Governance Model
Since its conception, WOO Network’s end goal has always been a decentralized ecosystem governed by its community members. An ecosystem with an abundance of engaged stakeholders represents many advantages over a single centralized entity, especially in the cryptocurrency space where the ethos of decentralization grows stronger daily.
With any DAO-like structure, promoting decentralization creates trade-offs like slower time to execute, added technical risk, and reliance on the community to participate actively. Despite these drawbacks, we believe that building WOO DAO will provide tremendous benefit to the WOO Network in the long run. Accordingly, we will take a progressive approach to establish WOO DAO.
WOO DAO will evolve across multiple phases throughout its journey of progressive decentralization. This document describes the governance model and processes of the initial stage of WOO DAO, and it's on the members to push the evolvement of the DAO so that it's mature enough to take on more responsibilities in the WOO Network ecosystem through decentralized governance.
In the initial stage, we use WOO Network's official Discord server as the home base of WOO DAO.
Why and how can people contribute?
At its core, WOO DAO is essentially a company with a large balance sheet made up of individual contributors. This is an incredible opportunity for participants with an interest in decentralized finance to be involved with a flexible degree of commitment. All users are invited to participate in the various working groups by joining discussions, calls, and offering to contribute directly to DAO initiatives.
WOO DAO working groups
Work in the WOO DAO is currently split among four key working groups:
- Operations: governing and improving WOO DAO itself, creating efficient administrative processes and channels for communication.
- Treasury management: growing the treasury and creating revenue so that the DAO can fund initiatives and compensate contributors in a sustainable manner.
- DAO-2-DAO (D2D) relations: facilitating partnerships, providing services to other DAOs and encouraging participation in external governance to generate influence.
- Growth: increasing the user base of all WOO ecosystem products by identifying growth initiatives and empowering DAO members.
Regular contributors who demonstrate the ability to act in good faith and represent the interests of WOO DAO can be given a more formal role within the different working groups and may be entitled to compensation and performance bonuses depending on the role itself.
Grants and bounties can give members guidelines to participate in more specific tasks.
WOO DAO treasury
300 million WOO tokens (i.e. 10% of the total supply) are allocated to WOO DAO, the assets are stored in woodao.eth which is a gnosis multi-sig wallet. In the initial stage, the multi-sig wallet is governed by an internal, 7-person governance council. The council is made up of long-standing team members within WOO Network, recognized for their prudence, engagement, and ethical behavior.
The WOO DAO treasury addresses are as follows:
For accounting purposes, the WOO tokens in the treasury will now be included in the circulating supply, but can not be accessed or transferred without:
1) The majority of on-chain signatures by key holders of the DAO treasury wallet; and
2) An approved proposal from WOO token holders.
Last modified 1h ago
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