A DAO governance model is a system in which decisions are made in a decentralized ecosystem. A DAO governance model allocates the rights to the users based on the number of tokens they hold. voting power is directly proportional to the number of tokens they hold. These users then participate in a voting system or other governance methods to make decisions on the platform. Here are a few DAO governance models that were introduced and are successful.
Constitution DAO
Constitution DAO was a decentralized autonomous organization created for buying the United States Constitution at a Sotheby's auction in November 2021. This DAO organization raised almost $ 47 million dollars in just two weeks in the sale of ERC-20 tokens representing membership in the DAO. However, despite the significant amount of funds raised, ConstitutionDAO was ultimately outbid by a single individual, a 53 old billionaire, Kenneth Griffin, CEO of the hedge fund Citadel in Chicago, raising questions about the potential of DAOs as a tool for collective action in the face of wealth inequality. Despite this setback, ConstitutionDAO has been viewed as a groundbreaking example of the potential of DAOs to create new forms of civic engagement and collective action. The DAO gave full refunds to everybody who donated after the auction. There is no doubt about the role of blockchain technology in shaping the future of democracy and civic participation.
The Ethereum Name Service (ENS) DAO
The Ethereum Name Service (ENS) is a decentralized naming system built on the Ethereum blockchain that allows users to register human-readable domain names for their Ethereum addresses. The ENS provides a more user-friendly way to interact with Ethereum, as users can send and receive transactions using a simple, memorable domain name instead of a long, complicated Ethereum address.
The ENS is managed by a decentralized autonomous organization (DAO) called the ENS DAO. The ENS DAO is responsible for the development and management of the ENS protocol, as well as the allocation and distribution of funds to support the ongoing development and maintenance of the ENS ecosystem.
Three-layer Approach for the ENS Governance Process
The ENS DAO is governed by its members, who hold voting power based on their ownership of ENS tokens. ENS tokens are used to participate in the governance of the ENS DAO, as well as to register and manage domain names on the ENS.
The Discourse of Proposals
The majority of the proposals start in the forum or on Discord. They’re later put up for a vote on Discord. There are three types of proposals that can be launched by the ENS DAO.
Off-chain Voting used by Delegates
Voting on the Blockchain
The ENS DAO uses a token-based voting system for decision-making, with each ENS token representing one vote. Members can submit proposals for consideration by the DAO, and proposals are voted on by members using their ENS tokens. Proposals that receive a majority of votes are implemented by the ENS DAO.
The ENS DAO is an example of how DAOs can be used to manage decentralized protocols and ecosystems in a transparent and democratic manner. By giving users a say in the development and management of the ENS, the ENS DAO helps to ensure that the ENS remains a useful and accessible tool for users of the Ethereum ecosystem.
Friends with Benefits DAO
Friends with Benefits DAO, in short FWB, aims to build a community of like-minded individuals interested in the intersection of art, culture, and technology. FWB was created to provide a platform for individuals to collaborate, share ideas, and create new projects in a decentralized and democratic manner. The voting consensus or upvotes happens snapshot environment where polls are posted. FWB also offers a range of benefits to its members, including access to exclusive events, workshops, and networking opportunities. The FWB DAO has also launched a number of successful projects, including the Mint Fund, which provides funding for artists and creatives to develop new projects, and the FWB Podcast, which features interviews with leading figures in the art and technology space. By leveraging the power of blockchain technology, the FWB sets an example where we can build a transparent, inclusive, and open community.
JuiceBox DAO
JuiceboxDAO is basically a community-owned crypto-funding and decentralized autonomous organization (DAO) management platform on Ethereum, that provides a platform for creators to build and monetize communities around their work. JuiceboxDAO uses a token-based governance model (JBX tokens), with members holding voting power based on their ownership of JBX tokens. Members can submit proposals for new projects or initiatives, and proposals are voted on by members using their JBX tokens. Proposals that receive a majority of votes are implemented by the JuiceboxDAO.
One of the great features of JuiceBox DAO is its use of the token bonding curve worth 60%. A 60% curve thus means that one JBX token can be redeemed (burned) for a little over 0.6 times its proportional value of JuiceboxDAO's overflow. JuiceboxDAO is helping to democratize access to funding and support for creative projects. JuiceboxDAO is an example of how DAOs can be used to create new models for funding and support for creators and to provide a platform for communities to form around shared interests and values.
Hope this gave you an insight into the existing DAO models in recent times. Having a DAO project in mind? Get in touch with the best DAO development company. Contact BSEtec to signup for a free blockchain consultation.
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