Introducing the WE-DAO: Together WE make it happen
- Article created: 11th Jun 2022
The time has come for an exciting new era for WEYU! After much anticipation, we are now closing in on the launch of our WE-DAO, and the excitement brewing amongst our team and community has become viral. So, are you ready to step into a new chapter?
Through a five-part blog series (which you can enjoy directly on our dedicated blog page here), we’ll be sharing how WEYU will embrace a new era in decentralization with the release of the WE-DAO. Also within these blogs, we will highlight several new use cases for the ecosystem token WEYU, and the new Governance token WE-DAO.
WEYU is the utility token of the WEYU ecosystem and WE-DAO will be used as the governance token of the network. Both tokens will act as important elements within the WEYU ecosystem but they will also have their own unique usages.
In this first-of-five WE-DAO blogs, we will begin with an overview of what to expect in this WE-DAO series and explore the fundamentals and philosophies of what a DAO actually is. Excited? Let’s dive in!
“There’s even a Holy Grail in crypto called the Decentralized Autonomous Organization. A modern code-based, living on the blockchain, mathematical, reputation-based anonymous system.” ~ Naval Ravikant
The WE-DAO Blog Series
People that come together as a community, make things happen. Introducing the WE-DAO now comes at a perfect time in our roadmap, bridging the concepts of decentralization and community governance as we work towards WEYU World. Over the coming weeks, our WE-DAO blog series will guide you through everything that you need to know, from its token to its constitution. Here are the chapters that you can look forward to:
Chapter 1: The WE-DAO: Overview
We begin with chapter 1 where we introduce WE-DAO, explore what a DAO means and how it impacts our Web3 future, and take a look at what to expect in each of the 4 upcoming chapters in this series.
Chapter 2: The WE-DAO Token
We will soon introduce the WEYU governance token, WE-DAO. In this second chapter, we will look into how WE-DAO will be generated and distributed and also look at how it will operate. We believe that early settlers of the ecosystem should have the loudest voice, while also creating a fair system for newer members. At the end of the day, we’re all in this together!
Chapter 3: The WE-DAO Constitution
A look inside the WE-DAO Constitution. This will cover the rules, guidelines, terms, qualifications, voting, and many other aspects of what may be part of the WE-DAO. Although this first version is only a placeholder, it will cover the elements that you can look forward to when the WE-DAO Constitution goes public, which will be just prior to the launch of the DAO.
Chapter 4: WEYU Staking Protocol + Fee Distribution
WEYU will release a unique and simple staking protocol for DAO members to earn fee distribution and distribute voting weight. This means that even if you only meet the minimum requirements to become a member of the WE-DAO, you will be given weight to your position over time considering the amount of time your tokens have been staked. This gives you the exponential to linear growth of your stake, giving a higher allocation of the fee distribution the longer you are a member of the WE-DAO. This will be a very exciting chapter in the series, so make sure you don’t miss it. Join our social media channels to stay up to date (see below for links).
The main objective of a DAO is to grow the ecosystem and encourage participation, which in turn will bring new users and value into the system. Incentives are the primary motivator for WE-DAO members to make this happen and staking for fee distribution will be a key driver of the WE-DAO adoption.
Chapter 5: The WEYU Proposal System
The next key driver and largest feature of the WE-DAO launch is the WEYU Proposal System (WPS). The WPS is an exciting first step of the WE-DAO to encourage participation in advancing adoption and awareness of the WEYU ecosystem. Anyone who feels they can add value to a specific initiative can submit a proposal through the WPS, and the DAO votes on whether to approve or deny the proposition. On a technical level, the WPS also allows modifications to all the network parameters and smart contracts. This chapter will be the most extensive chapter of the series so join our Discord so you don’t miss it!
So, what in the world is a DAO Anyway?
A Decentralized Autonomous Organization or DAO is a business or organization whose decisions are made electronically by smart contracts and through the vote of its members. In essence, it is a system of hard-coded rules that define which actions an organization will take.
If we dive a bit deeper into defining what a DAO is, you can say that they are companies that are smart contracts living on the Blockchain - totally sovereign, existing outside any State interference, able to engage in contract law, contract enforcement, payments, dividends, investments, equity release, debt control, pay-outs, and reputation management. All of these types of features can be built, hard-coded, and released at once or can be carefully deployed in stages to ensure security and functionalities are tested and compatible with existing features of the network. It is our belief that decentralized systems should be built in small and frequent stages with the long-term goal of full or majority decentralization. The technology, governance structure, and constitution of the WE-DAO are to be built continually and prudently with a measured step-by-step approach.
The goal of a DAO is to bring flexibility and freedom, to allow team members to come and go as their lifestyle dictates, contribute where they personally feel they add the best value, and work on several projects in tandem if they feel fit to do so. Though there is no current blueprint for these new types of systems and their corresponding best practices, guidelines and necessary technology, we can safely say that running a company in the digital world is a matter of constant evolution. This is especially true for a Web3 brand like WEYU, and we are proud and excited to be part of the construction and design of the foundational rule sets of what a DAO is for the WEYU network and its community.
Coming up next time - Chapter 2: The WE-DAO Token will be out next week. In this blog, you will find out how and where you can earn WE-DAO tokens to be part of the WEYU journey into decentralization… Be sure to join us on our social media channels so you don’t miss it!
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