BinaryX’s New Path: Introduction to DAO
What is DAO?
DAO is sometimes called a distributed autonomous company. It is an organization represented by rules coded as a computer program. The program is transparent, controlled by shareholders or token holders, and is not affected by a central organization. DAO uses blockchain to verify transactions. Therefore, DAO gives every community member equal, permissionless, distributed rights to participate in project operations, and creates a more flexible decision-making mechanism than the traditional corporate system.
Everyone in the DAO can post proposals and vote to make decisions. Cryptocurrency is used to represent the key value, and the voting power with the highest amount at the end of the specified period wins. This is in direct contrast to other forms of voting, which usually have the same weight per person.
Regarding BinaryX DAO
In order to better respond to community feedback and give back to all users, BinaryX will gradually introduce the DAO mechanism. In BinaryX DAO, community members will have the right to propose, vote, and make decisions on game design. At that time, you can initiate proposals and votes on the in-game tokenomics, development route, etc. The voting power of community members will be based on the number of individual position volumes, position duration, contract interaction, and other behaviors are determined, and the highest number of votes under the effective proposal will be adopted by the core development team and launched.
In order to better create a decentralized autonomous organization, in the future, BinaryX DAO will also recruit staff to be responsible for the operation of the DAO and projects, and carry out community management, marketing promotion, fund pool allocation, and other tasks. Based on the contributions, each member will receive corresponding token incentives and other benefits.
Challenges and limitations
We know that DAO has certain limitations, but when the project team introduces DAO, it is determined to work together with the holders of BinaryX to establish an equal system. The decision-making power of the BinayX project is shared with the community. It will be a major node in the BinaryX community.
Dear community, the new GameFi development process requires models and technologies to match and continue to evolve. We believe that there is a huge room for development of GameFi, and the speed of change may be in a short period of time. We must continue to innovate and stay ahead. We hope that the community and the project team will work together to maintain consistency in facing the constant challenges of the market.