you vote?
For starting out, GangstaVerseDAO will be available to all holders of CROWN and xCROWN to vote in 3 options, namely:
- For (Positive response)
- Against (Negative response)
- Abstain (Abstain from voting for the specific proposal)
Note: Abstaining from voting counts as a zero vote, not influencing the proposal at all
The voting power of a wallet is determined by the sum of (CROWN) and (xCROWN converted to CROWN) the wallet holds during the time a proposal is added.
1 CROWN = 1 Vote
1 xCROWN = ratio of xCROWN/CROWN (During the proposal creation)
Note: The voting power will be taken during the time of proposal creation. Buying or selling the CROWN or xCROWN after the proposal is made available will not impact the voting power for that proposal.
Initially, the proposals will be made by the core team. Eventually, the governance system will be available for the community to create proposals on topics like brand direction, ecosystem fund, and project direction.