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DAO
This FAQ covers the Symmetric DAO
DAO stands for Decentralisd Autonomous Organisation. You can think of it as a digital version of a Cooperative or Credit Union where its users own and run the platform.
The DAO provides a convenient way to raise proposals, vote on current proposals and view past proposals.
To become a member of the DAO you must buy and hold shares in the DAO. You can think of voting shares in a similar way to shares in a traditional business but unlike traditional businesses you can raise and take part in business continuously through the DAO platform.
Voting shares are bought through the DAO itself by exchanging one SYMM coin for one voting share. A detailed walkthrough for the joining process is presented in the walkthroughs section above.
A voting share entitles you vote on proposals that have been raised through the DAO. There will be many proposals ranging from new member requests to proposals to change and improve the Symmetric platform. Shares give you a voice at the table and an influence on the future of Symmetric.
Voting shares also permit you to sponsor proposals. Each proposal raised needs one sponsor before it goes to the wider DAO to vote on. This ensures that someone checks the proposal first to make sure it's formed correctly and is something to the benefit of the DAO and Symmetric. As a shareholder you can sponsor proposals and get them presented to the DAO.
There's no limit on the number of shares you can buy but we try to maintain a broadly decentralised DAO without any one or small group of individuals having an excessive high level of influence on the DAO.
When you join the DAO simply state the number of voting shares requested and the number of SYMM coins being exchanged for those voting shares on a 1 for 1 basis.
You can at any time convert your voting shares back into SYMM coin.
Last modified 1yr ago