DAO born for NFT: Interpretation of Mintable features and operating mechanism

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Mintable is a new type of DAO that uses NFT to vote and propose.

Original title: “A new type of DAO — For NFTs, by NFTs)
Written by: Zach
Translation: StampSoda

The next generation DAO born for the next generation dApp

At present, most DAOs use ERC-20 tokens as a voting medium to implement governance. Many people originally intended to participate in governance, but eventually became investors; what’s worse is that these governances are actually controlled by speculators. Take control. The above two situations are not what we want to see most.

Mintable does not like ERC-20 tokens, what we like is NFT (ERC-721 non-homogeneous token).

Even the great DeFi developer Andre Cronje is dissatisfied with speculators blindly pursuing his latest experimental project. So, what is the next generation of DAO that can solve these problems and bring benefits to the governing voters?

Traditional DAO:

  • Mainly manage investment and currency value

  • Short-term price fluctuations and investment opportunities undermine the intrinsic value of governance

  • Decentralized models related to community power or decentralization

  • Running on ERC20, it eventually became a gambling mechanism, not governance

  • Need to mortgage / spend tokens to get voting rights

  • Participating in governance will have some potential revenue or profit

DAO born for NFT: Interpretation of Mintable features and operating mechanismTraditional DAO

An introduction to DAO-MINT running on NFT

Mintable is committed to decentralization.

We developed the world’s first DAO that does not use ERC-20 but NFT (ERC-721s) for voting. Therefore, everyone can have a unique NFT for voting through MINT.

This brings many benefits to users and also provides a unique value proposition for the NFT ecosystem. Just like the significance of MakerDAO’s creation of DeFi in the early days, MINT is now a huge improvement in the NFT ecosystem.

Mintable NFT DAO:

  • 100% innovation, no one has created NFT DAO before

  • No ERC-20, only NFT

  • Obtain voting rights directly through participation and platform construction

  • Participate in governing the future direction and function iteration of the Mintable platform

  • Compared with homogenized ERC-20 tokens, NFT can’t play a lottery game

  • Everyone has their own unique NFT and can be used for trading

  • Can vote to add liquidity mining or pledge to voting NFT

  • If the vote is passed, the possibility of income generation can be increased through our smart contract

DAO born for NFT: Interpretation of Mintable features and operating mechanism

What is DAO running on NFT? -chad asked

This is actually a DAO that is very similar to other DAOs, such as Uniswap, Compound or Moloch, except that it does not have ERC-20 tokens that can be traded on traditional exchanges. Mintable DAO only has NFTs. In fact, we used Uniswap and Compound DAO as the basis of our DAO, but when you switch from ERC-20 tokens, many things have changed. Although it took a lot of time, we finally created a fully operational DAO on NFT.

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If you don’t know what NFT is, you can read the following article-but in short, in this case, NFT is like a baseball card, or an ID card-you can participate with it vote.

In-depth look at NFTs and the future.(ERC-721’s on the Ethereum Blockchain)

You might say DAO is good, but why choose NFT? what is the benefit?

First of all, Mintable is an NFT platform. Secondly, we don’t think that every dapp needs to have its own shit coin! We strongly oppose having our own ERC-20.

Since everything about us is about NFTs, having a DAO based on NFT is certainly more meaningful than having a DAO based on ERC-20, right?

DAO born for NFT: Interpretation of Mintable features and operating mechanism

The real benefits are:

  1. No pumping will happen, after all, no one can sell your own things. Because NFT is different from ERC-20 tokens, even if someone has 50% of the voting rights, it is still just an NFT, and there will never be a big negative line that directly reduces the price by 50%
  2. Governance tokens should be used for governance, not speculation. Use NFT to achieve this goal more easily
  3. Voting rights are tangible, just like badges you can see or wear
  4. Selling voting rights or your voteable NFT is more of a peer-to-peer interaction, rather than trading on uniswap
  5. Provide a healthier ecosystem for DAO and proposals
  6. Governance can be done more securely, and it is impossible for large households to affect the voting results with a flash loan

Start Time

When we launch Mintable v2.0, DAO will also be launched, and our goal is to launch it at the end of November.

  • DAO/Mintable v2.0 launch time: end of November
  • Time to start earning or buying MINT and NFT: Just go online

Mintable.app will be temporarily suspended two weeks before the release, and the official website homepage will be replaced when it is about to be released.

How does NFT DAO work?

We hope that Mintable will become a community-driven, decentralized, and flexible organization. To achieve this, DAO is the best choice. Here is how it works:

DAO does not use tokens for voting, but uses NFT. To submit a proposal or vote on a proposal, you need to have an NFT that can be used for voting. More than 10,000 votes can be proposed, but any number of votes can be selected.

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Everyone who wants to vote needs to have an NFT that represents their voting rights. Each NFT is unique. Anyone can buy or sell any NFT in our market or through the joint curve.

This means that those who actively use our platform have the most say on our platform, which is exactly what we want.

How to obtain voting rights and obtain voting rights

If you trade on Mintable.app (whether buying or selling NFT), you will automatically get a voting NFT after completing the NFT purchase. Therefore, if you buy an NFT, you will actually get 2 NFTs, one is the NFT you want to buy, and the other is the NFT with voting rights.

If you already have a voting NFT, then you will not get a new NFT, but the votes will increase.

For example: Bob creates an NFT on Mintable and sells it. This is Bob’s first NFT. Sally saw this new NFT and wanted it, so she bought it for $100. Sally has bought a lot of NFTs, and she already has an NFT with 5,000 voting rights. When Sally completes the transaction, she gets Bob’s NFT, and her NFT voting power increases to 5,100. Bob receives $100, but since this is his first NFT transaction, he will get an NFT with 100 votes. (The numbers in the example are fictitious and do not represent the actual number of votes you get in such transactions.)

The second way to get votes is through the joint curve. The DAO contract will sell NFT votes at a price of US$2.5 per vote, and only 10 million votes will be sold in total. In this way, everyone can now start to accumulate votes and get rewards instead of waiting for NFT to sell.

How to propose

Anyone with more than 10,000 votes can make a proposal for the future direction of our platform. Any proposal is fine: it can be to modify our logo, change its name, add a new feature, or add an artist to the ranks of community-approved artists, or adjust our smart contract fees. If the community needs it, the proposal can be used to develop different features of smart contracts, such as the ability to convert their NFT to ETH, or upgrade DAO to a new smart contract. The above are just examples, and it is up to the person who proposes to decide-of course, the premise is that the proposal is passed.

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How to vote

  1. If you have more than 10,000 votes, you can submit a proposal for the community to vote
  2. A proposal needs to reach a participation rate of 15% of the total votes in order to be considered a successful proposal, and then it can be decided whether to pass according to the result
  3. Voting is calculated based on voting rights

As the official launch time approaches, we will release more news! Please join our Discord to get the latest news!

Stay tuned for updates this Sunday!

Welcome to join our Discord!

You can view our v1.0 version that was launched in 2018 for free on https://mintable.app .

Zilliqa blockchain version 2.0 of the trading market website (you can trade cheaply and quickly).

Our twitter

DAO born for NFT: Interpretation of Mintable features and operating mechanism

Get a discount card before going live

Since launching in 2018, we have been selling NFT discount cards, which can reduce all costs of smart contracts. This is really helpful for supporting us and our projects.

However, after upgrading to the v2 version, we no longer sell discount cards, so if you didn’t buy them before we went online, there will be no chance in the future.

You only need to make sure that the discount card is in your wallet during the transaction, and you can guarantee a lifetime reduction of all costs of the smart contract. You can directly purchase it on our homepage https://mintable.app .

Disclaimer, Voting NFT (MINT): The local, non-homogeneous digitally encrypted and voting token of Mintable platform Voting NFT (MINT) is a circulated token of the specified function in the Mintable platform protocol/code. It is on the Mintable platform It plays an important role in the operation of the ecosystem on the platform, and it is only used as a token with voting rights on the platform.

MINT does not in any way represent any equity, participation rights, rights, ownership or interests of the company or any other company, enterprise or enterprise, and MINT does not give token holders the right to receive any promise of dividends, income or investment returns. It is not intended to constitute securities in Singapore or any relevant jurisdiction. Apart from the right to use MINT as a means of use and interaction on the Mintable platform, the ownership of MINT does not contain any other express or implied rights.

Source link: mintable.medium.com