As a researcher with extensive experience in blockchain technology and decentralized autonomous organizations (DAOs), I am thrilled to see The Sandbox taking strides towards community-driven governance through the creation of The Sandbox DAO. The introduction of a voting system for SAND and LAND holders is a powerful step towards decentralization and empowers the community to have a direct impact on the platform’s development.
The Sandbox announced the establishment of The Sandbox DAO, a decentralized autonomous organization. This new entity aims to involve the community in decision-making processes through a voting system for various initiatives related to SAND and LAND. SAND is the native cryptocurrency used on the platform, while LAND comprises non-fungible tokens that represent game environment parcels.
In the first stage, beginning on May 28, Sandbox DAO’s members can propose and vote on enhancements for the platform called Sandbox Improvement Proposals (SIPs). During this time, The Sandbox team will retain some management authority to facilitate the process. This phase focuses on integrating community suggestions into the project’s evolution and expansion.
In my role as an analyst, I would describe the second stage as the phase of transitioning The Sandbox DAO towards self-governance, moving it closer to independence from its overseeing company. The final stage signifies the realization of complete operational autonomy, enabling the community to fully govern the DAO’s functions.
To facilitate this transformation, The Sandbox has set up a leadership council and a group of consultants, consisting of seasoned industry professionals like Sebastien Borget, Yat Siu, Shannon Snow, and Jean-Michel Pailhon. This council will assess all SIPs (Proposals for System Improvement Proposals) every two months, and they hold the power to reject proposals that deviate from the DAO’s legal and strategic objectives.
Members of the eligible community who hold a minimum of five SAND tokens or one LAND token can participate in voting on three foundational proposals, known as SIPs (Signal Improvement Proposals), to initiate the DAO’s functioning. This represents an essential step towards decentralized governance by empowering the community.
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2024-05-28 12:36